Vietnam among top 10 recipients of overseas remittances in 2023
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).
Hanoi (VNA) – Despitea challenging global economic landscape, Vietnam continues to stand resilientas one of the top 10 recipients of overseas remittances worldwide, with anestimated 14 billion USD last year, according to the World Bank’s Migration and Development Brief and the GlobalKnowledge Partnership on Migration and Development (KNOMAD).
Breaking records on its own,Ho Chi Minh City boasted a remarkable annual surge of 43.3% in remittances,reaching an impressive 9.46 billion USD – a figure that also marked a 10-yearhigh.
This sum, as highlighted by DeputyDirector of the State Bank of Vietnam’s municipal branch Nguyen Duc Lenh, notonly surpassed foreign direct investment (FDI) in the city by 2.7 times butalso accounted for nearly 14% of its gross regional domestic product. Thisunprecedented success was attributed to a growth in overseas labour.
Over the past five years, HoChi Minh City has demonstrated its dominance in attracting overseasremittances, claiming 44.1% of the country’s total in 2018 and steadilyincreasing to an impressive 55.03% in 2022, Lenh said.
Vice Chairman of themunicipal People’s Committee Vo Van Hoan underscored the significance of thispositive growth, emphasising its potential to fortify exchange rates, stabilisethe foreign exchange market, and propel the city’s overall economicdevelopment.
A report from the StateCommittee for Overseas Vietnamese Affairs revealed that Vietnam has garneredover 190 billion USD in remittances over the past three decades, nearlymatching the total FDI disbursed during the same period.
Among the countriescontributing to this influx, the US took the lead, followed by the UK,Australia, and Canada. Meanwhile, Japan, the Republic of Korea, and Taiwan(China) played pivotal roles as major labour markets.
Lenh said the VietnameseGovernment has issued many policies to encourage OVs to do business athome and🔯 send cash to their families.
Therevised Real Estate Business Law, which will take effect on January 1, 2025, also improves the opportunity for OVs to invest and trade in real estate on par withtheir domestic counterparts, thus further fueling the positive momentum inremittance growth, he added./.
Remittances to Vietnam has been on the rise since the outset of 2023, and will continue to increase in the remaining months of the year, especially ahead of the traditional Lunar New Year (Tet holidays), according to experts.
Overseas Vietnamese (OV) affairs in 2024 will focus on two orientations of strengthening the great solidarity of the Vietnamese community abroad and promoting resources from the community, which will be implemented with seven major solutions, stated Vice Chairman of the State Committee for Overseas Vietnamese Affairs Nguyen Manh Dong at a press conference in Hanoi on January 11.
Overseas remittances to Ho Chi Minh City in 2023 reached over 9.46 billion USD, marking a year-on-year increase of 43.3% and a record high in the last ten years, Deputy Director of the State Bank of Vietnam (SBV)'s Ho Chi Minh City branch Nguyen Duc Lenh said on January 23.
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According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Illustrative image (Photo: VNA) 
