Remittance flows forecast to increase in year-end months: experts
Remittances to Vietnam has been on the rise since the outset of 2023, and will continue to increase in the remaining months of the year, especially ahead of the traditional Lunar New Year (Tet holidays), according to experts.
Remittances to Vietnam has been on the rise since the outset of 2023. (Photo: VNA)
Hanoi (VNA) – Remittances to Vietnam has been on the rise since theoutset of 2023, and will continue to increase in the remaining months of the year, especiallyahead of the traditional Lunar New Year (Tet holidays), according to experts.
Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City BranchNguyen Duc Lenh said as of the end of September, the southern largest economic hub received morethan 6.68 billion USD in remittances, a year-on-year surge of 40% and equivalent to 101.3% of last year’s figure.
The robust growth of remittance inflows has backed the monetary and foreign exchangemarkets amidst fluctuation of strong currencies and high inflation rates inseveral countries, he stressed.
Remittances from Asia accounted for the lion's share, making up of 53.1% of thetotal, he said, elaborating that the growth can be attributed tothe economic and political stability of the region, as well as expandinginternational economic relations and labour cooperation.
Lenh said that with a view to attracting more remittances in the year-end months, creditinstitutions should work to improve their service quality, while banks shouldpay attention to popularising remittance transfer and receipt services as wellas local socio-economic development and business climate among Vietnameseexpats.
Dr. Nguyen Tri Hieu, a finance-banking expert, said that amidst globalheadwinds, HCM City got an impressive amount of remittance during thefirst nine months of the year.
He quoted statistics from the SBV’s HCM City Branch as saying the city hasbeen a leading locality in remittance inflows in recent five years, with theamount in 2018 accounting for 44.1% of the country’s total, 48% in 2019,53.8% in 2020, 52.8% in 2021, and 55.03% in 2022.
Vietnam is ranked among the world's top 10 countries in terms of remittances, according to the World Bank.
Around 5.3 million Vietnamesepeople reside in 130 countries and territories worldwide, with 2 million having connections to or originating from the city.
Remittances to Vietnamexceed 10 billion USD each year. Last year, remittances to the country sawa nearly 5%, amounting to 19 billion USD./.
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).
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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Remittances to Vietnam has been on the rise since the outset of 2023. (Photo: VNA) 
