Overseas remittances to HCM City up 35% in 2023

The flow of overseas remittances to Ho Chi Minh City is estimated to reach about 8.92 billion USD in 2023, up 35% year on year, said Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCM City Nguyen Duc Lenh.

Lenh attributed the surge to the gradual easing of global border controls and health policies in the post-COVID-19 period, resulting in a rise in the number of Vietnamese citizens working abroad.

The SBV’s HCM City Branch predicted a 20% growth rate in remittances next year as the world expects economic recovery. However, the outlook might be clouded by challenges posed by complex socio-political developments.

In response to this trend, Lenh said the city is formulating a project aimed at attracting and maximising the utilisation of remittances, with specific goals concerning remittance growth rate, social projects in education, health care and environment funded by remittances, as well as the engagement of Vietnamese nationals living and working abroad.

One key objective is to achieve a remittance growth rate of at least 10% annually during the 2023-2025 period and sustain this rate in 2025-2030.