Remittances to HCM City up 37 per cent in first haft of 2023

In the first half of 2023 topped 4.33 billion USD, an increase of 37 per cent 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 favorable policy incentives that attract remittances, including tax and fee exemptions for recipients, and the availability of increasingly convenient methods for money transfer.

Remittances to HCM City up 37% in first haft of 2023 | Business | Vietnam+ (VietnamPlus)
Remittances to HCM City up 37 per cent in first haft of 2023. (Photo: Money Control)

Besides, in the six first months of this year, the domestic exchange rate and inflation remained stable in the context that many countries are still facing high inflation rates which significantly contributed to attracting the flows of money to the country.

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 per cent of the total to the city, up 14.4 per cent compared to the previous quarter.

In order to continue to attract and maximize the utilization 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 at least 10 per cent per year in the period until 2030.

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

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

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(Source: Vietnamplus)