(VOVWORLD) - The State Bank of Vietnam's Ho Chi Minh City Branch has announced that remittances sent to the city in the first half of 2023 totaled 4.4 billion USD.
The inflow of remittances will help stabilize exchange rates and the foreign exchange market, and promote the city’s economic development, the Ho Chi Minh People’s Committee said.
Remittances are projected to reach 7 billion USD for all of 2023, a 6-7% increase compared to 2022.
Money sent from Asian countries constituted the largest share, accounting for over 40%. Remittances from the Americas, Africa, and Oceania declined due to challenging economic conditions and rising inflation.