Việt Nam is ranked among the world's top 10 countries in terms of remittances, according to the World Bank. — VNA/VNS Photo

HÀ NỘI — Remittances to Việt Nam have 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 (Tết holidays), according to experts.

Deputy Director of the State Bank of Vietnam (SBV)’s HCM City Branch Nguyễn Đức Lệnh said as of the end of September, the southern economic hub had received more than US$6.68 billion in remittances, a year-on-year surge of 40 per cent and equivalent to 101.3 per cent 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 53.1 per cent 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.

Lệnh 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. Nguyễn Trí Hiếu, 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 the past five years, with the amount in 2018 accounting for 44.1 per cent of the country’s total, 48 per cent in 2019, 53.8 per cent in 2020, 52.8 per cent in 2021, and 55.03 per cent in 2022.

Việt Nam 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 two million having connections to or originating from the city.

Remittances to Việt Nam exceed $10 billion each year. Last year, remittances to the country saw an increase of nearly 5 per cent, amounting to $19 billion. — VNS