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Ho Chi Minh City’s overseas remittances likely to hit $6.8bn this year

The amount of remittances flowing to Ho Chi Minh City is on track to reach US$6.8 billion in 2022 despite complicated geopolitical changes across the world, according to Nguyen Duc Lenh, deputy director of the Ho Chi Minh branch of the State Bank of Vietnam (SBV).

He also noted that Ho Chi Minh City has been a leading locality in remittance inflows over the years, with about $6.5-6.6 billion in 2021, up nine percent year on year despite the COVID-19 pandemic.

In 2021, the number of remittances flowing to Ho Chi Minh City will reach about 6.5-6.6 billion USD, up 9% over the previous year, despite the complicated developments of the COVID-19 pandemic. Meanwhile, for the whole country, the number of remittances reached about 12.5 billion USD.

A customer counts U.S. dollar banknotes at a currency exchange office in Ho Chi Minh City

Similar to the growth rate of remittances sent to Ho Chi Minh City, this growth rate will be lower than last year’s five percent. The total amount of remittances to the whole country is projected to increase by 4.4 percent this year, according to the World Bank’s latest Migration and Development Brief and a report by the Global Knowledge Partnership on Migration and Development.

Remittances are an important resource supporting the socio-economic development of Ho Chi Minh City and the stability of the foreign currency supply in the city and Vietnam. Therefore, to prepare for the peak season of remittances at the end of the year, many banks and remittance companies are starting to launch promotional programs to attract remittances.

(Tuoi Tre News)



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