Remittance inflows reach $230 bln in two decades

Remittances to Vietnam totaled $230 billion over the last two decades (during 1993-2023), equivalent to the total disbursed volume of foreign direct investment (FDI) capital in the same period, according to a report from the Government News.

The report quoted Deputy Minister of Foreign Affairs Le Thi Thu Hang as announcing the figure in her remarks delivered at a conference in Hanoi on December 25 to mark 65 years of connecting overseas Vietnamese with the homeland.

According to the deputy minister, since 2020, remittance inflows to Vietnam have surpassed the disbursed volume of FDI capital and official development assistance (ODA), contributing to improving the balance of payments, stabilizing the macro economy, helping many households escape poverty, and enhancing the quality of life.

As of 2023, overseas Vietnamese from 32 countries and territories poured $1.72 billion in 421 projects in 42 out of 63 localities nationwide, she said.

A part from economic aspect, they have helped promote the nation's values globally and strengthen friendly relations between Vietnam and other countries, she added.