Overseas remittances to HCM City to reach $6.8 bln in 2022

Remittances secured consecutive positive growth through each quarter, making great contributions to domestic investment, production, and consumption.

During a period of strong economic recovery, this source of capital plays an important role in boosting local socio-economic development, helping to stabilize the forex market and attract foreign direct investment into the city.

Last year, remittances to the city was $6.6 billion, up 9 percent compared to the previous year and accounting for more than half of the national volume which reached around US$12.5 billion.

Viet Nam was the eighth largest remittance recipient globally and the third biggest in Asia-Pacific last year, according to the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD). 

Remittances to the Southeast Asian nation are projected to grow around 2.6 percent this year thanks to the removal of lockdowns and easing of COVID-19 restrictions in many countries.

Source: VGP