Remittances to HCM City drop 13% in H1

Remittances to Ho Chi Minh City totalled US$3.16 billion 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.

It attributed the decline to the geopolitical volatility which has been adversely affecting the global market and economic activities, dragging down earnings and savings of Vietnamese living overseas.

Vietnam was the eighth largest remittance recipient globally and the third biggest in Asia-Pacific last year, according to the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).

Remittances to Vietnam is projected to grow around 2.6% this year thanks to the removal of lockdowns and easing of COVID-19 restrictions in many countries.