HCMC receives $6.6 bln in 2022 remittance

Ho Chi Minh City, Vietnam’s biggest economic hub, received a remittance of $6.6 billion, down 6.67% year-on-year due to the global economic downturn, according to the State Bank of Vietnam.

The figure is equivalent to 33% of the city’s budget collection and 50% of the country’s total remittance.

HCMC’s remittance increased 7-10% annually in recent years. The decline in 2022 was due to the world's economic woes including high inflation and geopolitical instability, the central bank (SBV) reported.

According to the State Committee for Overseas Vietnamese, there are about 5.3 million Vietnamese people living abroad, including two million with links to HCMC. HCMC is also home to 3,000 businesses invested by overseas Vietnamese, with a total registered capital of VND45 trillion ($1.92 billion).

Vietnam gained a remittance of $14 billion in 2021, then President Nguyen Xuan Phuc said in January 2022.

Remittance is an important source of foreign currencies for Vietnam, apart from exports and foreign direct investment.

Vietnam's exports increased 10.6% year-on-year to about $371.85 billion in 2022, exceeding the National Assembly and government's target by 8%.

Disbursed foreign direct investment capital rose 13.5% year-on-year to $22.4 billion in the year to December 20, an all-time high.