Remittances to Ho Chi Minh City totalled 3.16 billion USD in the first half of 2022, down 13% from the same period last year, according to the State Bank of Vietnam (SBV) branch in the southern city.
Hanoi (VNA) – Remittances to Ho Chi Minh Citytotalled 3.16 billion USD in the first half of 2022, down 13% from the sameperiod last year, according to the State Bank of Vietnam (SBV) branch in the southern city.
It attributed the decline to the geopoliticalvolatility which has been adversely affecting the global market and economicactivities, dragging down earnings and savings of Vietnamese living overseas.
Vietnam was the eighth largest remittance recipient globallyand the third biggest in Asia-Pacific last year, according to the World Bankand the Global Knowledge Partnership on Migration and Development (KNOMAD).
Remittances to Vietnam is projected to grow around 2.6% thisyear thanks to the removal of lockdowns and easing of COVID-19 restrictions in manycountries./.
Remittances to Ho Chi Minh City reached around 6.6 billion USD in 2021, up 9 percent from the previous year, according to Nguyen Hoang Minh, head of the Vietnam Banks Association’s Office in HCM City.
Remittances to Ho Chi Minh City in the first quarter of this year reached nearly 1.8 billion USD, according to the State Bank of Vietnam’s branch in the city.
Although the COVID-19 pandemic has harmed the global economy, remittances to Vietnam in 2021 remained high. In particular, the sum increased sharply at the end of the year, contributing to stabilising the supply of foreign currency in the country and developing the economy.
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As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
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Illustration. (Photo: VNA)
