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Overseas remittances to HCM City up over 19% amidst global economic slowdown

VGP - The flow of overseas remittances to Ho Chi Minh City hit US$2.119 billion in the first quarter of 2023, up 19.41 percent year on year, reported the State Bank of Viet Nam’s Branch in the city.

Posts Thuy Dung

April 22, 2023 4:16 PM GMT+7
Overseas remittances to HCM City up over 19% amidst global economic slowdown - Ảnh 1.

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Of the above figure, remittances from Asia accounted for 43 percent and rose by 84 percent against the same period last year thanks to the continent's steady economic growth.

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.

The southern metropolis has always been the leading locality in terms of remittances received. Last year, the amount of remittances to the city reached about US$6.8 billion.

Overseas remittances to Viet Nam totaled nearly US$19 billion in 2022, an increase of US$1 billion compared to the previous year, making the nation among the top 10 remittance recipients in the world.

The World Bank and KNOMAD predicted that the total amount of remittances to Viet Nam may increase by 3.6-4.5 percent in 2023./.