Remittance to HCMC declines by 13% in H1
VGP - Remittance to Ho Chi Minh City, Viet Nam' economic locomotive, reached US$3.16 billion in the first six months of 2022, representing a year-on-year decrease of 13%, according to the State Bank of Viet Nam’s branch in the Southern metropolis.
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The decline reflects economic difficulties of Vietnamese people living overseas.
Foreign remittances account for around 12 percent of the city's GRDP, becoming an important resource for socio-economic development in not only the city but also the country as a whole.
Last year, remittances to the city set new record high of US$ 7.1 billion, accounting for more than half of the national volume.
Viet Nam was the eighth largest remittance 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).
Remittance to Viet Nam 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./.
