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Friday, February 3, 2023

Remittances to Vietnam forecast to rise 4.4% y-o-y

By N. Tan

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HCMC – Though the World Bank has yet to release official figures, it has forecast that incoming remittances to Vietnam in 2022 will rise 4.4% year-on-year.

In 2021, remittances expanded to US$18.1 billion from US$17.2 in 2020.

Meanwhile, data from the HCMC branch of the State Bank of Vietnam shows that remittances to the southern metropolis this year are estimated at US$6.8 billion and expected to surge during the year’s end and the Lunar New Year, as overseas Vietnamese tend to send money home to support their families or to invest during the periods.

Over the past few years, HCMC has secured its top position in remittance inflows. In 2021, incoming remittances to the city rose 9% year-on-year to around US$6.5 billion.

In a recent report, the World Bank said remittances to lower-income countries increased around 5% to US$626 billion, lower than the 10.2% jump in 2021.

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