According to SBV, Vietnam received over USD206 billion in remittances between 1993-2023.
Earlier, SBV's HCM City branch announced that HCM City received a 10-year record high in remittances in 2023, reaching over USD9.46 billion. Overseas remittances sent to the southern city have accounted for between 55-60 percent of the country's figure.
Explaining the rise, Deputy Director of SBV's HCM City branch Nguyen Duc Lenh was qouted by the Vietnam News Agency as saying that more Vietnamese people have gone to work abroad after the Covid-19 pandemic. At present, some six million Vietnamese people are living and working in 130 countries and territories, including over 80 percent in developed countries.
By region, remittances from Asia accounted for the highest proportion with 50.5 percent while the amount of remittances transferred from Africa and America decreased.
The post-pandemic recovery of labour, service, and tourism markets in Asian countries, along with a stable economic and political environment have had a positive impact on remittances transferred from the region in 2023 and this would continue in the coming time, Lenh said.
In addition, Vietnam’s macro economy offers a stable, favourable investment and business environment, the government and the state bank’s policy mechanisms on remittance attraction plus cultural, tourism, and sports activities drove the growth of remittances in recent times.
Moreover, the development of remittance payment networks and services of commercial banks and businesses helped attract remittances to the country and Ho Chi Minh City in particular in 2023, Lenh said.
