Remittances boost HCM City growth

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.
Remittances boost HCM City growth
A corner of Ho Chi Minh City. (Photo: VNA)

This cash flow has contributed to generating foreign currency revenue, stabilising exchange rates, and spurring economic growth.

According to the State Commission for Overseas Vietnamese Affairs (SCOV), there are currently more than 5.3 million Vietnamese living and working in 130 countries and territories across the globe, of this group more than 2 million are from or have connections to Ho Chi Minh City. The southern economic hub also has more than 3,000 businesses invested by expatriates, whose combined capital totals 45 trillion VND (1.9 billion USD).

Head of the municipal chapter of the commission Phung Cong Dung said despite COVID-19-induced difficulties last year, the agency worked to organise seminars, conferences, and forums to link domestic and overseas communities. It also introduced expatriate business associations investment opportunities in many fields such as digital technology and high-tech agriculture.

Dung said to beef up remittances in both quality and quantity in the time to come, it is necessary to build related institutions and pay attention to legal matters involving overseas Vietnamese, including investment and citizenship.

Local authorities also need to come up with more policies that facilitate the group’s engagement in domestic commercial activities, the official added.

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(Source: VNA)