Remittances expected to soar by year’s-end
Vietnam is among the top 10 countries receiving remittances, exceeding $10 billion a year, with growth in 2023 to be significant.
Remittances to Vietnam have increased since the beginning of the year and are expected to soar by year’s-end, according to the Government News.
Total remittances are expected to reach $14 billion in 2023 and $14.4 billion in 2024.
Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch, Nguyen Duc Lenh, was quoted as saying that as of the end of September, the southern city had absorbed more than $6.68 billion in remittances, a year-on-year increase of 40 per cent and equivalent to 101.3 per cent of last year’s figure.
The city has been a leading recipient of remittances over the past five years, accounting for 44.1 per cent, 48 per cent, 53.8 per cent, 52.8 per cent, and 55.03 per cent of the country’s total in 2018, 2019, 2020, 2021, and 2022, respectively.
According to the World Bank, Vietnam is among the world’s top 10 countries in terms of remittances, exceeding $10 billion a year.
Around 5.3 million Vietnamese people are now living and working in 130 countries and territories.
