Asia - biggest source of overseas remittances to HCM City in 2023

Money sent from Asian countries made up 50.5% of the total overseas remittances to Ho Chi Minh City last year, Vietnam’s largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.

Asia - biggest source of overseas remittances to HCM City in 2023 hinh anh 1

Inward remittances to HCM City rise 43.3% year-on-year to 9.46 billion USD in 2023. (Photo: VNA)

Money sent from Asian countries made up 50.5% of the total overseas remittances to Ho Chi Minh City last year, Vietnam’s largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.

Inward remittances to HCM City rose 43.3% year-on-year to 9.46 billion USD in 2023, a record high over the past decade and accounting for more than half of the national total.

Nguyen Duc Lenh, deputy director of the branch, said 2023 remittances were 2.7 times the volume of foreign direct investment (FDI) inflow into the city and equivalent to 14% of its gross regional domestic product (GRDP) the same year.

The flow of remittances is associated with the growing trend of working abroad, the branch said, adding that the post-pandemic recovery of the labour, service, and tourism markets in Asian countries, along with a stable economic and political environment, has positive effects on the remittances from the region.

Besides, Vietnam’s steady macro-economy, friendly business environment and bustling cultural, tourism and sporting events have encouraged remittances, Lenh said, adding that the development of remittance payment networks and services of commercial banks and businesses also helped attract remittances to the country in general and the city in particular in 2023.

With approximately six million Vietnamese nationals living abroad, remittances sent to Vietnam from 1993 to 2022 have amounted to 190 billion USD, according to the Ministry of Foreign Affairs.

In 2023, the World Bank estimated that Vietnam received approximately 14 billion USD in remittances, while this figure reached a record number of 19 billion USD in 2022.

Vietnam has been among the global top 10 recipients of remittances for many years, with overseas Vietnamese residing in more than 130 countries and territories, and around 600,000 of them with undergraduate or higher degrees./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Forum boosts economic ties among ASEAN, emerging economies, Russia

Forum boosts economic ties among ASEAN, emerging economies, Russia

An economic cooperation forum on fostering ties between ASEAN and emerging economies, and Russia convened in Hanoi on April 12.
Sustainable production a prerequisite for international economic integration

Sustainable production a prerequisite for international economic integration

This business workshop brought together members of key government, business and investment communities for peer-to-peer sharing of the most updated legal regulation on emission reduction, corporate experiences towards net zero, and to discuss concrete opportunities for enabling green transformation in Việt Nam.
Peacekeepers help promote Vietnam’s image

Peacekeepers help promote Vietnam’s image

Vietnamese peacekeeping forces are developing strongly, contributing to affirming Vietnam’s role in the world arena and demonstrating Vietnam’s efforts and commitments to joining UN peacekeeping operations and building global peace and security.
ADB maintains 6% growth forecast for Vietnam"s economy

ADB maintains 6% growth forecast for Vietnam"s economy

The Asian Development Bank (ADB) has maintained its earlier growth projection for Vietnam this year despite lingering uncertainties in the external environment. Vietnam’s economy is expected to grow at 6.0% and 6.2% in 2024 and 2025, respectively, heard a conference held in Hanoi on April 11.

More News

Vietnam among world"s top 10 countries for pork consumption

Vietnam among world"s top 10 countries for pork consumption

Vietnam is now one of the world's top 10 countries for pork consumption, latest statistics have revealed.
EuroCham: Vietnam"s economic growth boosts European businesses’ confidence

EuroCham: Vietnam"s economic growth boosts European businesses’ confidence

The European Chamber of Commerce Vietnam (EuroCham) on April 8 released the Business Confidence Index (BCI) for the first quarter of 2024, saying that the index reached 52.8 points - the highest level since 2022.
Vietnam, Laos sign new trade agreement

Vietnam, Laos sign new trade agreement

Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Industry and Commerce Malaithong Kommasith signed a new Vietnam-Laos trade agreement following their talks in Vientiane, Laos, on April 8.
NA Chairman meets with Chinese top leader in Beijing

NA Chairman meets with Chinese top leader in Beijing

National Assembly (NA) Chairman Vuong Dinh Hue had a meeting with General Secretary of the Communist Party of China (CPC) Central Committee and Chinese President Xi Jinping in Beijing on April 8 as part of his ongoing official visit to China.
NA Chairman meets Vietnamese community in China

NA Chairman meets Vietnamese community in China

National Assembly (NA) Chairman Vuong Dinh Hue visited the Vietnamese Embassy and met representatives of the Vietnamese community in China right after he arrived in Beijing for an official visit to the country on April 7 afternoon.
Many export product groups are at risk of being investigated and subject to trade defense measures

Many export product groups are at risk of being investigated and subject to trade defense measures

VCN - Many groups of goods such as wood, iron and steel, construction materials, manufactured industrial products exported to the US, EU... are at risk of being investigated, subject to trade defense measures, and evading defense measures. commerce.
NA Chairman arrives in Beijing for official visit

NA Chairman arrives in Beijing for official visit

Chairman of the National Assembly (NA) Vuong Dinh Hue and a high-ranking delegation of Vietnam arrived in Beijing on April 7 afternoon, beginning a six-day official visit to China.
Vietnam ranked 6th among fastest growing Asian economies in 2024

Vietnam ranked 6th among fastest growing Asian economies in 2024

The US website finance.yahoo.com placed Vietnam 6th among the fastest growing economies in Asia in 2024 in its article published on April 4.
Vietnam boasts great potential for developing data centres

Vietnam boasts great potential for developing data centres

Data centres are expected to play a crucial role in supporting Vietnam's digital transformation, so despite the fact that the centre are in the nascent stage, many foreign investors anticipate effective investment-attraction policies soon to meet demand.
Read More

Your care

Latest Most read
Forum boosts economic ties among ASEAN, emerging economies, Russia

Forum boosts economic ties among ASEAN, emerging economies, Russia

An economic cooperation forum on fostering ties between ASEAN and emerging economies, and Russia convened in Hanoi on April 12.
Sustainable production a prerequisite for international economic integration

Sustainable production a prerequisite for international economic integration

This business workshop brought together members of key government, business and investment communities for peer-to-peer sharing of the most updated legal regulation on emission reduction, corporate experiences towards net zero, and to discuss concrete opportunities for enabling green transformation in Việt Nam.
Peacekeepers help promote Vietnam’s image

Peacekeepers help promote Vietnam’s image

Vietnamese peacekeeping forces are developing strongly, contributing to affirming Vietnam’s role in the world arena and demonstrating Vietnam’s efforts and commitments to joining UN peacekeeping operations and building global peace and security.
ADB maintains 6% growth forecast for Vietnam"s economy

ADB maintains 6% growth forecast for Vietnam"s economy

The Asian Development Bank (ADB) has maintained its earlier growth projection for Vietnam this year despite lingering uncertainties in the external environment. Vietnam’s economy is expected to grow at 6.0% and 6.2% in 2024 and 2025, respectively, heard a conference held in Hanoi on April 11.
Vietnam among world"s top 10 countries for pork consumption

Vietnam among world"s top 10 countries for pork consumption

Vietnam is now one of the world's top 10 countries for pork consumption, latest statistics have revealed.
Mobile Version