Monday, 25/12/2023 16:21 (GMT+7)
The amount of remittances transferred to Ho Chi Minh City through the system of commercial banks and economic organizations that directly receive and pay foreign currency in 2023 is expected to reach about 8.92 billion USD, an increase of 35% compared to 2022.
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| Remittances to HCM City expected to rise by 35% in 2023 |
Although the world economy is facing economic recession and high unemployment, the amount of remittances transferred to the city still records very positive growth in 2023.
This is a golden resource for socio-economic development in general and the city in particular, creating conditions for people and remittance recipients to improve and enhance their quality of life.
Deputy Director of the State Bank of Vietnam (SBV)’s HCM City Branch, said that the growth was among the highest in the year, and consolidated a rising trend.
He attributed the increase to three key factors: seasonal demand, impact and effectiveness of the credit and monetary policies, and action programmes by the banking industry.
Aiming to promote economic recovery, some countries have begun to remove strict measures on immigration, and health policies are also gradually lessened.
By the end of September 2023, the amount of remittances transferred to HCM City reached 6.687 billion USD, an increase of 40% over the same period last year and equal to 101.3% compared to the whole year of 2022.
The SBV’s HCM City Branch predicts that in 2024, the amount of remittances will increase by about 20% compared to this year, when the whole world is expecting a transformation after the pandemic.
Aiming to continue to attract and effectively use remittances, the city is currently developing a policy project to attract and promote remittances./.
BTA