Remittances to HCMC estimated at $6.8 billion in 2022

The State Bank of Vietnam - Ho Chi Minh City Branch, on January 13, said that in 2022, the amount of remittances transferred to the city was estimated at US$6.8 billion, approximately VND160 trillion, down $0.3 billion compared to 2021.
Remittances to HCMC estimated at $6.8 billion in 2022

The bank said that in the context of economic difficulties in some countries and regions around the world due to inflation and currency devaluation, people's and workers' incomes are affected, but overseas remittances in 2022 remained positive, playing an important role in the socioeconomic development of the country in general and HCMC in particular.

Remittances serve the needs of recipients, such as savings, personal consumption, home construction, renovation and repair, and production and business expansion, it reported.

According to the World Bank and the International Organization for Migration, due to the impact of the economic slowdown and high global inflation, in 2022, remittances transferred to low and average-income countries are forecast to increase by only 5 percent, to $626 billion, lower than the increase of 10.2 percent recorded in 2021.