Remittances boost HCM City growth. The southern economic hub received US$6.8 billion in remittances in 2022. Photo: nld.com.vn

HCM CITY — HCM City received US$6.8 billion in remittances last year, a slight decrease compared to 2021 but still accounting for 48 per cent of foreign currency deposits at its credit institutions.

According to Nguyễn Đức Lệnh, Vice Director of the HCM City branch of the State Bank of Vietnam (SBV), although the amount is lower than that of 2021, it is still a good result.

This cash flow has contributed to generating foreign currency revenue, stabilising exchange rates, and spurring economic growth.

According to statistics of the State Commission for Overseas Vietnamese Affairs (SCOV), there are currently more than 5.3 million Vietnamese living and working in 130 countries and territories across the world, and among this group, more than two million people are from or have connections to HCM City.

In addition, the city has more than 3,000 businesses invested in by expatriates, with combined capital of VNĐ45 trillion (US$1.9 billion).

Head of the municipal chapter of the commission Phùng Công Dũng said despite difficulties due to COVID-19 last year, the agency worked to organise seminars, conferences, and forums to link domestic and overseas communities. 

It also introduced investment opportunities in many fields, such as digital technology and high-tech agriculture, to overseas business associations.

According to Dũng, it is necessary to build related institutions and pay attention to legal matters involving overseas Vietnamese, including investment and citizenship to increase remittances in both quality and quantity.

The city's authorities also need to come up with more policies that facilitate the group’s engagement in domestic commercial activities, the official added. — VNS