Nine-month overseas remittances to HCM City up 40% year on year
Ho Chi Minh City tallied 6.687 billion USD in overseas remittances during the first nine months of 2023, up 40% year on year and 1.3% over all of 2022, according to the local branch of the State Bank of Vietnam (SBV).
HCM City (VNA) – Ho Chi MinhCity tallied 6.687 billion USD in overseas remittances during the first ninemonths of 2023, up 40% year on year and 1.3% over all of 2022, according to the local branch of the State Bank of Vietnam (SBV).
The remittances stood at 2.353billion USD in the third quarter, up 6.2% from Q2. Totals in Q2 were up 4.5% fromQ1, statistics show.
Nguyen Duc Lenh, Deputy Director ofthe SBV branch in HCM City, said the strong upward trend in overseasremittances is impressive, and it will have positive impact on the economy inmultiple aspects.
He considered overseas remittances a “golden” resource for socio-economic development as it helps families improve quality of life and also stimulates the labour market.
InQ3, the money from Asia continued to account for the most, 53.1%, and increased19.8% from the previous quarter.
The economic, political, and socialstability in Asia, together with Vietnam’s growing economic, cultural, andlabour cooperation with foreign partners will directly boost remittances in thetime ahead, he noted.
Inparticular, amid the mounting pressure on foreign exchange rates, money sentback from abroad forms a source of foreign currency that bolsters supply and demand.
This effectively supports the monetary andforeign exchange markets. It is even more important as fluctuations of strongcurrencies and high global inflation puts pressure on local foreign exchange rates, interest rates, and inflation, said the SBV official./.
Vietnam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).
HCM City received more than 2.1 billion USD in remittances in the first quarter of the year, a surge of 19% year-on-year, according to the State Bank of Vietnam.
The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030.
Remittances to Ho Chi Minh in the first half of 2023 topped 4.33 billion USD, an increase of 37% compared to the same period last year, the State Bank of Vietnam’s (SBV) HCM City branch reported.
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Illustrative photo (Photo: baodautu.vn) 
