Remittances to Ho Chi Minh City reach $4.4bn in H1

Overseas remittances to Ho Chi Minh City in the first half of 2023 reached an estimated US$4.4 billion, equivalent to 66 percent of the figure recorded in the whole of 2022, according to the latest report released by the municipal People’s Committee.

The positive growth of remittances will contribute to stabilizing the exchange rate and the forex market while accelerating economic expansion in the southern metropolis, according to the municipal People’s Committee.

Remittances to the city totaled $18.07 billion between early 2021 and June this year, surging 68.42 percent over the first half of the previous term.

The Ho Chi Minh City Branch of the State Bank of Vietnam had earlier reported that overseas Vietnamese people sent to the city over $2.1 billion in the first half of this year, up 19.41 percent year on year and equivalent to roughly 32 percent of the 2022 figure.

Remittances sent from overseas Vietnamese in Asia accounted for a majority of incoming remittances to the city during the given period, at 43 percent, thanks to the stable economic growth in this region, said Nguyen Duc Lenh, deputy director of the SBV’s Ho Chi Minh City branch.

In other regions such as the Americas, Africa, and Oceania, meanwhile, the southern metropolis saw a decrease in remittances sent from them, beset by economic woes and rising inflation.

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