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Remittances to HCM City drop 13% in H1

Remittances to Ho Chi Minh City totalled 3.16 billion USD in the first half of 2022, down 13% from the same period last year, according to the State Bank of Vietnam (SBV) branch in the southern city.
Remittances to HCM City drop 13% in H1 ảnh 1Illustration. (Photo: VNA)
Hanoi (VNA) – Remittances to Ho Chi Minh Citytotalled 3.16 billion USD in the first half of 2022, down 13% from the sameperiod last year, according to the State Bank of Vietnam (SBV) branch in the southern city.

It attributed the decline to the geopoliticalvolatility which has been adversely affecting the global market and economicactivities, dragging down earnings and savings of Vietnamese living overseas.

Vietnam was the eighth largest remittance recipient globallyand the third biggest in Asia-Pacific last year, according to the World Bankand the Global Knowledge Partnership on Migration and Development (KNOMAD).

Remittances to Vietnam is projected to grow around 2.6% thisyear thanks to the removal of lockdowns and easing of COVID-19 restrictions in manycountries./.
VNA
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