Nine-month overseas remittances to HCM City up 40% on-year
VOV.VN - Ho Chi Minh City made US$6.687 billion in overseas remittances during the first nine months of the year, an annual rise of 40% and 1.3% more than all of 2022, according to the local branch of the State Bank of Vietnam (SBV).
The remittances stood at US$2.353 billion in the third quarter, up 6.2% from Q2. The totals recorded in Q2 were up 4.5% from Q1, statistics indicate.
Nguyen Duc Lenh, deputy director of the SBV branch in Ho Chi Minh City, said the strong upward trend recorded in overseas remittances is impressive, with it set to have a positive impact on the economy across multiple aspects.
He considers overseas remittances to be a “golden” resource for socio-economic development as it helps families to improve their quality of life whilst also stimulating the labour market.
In Q3 the money from Asia continued to account for the majority of the figure, 53.1%, whilst increasing by 19.8% from the previous quarter.
The economic, political, and social stability in Asia, together with the nation’s growing economic, cultural, and labour co-operation with foreign partners will also directly boost remittances moving forward, he noted.
In particular, amid the mounting pressure on foreign exchange rates, money sent back from abroad forms a source of foreign currency that bolsters supply and demand.
This effectively supports the monetary and foreign exchange markets. Indeed, it is even more important amid fluctuations of strong currencies and high global inflation putting pressure on local foreign exchange rates, interest rates, and inflation, the SBV official said.
