Illustrative photo (Photo: baodautu.vn)The remittances stood at 2.353billion USD in the third quarter, up 6.2% from Q2. Totals in Q2 were up 4.5% fromQ1, statistics show.
Nguyen Duc Lenh, Deputy Director ofthe SBV branch in HCM City, said the strong upward trend in overseasremittances is impressive, and it will have positive impact on the economy inmultiple aspects.
He considered overseas remittances a “golden” resource for socio-economic development as it helps families improve quality of life and also stimulates the labour market.
InQ3, the money from Asia continued to account for the most, 53.1%, and increased19.8% from the previous quarter.
The economic, political, and socialstability in Asia, together with Vietnam’s growing economic, cultural, andlabour cooperation with foreign partners will directly boost remittances in thetime ahead, he noted.
Inparticular, amid the mounting pressure on foreign exchange rates, money sentback from abroad forms a source of foreign currency that bolsters supply and demand.
This effectively supports the monetary andforeign exchange markets. It is even more important as fluctuations of strongcurrencies and high global inflation puts pressure on local foreign exchange rates, interest rates, and inflation, said the SBV official./.
VNA
