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Saturday, June 22, 2024

Remittances to HCMC surge to nearly US$9 billion in 2023

By Nguyen Tan

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HCMC – Incoming remittances to HCMC are estimated to reach nearly US$8.92 billion in 2023, up by a sharp 35% over the previous year, according to the State Bank of Vietnam’s HCMC branch.

Explaining the surge in remittances to the city this year, the State Bank of Vietnam’s HCMC branch said that the Vietnamese economy faced numerous challenges, with all sectors experiencing a severe decline in revenue.

To stimulate economic recovery, many countries and territories have been lifting border restrictions and easing health policies. This has resulted in a higher number of Vietnamese workers abroad, contributing to the significant increase in remittances.

Despite the economic challenges, overseas Vietnamese continued to send money back to support their families and relatives in Vietnam. It is expected that remittances to HCMC will continue to grow in 2024, with a projected increase of 20% compared to this year.

HCMC’s government is actively working on the “Policies to Attract and Leverage Remittance Resources” project. This initiative focuses on specific objectives related to the growth rate of remittances and the implementation of social development projects in education, healthcare, the environment, and contributions to the local community by overseas Vietnamese.

The draft project sets a target of achieving an annual remittance growth rate of at least 10% during the 2023-2025 period, highlighting the significance of remittances in supporting the city’s development and addressing various social challenges.

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