Over 190 billion USD in remittances to Vietnam in 30 years

Remittances to Vietnam in the period 1993-2022 reached over 190 billion USD, nearly equal to the amount of disbursed FDI capital.

According to figures released at the Conference on Promoting Overseas Vietnamese Resources, Connecting Localities and Businesses on December 27, the overseas Vietnamese community currently numbers about 6 million people, with a growth rate of about 5% per year. Overseas Vietnamese currently live in more than 130 countries and territories, of which 80% are in developed countries.

The Ministry of Foreign Affairs also estimates that the number of Vietnamese people working abroad is about 130,000-150,000 people each year, contributing financially and becoming a human resource for the country. Vietnamese businessmen abroad are also an active force in bringing Vietnamese goods to penetrate the markets of many countries.

The amount of remittances sent home from 1993 (the first year of remittance statistics) to 2022 reached over 190 billion USD, nearly equal to the FDI capital disbursed in the same period.

Last year, remittances reached 19 billion USD, up 5% compared to 2021, putting Vietnam in the top 10 countries in the world for remittances. In the report "Review of August 2023", the World Bank forecasts that Vietnam's remittances will reach 14 billion USD in 2023 and 14.4 billion USD in 2024. The latest data from the State Bank of Vietnam's Ho Chi Minh City branch - the locality that accounts for more than half of the country's remittances - shows that in 11 months, Ho Chi Minh City received nearly 9 billion USD in remittances, up 35% compared to 2022, nearly 3 times the FDI capital.

In fact, remittances are one of the sources of supply that contributes to ensuring the relationship between foreign currency supply and demand, while effectively supporting monetary policy, exchange rates and the foreign exchange market. This is even more significant in the context of strong currency fluctuations and inflation in some countries that put certain pressure on exchange rates and the relationship between exchange rates - interest rates and inflation.

According to official figures from the State Bank, remittances to Vietnam are over 10 billion USD each year. According to estimates from the World Bank (WB) and the International Organization for Migration, Vietnam has received an average of 17-18 billion USD in remittances each year in the past three years.

In addition, by the end of 2022, overseas Vietnamese from 35 countries and territories had invested in 385 FDI projects in 42 localities in Vietnam with a total registered capital of 1.72 billion USD, contributing to promoting socio -economic development, creating jobs for local workers and increasing tax revenue for the state budget.

Duc Minh

Source link: https://vnexpress.net/hon-190-ty-usd-kieu-hoi-ve-viet-nam-trong-30-nam-4694419.html