 |
Remittances transferred to HCMC in nine months surge |
The State Bank (SBV) Ho Chi Minh City branch today said that by the end of September 2023, the amount of remittances transferred to Ho Chi Minh City reached US$6.687 billion, an increase of 40 percent over the same period in 2022 and equal to 101 percent compared to in 2022.
Particularly in the third quarter of 2023 alone, city dwellers’ relatives sent more home at around $2.353 billion, an increase of 6.2 percent compared to the second quarter.
The amount of remittances transferred from Asia continues to account for the highest proportion with 53.1 percent of the total amount of remittances transferred to Ho Chi Minh City, an increase of nearly 20 percent compared to the previous quarter. With the current economic, political, and social stability of the Asian region, this region will continue to positively impact remittance growth in the coming time.
Deputy Director of the State Bank of Vietnam Ho Chi Minh City branch Nguyen Duc Lenh said that the amount of remittances transferred to Ho Chi Minh City grew positively, the next quarter grew higher than the previous quarter and maintained at a good growth rate. Good growth in remittances has provided positive support for the currency and foreign exchange markets. Because remittances are one of the sources of foreign currency supply, contributing to ensuring the relationship between supply and demand of foreign currency, while also effectively supporting monetary policy, exchange rates and the foreign exchange market.
