Overseas remittances to Ho Chi Minh hit 10-year high

Deputy Director of the State Bank of Viet Nam's HCMC branch Nguyen Duc Lenh said that the post-pandemic recovery of labor, service, and tourism markets in Asian countries, along with a stable economic and political environment are factors that have positive impacts on remittances transferred from the region in 2023.

In addition to Viet Nam’s stable macro economy, a favourable investment and business environment, the Government and the State Bank’s policy mechanisms on remittance attraction plus cultural, tourism, and sports activities drove the growth of remittance resources in recent times.

Moreover, the development of remittance payment networks and services of commercial banks and businesses helped attract remittances to the country in general and the Southern metropolis in particular.

HCMC is formulating a project aimed at attracting and maximising the utilisation of remittances, with specific goals relating to remittance growth rate, social projects in education, health care and environment funded by remittances, as well as the engagement of Vietnamese nationals living and working abroad.

One key objective is to achieve a remittance growth rate of at least 10 percent annually during the 2023-2025 period and sustain this rate in 2025-2030.

In 2023, the World Bank estimated that Viet Nam received approximately US$14 billion in remittances, while this figure reached a record number of US$19 billion in 2022.

Viet Nam has been among the global top 10 recipients of remittances for many years, with overseas Vietnamese residing in more than 130 countries and territories, and around 600,000 of them having undergraduate or higher degrees.

More than 80 per cent of overseas Vietnamese are living in industrial and developed countries and major global economic hubs./.