HCM City (VNA) - Remittances to Ho Chi Minh City are expected to reach 7 billion USD in 2023, an annual increase of about 6-7%.
At a May 22 workshop on the city’s remittance attraction and promotion, deputy director of the State Bank of Vietnam (SBV)’s branch in the southern economic hub Nguyen Duc Lenh further said the remittances have increased continuously in the last five years, with the highest amount recorded in 2021, at more than 7.1 billion USD. The figure exceeded 2.1 billion USD in the first quarter this year, up over 19% year-on-year.
Associate Professor Dr. Nguyen Duc Trung, Rector of the HCM City University of Banking, said management agencies should forecast the maximum potential of remittances to the city to come up with specific attraction policies.
It is necessary for the metropolis to promote its advantages in the fields of finance, banking, logistics and tourism so that overseas Vietnamese can see that it is a livable city.
Bui Viet Khoi, Counselor of Science and Technology at the Vietnamese Embassy in Australia, said the country’s expatriate community in Australia boasts huge resources.
Policies suitable for the overseas communities in developed countries, including Australia, are needed to attract remittances, added the diplomat.
At the seminar, participants recommended the city continue capitalising on its leading position as an economic, cultural and educational center of the country, and improving its business climate to attract capital and remittances serving the local production and business development, especially in health, education, culture, technology, and green economy./.
International organisations have forecast that the total amount of remittances to Vietnam may increase by 4.4% in 2022 and 3.6-4.5% the following year.
Ho Chi Minh City received some 6.8 billion USD in remittances last year, only a slight decrease compared to 2021 and accounting for 48% of foreign currency deposits at its credit institutions.
Vietnam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).
HCM City received more than 2.1 billion USD in remittances in the first quarter of the year, a surge of 19% year-on-year, according to the State Bank of Vietnam.
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Illustrative photo (Source: VNA) 
