Remittances to HCMC up 37%

By VNA July 20, 2023 | 12:40 am PT

U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. Photo by Reuters/Dado Ruvic

Remittances to Ho Chi Minh in the first half of 2023 topped $4.33 billion, an increase of 37% compared to the same period last year, the State Bank of Vietnam’s HCMC branch reported.

The amount of remittances from Asia and Africa has grown significantly over the same period last year, in which the money sent from Asia accounted for the highest proportion in the country, reaching 47% of the total to the city, up 14.4% compared to the previous quarter.

In order to continue to attract and maximise the utilisation of 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 the period until 2030.

According to a report by the World Bank and the Global Knowledge Partnership on Migration and Development, Vietnam was among the top 10 countries receiving remittances in 2022.

Remittances to Vietnam increased by nearly 5% to $19 billion last year and are expected to rise by 3.6-4.5% this year.