Overseas remittances to HCMC up 35 percent in 2023

The flow of overseas remittances to HCMC is estimated to reach about US$8.92 billion in 2023, up 35 percent year on year, said Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCMC Nguyen Duc Lenh.

Illustrative image (Photo: VNA)

Lenh attributed the surge to the gradual easing of global border controls and health policies in the post-Covid-19 period, resulting in a rise in the number of Vietnamese citizens working abroad.

The SBV’s HCMC Branch predicted a 20 percent growth rate in remittances next year as the world expects economic recovery. However, the outlook might be clouded by challenges posed by complex socio-political developments.

In response to this trend, Lenh said the city is formulating a project aimed at attracting and maximizing the utilization of remittances, with specific goals concerning remittance growth rate, social projects in education, health care, and environment funded by remittances, as well as the engagement of Vietnamese nationals living and working abroad.

One key objective is to achieve a remittance growth rate of at least 10 percent annually during the 2023-2025 period and sustain this rate in 2025-2030.

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