Business

Remittances – important resource for socio-economic development

The increasing inflow of remittances to Vietnam over the years has increased the foreign currency reserve while helping enterprises expand production and business, thus creating an impetus for socio-economic development, according to economists.
Remittances – important resource for socio-economic development ảnh 1Vietcombank is putting on many promotional programmes for their remittance transfer services leading up to Tet. (Photo: VNA)
Hanoi (VNA) – The increasing inflow of remittances to Vietnam overthe years has increased the foreign currency reserve while helping enterprises expand production and business, thus creating an impetus forsocio-economic development, according to economists.

Remittances totaling 16 billion USD in2023

The State Bank of Vietnam (SBV) said Vietnamese abroad sent home 16 billion USDin 2023, a year-on-year surge of 32.5%. Of the total figure, Ho Chi Minh City received8.92 billion USD, up 35% from the previous year.

Experts attributed the rise to the relaxed immigration control and healthmeasures in many countries in the post-COVID-19 period that resulted in anincrease in the number of Vietnamese people working abroad.

Besides, despite formidable challenges posed by high inflation rates, overseasVietnamese (OVs) in the UK, the US, Canada and Europe sent remittances home to support their families.

Experts held that remittances not only help improve the domestic livelihoods butalso serve as an important financial resource for the country’s economicdevelopment. Therefore, with a view to attracting this capital, creditinstitutions should work to better their transfer and receipt services.

Over the past time, many Vietnamese commercial banks have cooperated withnearly 1,000 banks across 100 countries and territories to promote internationalconnectivity and payment. They particularly focus on markets with a largenumber of Vietnamese people such as the US, Australia, Canada, Japan and theRepublic of Korea.

Vietcombank, Agribank, BIDV, VietinBank, ACB and EximBank are putting on manypromotional programmes for their remittance transfer services leading up to Tet– the time when OVs send more money to the homeland.

Facilitating OVs’ investment

According to Chairman of theBusiness Association of OVs Peter Hong, around 5.5 million Vietnamese reside in130 countries and territories across the globe. Many people aged from 60 andbusinessmen and intellectuals want to come back home to live or make investment there.

Meanwhile, Chairman of the Vietnam Archive Business Association Dinh The Vinhsaid that remittances have emerged as an important resource of external developmentfinance, without which the economy will face difficulties. He added that it is necessaryto create favourable conditions for OVs to invest in the homeland such asallowing them to buy houses in the country.

He also suggested that the amount of remittances will further increase if more high-quality workers are sent overseas.

Laying stress on the significance of remittances, Dr. Nguyen Tri Hieu, afinance-banking expert, said the State should provide full and clear informationon investment opportunities in Vietnam, and ensure favourable healthcare, security andvisa procedure, among others, for OVs.

As for those getting remittances from their relatives, they should beencouraged to set aside a part of the money for investment in Vietnameseprojects, he added./.

VNA
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