The flow of overseas remittances to Ho Chi Minh City is estimated to reach about 8.92 billion USD in 2023, up 35% year on year, said Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCM City Nguyen Duc Lenh.
HCM City (VNA)♑ – The flow of overseas remittances to Ho ChiMinh City is estimated to reach about 8.92 billion USD in 2023, up 35% year on year,said Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCM City Nguyen Duc Lenh.
Lenh attributed the surge to the gradual easing of globalborder controls and health policies in the post-COVID-19 period, resulting in a rise in the number of Vietnamese citizens working abroad. The SBV’s HCM City Branch predicted a 20% growth rate in remittances next year as the world expects economic recovery. However, the outlook might be clouded by challenges posed bycomplex socio-political developments. In response to this trend, Lenh said the city is formulating aproject aimed at attracting and maximising the utilisation of remittances, with specific goals concerning remittance growth rate, social projectsin education, health care and environment funded by remittances, as well as theengagement of Vietnamese nationals living and working abroad. One key objective is to achieve a remittance growth rate of atleast 10% annually during the 2023-2025 period and sustain this rate in 2025-2030./.
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.
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).
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Illustrative image (Photo: VNA) 
