Asia - biggest source of overseas remittances to HCM City in 2023
Money sent from Asian countries made up 50.5% of the total overseas remittances to Ho Chi Minh City last year, Vietnam’s largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.
Inward remittances to HCM City rise 43.3% year-on-year to 9.46 billion USD in 2023. (Photo: VNA)
Hanoi (VNA) - Money sent from Asiancountries made up 50.5% of the total overseas remittances to Ho Chi Minh Citylast year, Vietnam’s largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.
Inward remittances to HCM City rose 43.3%year-on-year to 9.46 billion USD in 2023, a record high over the past decadeand accounting for more than half of the national total.
Nguyen Duc Lenh, deputy director of the branch, said2023 remittances were 2.7 times the volume of foreign direct investment (FDI) inflow intothe city and equivalent to 14% of its gross regional domestic product (GRDP)the same year.
The flow of remittances is associated with the growingtrend of working abroad, the branch said, adding that the post-pandemicrecovery of the labour, service, and tourism markets in Asian countries, alongwith a stable economic and political environment, has positive effects on the remittancesfrom the region.
Besides, Vietnam’s steady macro-economy, friendlybusiness environment and bustling cultural,tourism and sporting events have encouraged remittances, Lenh said, adding that the development of remittance paymentnetworks and services of commercial banks and businesses also helped attractremittances to the country in general and the city in particular in 2023.
With approximately six million Vietnamese nationalsliving abroad, remittances sent to Vietnam from 1993 to 2022 have amounted to 190billion USD, according to the Ministry of Foreign Affairs.
In 2023, the World Bank estimated that Vietnam received approximately 14 billion USD inremittances, while this figure reached a record number of 19 billion USD in 2022.
Vietnam has been among the global top 10 recipientsof remittances for many years, with overseas Vietnamese residing in more than130 countries and territories, and around 600,000 of them with undergraduateor higher degrees./.
Despite a challenging global economic landscape, Vietnam continues to stand resilient as one of the top 10 recipients of overseas remittances worldwide, with an estimated 14 billion USD last year, according to the World Bank’s Migration and Development Brief and the Global Knowledge Partnership on Migration and Development (KNOMAD).
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Inward remittances to HCM City rise 43.3% year-on-year to 9.46 billion USD in 2023. (Photo: VNA) 
