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Tuesday, July 23, 2024

Remittances to HCMC estimated at US$4.4 billion in H1

The Saigon Times

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HCMC – Incoming remittances to HCMC amounted to US$4.4 billion in the first six months of 2023, equivalent to 66% of the full-year figure in 2022, according to the State Bank of Vietnam’s HCMC branch.

The first quarter of 2023 saw remittances to the city surging 19.41% year-on-year to US$2.1 billion, equivalent to 32% of the figure in all of 2022, despite the economic slowdown.

From the beginning of 2021 to June 2023, the accumulated remittances to the city totaled US$18.07 billion, up 68.42% over the first half of the previous year.

Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s HCMC branch, said that incoming remittances to HCMC may amount to US$7 billion in all of 2023, up 6-7% against last year.

Remittances to HCMC have steadily grown over the past five years and accounted for a high proportion of the total money transfers from overseas to the country. Remittances to HCMC accounted for 52.8% of the country’s total in 2021 and 55.03% in 2022.

The positive growth trend in remittance inflows will help stabilize exchange rates, stabilize the foreign exchange market, and promote economic growth in HCMC, according to the local authority.

According to a report by the World Bank and KNOMAD, Vietnam was among the top 10 countries that got the most remittances in 2022.

Remittances to Vietnam increased by nearly 5% to US$19 billion last year and are expected to rise by 3.6-4.5% in 2023.

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