HCM City receives 2.1 billion USD in remittances in Q1
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.
HCM City (VNS/VNA) - HCM City received more than 2.1billion USD in remittances in the first quarter of the year, a surge of 19%year-on-year, according to the State Bank of Vietnam.
Nguyen Duc Lenh, deputy director of the HCM City branch of the State Bank ofVietnam (SBV), said remittances from Asia accounted for most of the hike as theregion has maintained higher economic growth than many other regions.
Remittances from the continent reached 903 million USD, up 84% year-on-year andaccounted for 43% of the total amount, he said.
Meanwhile, remittances from the US, Africa and Oceania decreased in the periodbecause of rising inflation and financial hurdles, according to Lenh.
On average, remittances to the city grow at 7-10% annually. But this cashflow dropped in the past few years due to the impact of the pandemic andthe ongoing Russia-Ukraine crisis.
The city received more than 6.8 billion USD in remittances last year, down 6.7%over 2021.
Remittances account for 48% of foreign currency deposits at HCMCity’s credit institutions, according to Lenh.
According to the World Economic Forum, Vietnam received 19 billion USD ofremittances last year while India received the most at 100 billionUSD.
More than 5.3 million Vietnamese are living and working in 130 countries andterritories around the world. Of that number, two million people are fromor have connections to HCM City, according to the State Commission for OverseasVietnamese Affairs.
Vietnam remains one of the 10 countries receiving the most remittances in theworld, according to a recent report by the World Bank./.
The amount of remittances flowing to Ho Chi Minh City has continued to increase despite complicated geopolitical changes in the world, reaching about 6.8 billion USD so far, according to Nguyen Duc Lenh, Vice Director of the Ho Chi Minh branch of the State Bank of Vietnam (SBV).
International organisations have forecast that the total amount of remittances to Vietnam may increase by 4.4% in 2022 and 3.6-4.5% the following year.
Ho Chi Minh City received some 6.8 billion USD in remittances last year, only a slight decrease compared to 2021 and accounting for 48% of foreign currency deposits at its credit institutions.
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).
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Illustrative photo (Source: VNA) 
