THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Nine-month overseas remittances into HCM City up 40%
VGP - Remittances into Ho Chi Minh City over the first nine months of 2023 topped US$6.687 billion, a year-on-year increase of 40 percent and equal to 101.3 percent of the previous year.
According to Deputy Director of the State Bank of Viet Nam (SBV) branch in HCM City Nguyen Duc Lenh, despite the global economic downturn, the amount of money remitted to the city by Vietnamese expatriates steadily increased.
In the third quarter of this year, overseas remittances to the Southern metropolis stood at US$2.353 billion, up 6.2 percent against the previous year.
Of the figure, the remittances from Asia accounted for 53.1 percent, and up 19.8 percent from the previous quarter.
The high growth of remittances has a positive impact on the economy in many aspects, noted Nguyen, adding that this will be a golden resource for the nation's socio-economic development, in general, and the city, in particular.
Meanwhile, it also creates conditions for people and remittance recipients to improve and enhance their quality of life while stimulating the development of the labor market.
Remittances are regarded as one of the sources of foreign currency that contribute to ensuring the relationship between supply and demand of foreign currency as well as effectively support monetary, and exchange rate policies and the foreign exchange market, he underlined.
Every year, overseas money remitted to the city accounts for more than half of that remitted to all of Viet Nam in total.
A Report on Migration and Development jointly prepared by the World Bank (WB) and the Organization for International Cooperation on Migrants (KNOMAD) showed that the flow of remittances to Viet Nam is still quite stable compared to previous years.
Among remittance sources, the U.S. houses the largest number of Vietnamese immigrants, followed by the UK, Australia, and Canada. Meanwhile, Japan, South Korea, and Taiwan (China) have the most number of workers from Viet Nam.
In 2022, total remittances into Viet Nam rose by about US$1 billion to approximate US$19 billion, making the country one of the three biggest recipients in Asia-Pacific and among the top 10 globally in terms of remittances./.