Remittances to HCM City up 37% in first haft of 2023
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.
HCM City (VNA)ꦕ – Remittances to Ho Chi Minh inthe 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.
Nguyen Duc Lenh, deputy director of the branch, said the city always has favourable policy incentives that attract remittances, including tax and fee exemptions forrecipients, and the availability of increasingly convenient methods for moneytransfer. Besides, in the six first months of this year,domestic exchange rate and inflation remained stable in the context that manycountries are still facing high inflation rates which significantly contributedto attracting the flows of the money to the country. The amount of remittances from Asia and Africa hasgrown significantly over the same period last year, in which the money sent from Asia accounted for the highest proportion in the country, reaching47% of the total to the city, up 14.4% comparedto the previous quarter. In order to continue to attract and maximise the utilisationof remittances, the city is developing a strategy to attract and promote resources in the city, striving to achieve a growth rate of the money transferred to the city of least 10% per year in theperiod until 2030. According to a report by the World Bank and theGlobal Knowledge Partnership on Migration and Development (KNOMAD),Vietnam was among the top 10 countries receiving remittances in 2022. Remittances to Vietnamincreased by nearly 5% to 19 billion USD last year and are expected to rise by3.6-4.5% this year./.
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.
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Illustrative Image (Photo: VNA) 
