Overseas remittances to Viet Nam hit nearly US$ 19bln in 2022

According to a Report on Migration and Development produced by the World Bank (WB) and the Organization for International Cooperation on Migrants (KNOMAD), Viet Nam ranked eighth in the world and third in the Asia-Pacific region in the amount of remittances received in 2021.

The State Bank of Viet Nam (SBV)'s Branch in Ho Chi Minh City, said that the amount of remittances flowing to the city in 2022 was forecast to reach about US$6.8 billion, adding that although the growth rate of remittances to the city was lower than last year, it was still a good level.

Banking experts said that the amount of remittances during Tet (Lunar New Year) holiday usually increased by 10-20 percent compared to other months of the year.

In Viet Nam, HCM City has always been the leading locality in terms of remittances received.

In 2021, the amount of remittances flowing to city reached about US$6.5-6.6 billion, up 9 percent over the previous year, while for the whole country, the amount of remittances hit about US$12.5 billion.

According to experts, the increasing amount of remittances to Viet Nam not only helps banks increase profits from service activities, but also attracts foreign currency sources for Viet Nam, helping the banking industry increase foreign exchange reserves.

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.