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Overseas remittances to HCM City to reach US$6.8 bln in 2022

VGP - The flow of overseas remittances to Ho Chi Minh City is estimated to reach US$6.8 billion in 2022, the State Bank of Viet Nam’s branch in the southern city has reported.

December 15, 2022 11:59 AM GMT+7
Overseas remittances to HCM City to reach US$6.8 bln in 2022  - Ảnh 1.

Remittances secured consecutive positive growth through each quarter, making great contributions to domestic investment, production, and consumption.

During a period of strong economic recovery, this source of capital plays an important role in boosting local socio-economic development, helping to stabilize the forex market and attract foreign direct investment into the city.

Last year, remittances to the city was US$6.6 billion, up 9 percent compared to the previous year and accounting for more than half of the national volume which reached around US$12.5 billion.

Viet Nam was the eighth largest remittances recipient globally and the third biggest in Asia-Pacific last year, according to the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).

Remittances to the Southeast Asian nation is projected to grow around 2.6 percent this year thanks to the removal of lockdowns and easing of COVID-19 restrictions in many countries./.