Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, Nguyen Duc Lenh said that the amount of remittances sent to Ho Chi Minh City in 2023 maintained a good growth rate, reaching 9.46 billion USD, an increase of 43% over the previous year.
Mr. Lenh said that this result is reflected in four main aspects. Firstly, remittances in 2023 recorded the highest growth in the past 10 years and continued to maintain a high proportion compared to the total remittances of the whole country at over 50%.
Besides, if the scale of remittances is compared with the total foreign direct investment in the city in 2023, the amount of remittances is 2.7 times higher and equal to about 14% of the city's GRDP.
Remittances to Ho Chi Minh City in 2023 recorded the highest level in the past 10 years (Photo: Manh Quan).
The third point is that remittances are closely linked to the trend of increasing labor and work abroad. Accordingly, analyzing remittances by region, the amount of remittances from Asia accounts for the highest proportion, accounting for 50% and growing by 143% compared to the end of 2022.
Meanwhile, the amount of remittances sent from Africa and the Americas both decreased. In particular, remittances from the Americas accounted for a high proportion, after Asia (accounting for 29.1%), but the value of remittances sent back decreased by 10.2%.
In Asian countries, the labor, service and tourism markets are open and developing after the pandemic, along with a stable economic and political environment, which are factors positively affecting remittances this year and in the coming time, Mr. Lenh assessed.
In addition, the leader of the State Bank of Vietnam, Ho Chi Minh City branch, also said that the stable macro-economy and favorable investment and business environment, along with the Government's and the State Bank's policies on attracting remittances; cultural, tourism and sports activities, etc. have become the fundamental factors and driving forces to promote the growth of remittance resources in recent times.
In addition, the network system and remittance payment services of commercial banks and enterprises directly paying remittances are developed, convenient, fast and effective, also contributing to attracting remittances to Vietnam in general and to the city in particular.
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