Wednesday, 25/10/2023 11:10 (GMT+7)
The total remittances to Ho Chi Minh (HCM) City in the first 9 months of 2023 exceeds that of the whole of 2022. This is an impressive result and has a positive impact on many aspects of the economy.
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| Photo for illustration |
Ho Chi Minh City lured 6.687 billion USD in overseas remittances over the past 9 months, up 40% year on year and up 1.3% against 2022, according to the local branch of the State Bank of Vietnam (SBV).
In the third quarter of 2023, the remittances reached 2.353 billion USD, a 6.2% rise from the second quarter.
The remittances from Asia continued to account for the most, 53.1%, increasing nearly 20% from the previous quarter. With the current economic, political and social stability of Asia, this region will continue to positively impact remittance growth in the coming time.
Nguyen Duc Lenh, Deputy Director of the SBV branch in HCM City, said the amount of remittances to HCM City grew positively, the next quarter grew higher than the previous quarter and maintained 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.
“Remittances are always a golden resource for socio-economic development in general and HCM City in particular, creating conditions for people and remittance recipients to improve and enhance their quality of life,” Mr. Lenh said./.
BTA