Illustrative photo (Source: VNA) Nguyen Duc Lenh, deputy director of the HCM City branch of the State Bank ofVietnam (SBV), said remittances from Asia accounted for most of the hike as theregion has maintained higher economic growth than many other regions.
Remittances from the continent reached 903 million USD, up 84% year-on-year andaccounted for 43% of the total amount, he said.
Meanwhile, remittances from the US, Africa and Oceania decreased in the periodbecause of rising inflation and financial hurdles, according to Lenh.
On average, remittances to the city grow at 7-10% annually. But this cashflow dropped in the past few years due to the impact of the pandemic andthe ongoing Russia-Ukraine crisis.
The city received more than 6.8 billion USD in remittances last year, down 6.7%over 2021.
Remittances account for 48% of foreign currency deposits at HCMCity’s credit institutions, according to Lenh.
According to the World Economic Forum, Vietnam received 19 billion USD ofremittances last year while India received the most at 100 billionUSD.
More than 5.3 million Vietnamese are living and working in 130 countries andterritories around the world. Of that number, two million people are fromor have connections to HCM City, according to the State Commission for OverseasVietnamese Affairs.
Vietnam remains one of the 10 countries receiving the most remittances in theworld, according to a recent report by the World Bank./.
VNA
