Remittances to Ho Chi Minh City total 6.6 billion USD in 2022
(VOVWORLD) -Remittances sent to Ho Chi Minh City in 2022 totaled more than 6.6 billion USD, down nearly 6.7% compared to 2021, according to data of the State Bank’s Ho Chi Minh City branch.
Transaction at a joint stock bank in Hanoi. Photo: Giang Huy/VNExpress
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The reason of the decrease is economic difficulties and inflation in other countries as the result of geopolitical factors. Remittances transferred to Ho Chi Minh City increase on average 7-10% per year and account for about 33% of the city's budget revenue.
In addition to foreign direct investment inflows and foreign currency receipts from exports, remittances are important to help ensure supply-demand for foreign currencies, increase national foreign exchange reserves, as well as reduce pressure on USD exchange rate.