The amount of remittances flowing to Ho Chi Minh City is on track to reach US$6.8 billion for 2022 despite complicated geopolitical changes across the world, according to Nguyen Duc Lenh, deputy director of the Ho Chi Minh branch of the State Bank of Vietnam (SBV).

Lenh commented that the numbers are still promising although the growth rate in remittances is lower than that of last year.

The figure is expected to surge during the remainder of the year, particularly ahead of the Lunar New Year (Tet) festival, which will begin in about four weeks.

Lenh also noted that Ho Chi Minh City has been a leading locality in remittance inflows over the years, with about $6.5-6.6 billion in 2021, up nine percent year on year despite the COVID-19 pandemic. 

Nationally, Vietnam received about $12.5 billion in remittances in 2021.

The total amount of remittances to the whole country is projected to increase by 4.4 percent this year, according to the World Bank’s latest Migration and Development Brief and a report by the Global Knowledge Partnership on Migration and Development.

Similar to the growth rate of remittances sent to Ho Chi Minh City, this growth rate will be lower than last year’s five percent.

Remittances are an important resource supporting the socio-economic development of Ho Chi Minh City and the stability of the foreign currency supply in the city and Vietnam.

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