Remittance flows forecast to increase in year-end months: experts
Friday, November 17,2023![](/weblocalfiles/cuc/thang11nam2023/1611202315631remittances.jpg)
AsemconnectVietnam - Remittances to Vietnam has been on the rise since the outset of 2023, and will continue to increase in the remaining months of the year, especially ahead of the traditional Lunar New Year (Tet holidays), according to experts.
Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch Nguyen Duc Lenh said as of the end of September, the southern largest economic hub received more than 6.68 billion USD in remittances, a year-on-year surge of 40% and equivalent to 101.3% of last year’s figure.
The robust growth of remittance inflows has backed the monetary and foreign exchange markets amidst fluctuation of strong currencies and high inflation rates in several countries, he stressed.
Remittances from Asia accounted for the lion's share, making up of 53.1% of the total, he said, elaborating that the growth can be attributed to the economic and political stability of the region, as well as expanding international economic relations and labour cooperation.
Lenh said that with a view to attracting more remittances in the year-end months, credit institutions should work to improve their service quality, while banks should pay attention to popularising remittance transfer and receipt services as well as local socio-economic development and business climate among Vietnamese expats.
Dr. Nguyen Tri Hieu, a finance-banking expert, said that amidst global headwinds, HCM City got an impressive amount of remittance during the first nine months of the year.
He quoted statistics from the SBV’s HCM City Branch as saying the city has been a leading locality in remittance inflows in recent five years, with the amount in 2018 accounting for 44.1% of the country’s total, 48% in 2019, 53.8% in 2020, 52.8% in 2021, and 55.03% in 2022.
Vietnam is ranked among the world's top 10 countries in terms of remittances, according to the World Bank.
Around 5.3 million Vietnamese people reside in 130 countries and territories worldwide, with 2 million having connections to or originating from the city.
Remittances to Vietnam exceed 10 billion USD each year. Last year, remittances to the country saw a nearly 5%, amounting to 19 billion USD.
Source: Vietnamplus.vn
Fertilizer imports increased in volume, decreased in turnover in 10 months
DAILY: Vietnamese pepper prices remained unchanged on November 16
DAILY: Vietnamese coffee prices rose by 800 VND on November 16
Over 600 transactions recorded at Vietnam-China International Trade Fair
Walmart plans to expand purchase of Vietnamese goods
Vietnam – world’s biggest cinnamon exporter
Exports of rice in 10 months of 2023
United States - Vietnam's largest export market
Vietnam, France to enhance industrial and trade relations
Car market encounters stagnation despite strong discounts
Exports continued to prosper in October
Binh Duong: Orders come pouring to wood manufacturers
Exports of cassava and cassava products continued to grow
Cinnamon exports in the first 10 months of 2023
![](/weblocalfiles/giang/thang4nam2023/542023101059camnhi_181620101619_quang_binh_5.jpg)
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
![](/weblocalfiles/huong/thang4nam2023/244202385832hung_king.jpg)
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...