Remittances to HCM City up 37% in first haft of 2023

Illustrative Image (Photo: VNA)

Remittances to Ho Chi Minh in the first half of 2023 topped 4.33 billion USD, an increase of 37% compared to the same period last year, the State Bank of Vietnam’s (SBV) HCM City branch reported.

Nguyen Duc Lenh, deputy director of the branch, said the city always has favourable policy incentives that attract remittances, including tax and fee exemptions for recipients, and the availability of increasingly convenient methods for money transfer.

Besides, in the six first months of this year, domestic exchange rate and inflation remained stable in the context that many countries are still facing high inflation rates which significantly contributed to attracting the flows of the money to the country.

The amount of remittances from Asia and Africa has grown significantly over the same period last year, in which the money sent from Asia accounted for the highest proportion in the country, reaching 47% of the total to the city, up 14.4% compared to the previous quarter.

In order to continue to attract and maximise the utilisation of remittances, the city is developing a strategy to attract and promote resources in the city, striving to achieve a growth rate of the money transferred to the city of least 10% per year in the period until 2030.

According to a report by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD), Vietnam was among the top 10 countries receiving remittances in 2022.

Remittances to Vietnam increased by nearly 5% to 19 billion USD last year and are expected to rise by 3.6-4.5% this year./.