The State Bank of Vietnam (SBV) - Ho Chi Minh City Branch has announced that the estimated amount of remittances sent to the city in the first half of 2023 is US$4.4 billion, equivalent to 66 percent of the amount in 2022.
In the past five years, overseas remittances to Ho Chi Minh City have consistently maintained a relatively high growth rate and accounted for the largest share in the country, playing a crucial role in the city's economic development.
The State Bank of Vietnam - Ho Chi Minh City Branch, on January 13, said that in 2022, the amount of remittances transferred to the city was estimated at US$6.8 billion, approximately VND160 trillion, down $0.3 billion compared to 2021.
According to the latest updated global remittance data that the World Bank (WB) has just announced, the amount of overseas remittances to Vietnam in 2020 was US$17.2 billion, instead of $15.7 billion as previously estimated.
According to the State Bank of Vietnam - Ho Chi Minh City Branch, although the global economy was negatively affected by the Covid-19 pandemic, the number of overseas remittances transferred into the country through HCMC-based credit institutions was US$6.1 billion last year, up 12 percent compared to that of $5.5 billion in 2019.
The State Bank of Vietnam - Ho Chi Minh City Branch said that this year, although the Covid-19 pandemic has had a significant impact on the life of overseas Vietnamese, the amount of remittances transferred to HCMC remains stable.
In general, the outbound investment activities of State-owned and State-invested enterprises have not met the expectations. Besides objective reasons, such as politics and investment policies in the host country, the subjective causes are the issues of management capacity, risk management, market forecasting capacity, and experience in overseas investment.
The State Bank of Vietnam – Ho Chi Minh City Branch said that by the beginning of June this year, overseas remittances transferred to the city reached US$2.3 billion, a decrease of 1.9 percent over the same period last year.
The State Bank of Vietnam – Ho Chi Minh Branch said that in the first four months of this year, overseas remittances transferred to Ho Chi Minh City merely reached US$1.8 billion, down 2 percent compared to the same period last year.
Vietnam is expected to enter the top ten remittances receivers with an estimated amount of US$16.7 billion this year, accounting for 6.4 percent of the country’s Gross Domestic Product (GDP), according to the latest data from the World Bank.
In the first nine months of this year, overseas remittances to Ho Chi Minh City via commercial banks and economic institutions were estimated at around US$3.8 billion, an increase of 7 percent over the same period last year.
The Soc Trang Provincial Party Committee, People’s Council, People’s Committee and Fatherland Front Committee yesterday held a warmly meeting with hundreds of oversea Vietnamese on coming Lunar New Year 2019.