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Wednesday, June 26, 2024

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Remittances

Making the most of remittances

“The issue is not just about how to efficiently tap that source of foreign currency, but what we need to do to facilitate more remittances to Vietnam,” said Dr. Nguyen Tri Hieu, an economic and financial expert, in an exchange with the Saigon Times. Very important sourceThe Saigon Times: In 2023, incoming remittances to HCMC reached a 10-year high of nearly US$9.5 billion. Of the total, the remittances from the Asian region accounted for over 50%, and increased by 143.8% year-on-year, while remittances from the Americas and Africa decreased. How do you explain the record remittance amount and the change in the structure of remittance flows to HCMC? – Dr. Nguyen Tri Hieu: Firstly, remittances are always a vital source of foreign currency for Vietnam’s economy. Compared to foreign loans that need to be repaid with interest, we don’t have to repay anything after receiving remittances, except for some cases where remittances are sent to relatives or acquaintances as investment capital. Compared to Official Development Assistance (ODA), the use of remittances is not conditional as dictated by the lenders. Therefore, the amount of remittances up to US$190 billion that Vietnam received from 1993 (the first year remittances were recorded) until […]
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Jan-Sept remittances to HCMC soar 40% y-o-y

Your browser does not support the video tag. Remittances to HCMC in the first nine months of this year surged by 40% against the year-ago...

Jan-Sept remittances to HCMC soar 40% y-o-y

HCMC - Remittances to HCMC in the first nine months of this year surged by 40% against the year-ago period to US$6.6 billion. This figure...

Remittances to Vietnam estimated at US$12.5 billion this year

HCMC - Incoming remittances to Vietnam would rise 10% year-on-year to some US$12.5 billion this year, the Foreign Exchange Management Department under the State...

Remittances to HCMC in Jan-Sep rise 22% y-o-y

HCMC - Incoming remittances to HCMC amounted to US$5.1 billion from January to September 2021, surging 22% compared with the same period last year,...

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