Remittances to HCM City likely to hits 7 billion USD in 2023, Illustrative photo (Source: VNA)

HCM City - Remittances to Ho Chi Minh City are expected to reach 7 billion USD in 2023, an annual increase of about 6-7 per cent.

At a May 22 workshop on the city’s remittance attraction and promotion, deputy director of the State Bank of Vietnam (SBV)’s branch in the southern economic hub Nguyen Duc Lenh further said the remittances have increased continuously in the last five years, with the highest amount recorded in 2021, at more than 7.1 billion USD. The figure exceeded 2.1 billion USD in the first quarter this year, up over 19 per cent year-on-year.

Associate Professor Dr. Nguyen Duc Trung, Rector of the HCM City University of Banking, said management agencies should forecast the maximum potential of remittances to the city to come up with specific attraction policies.

It is necessary for the metropolis to promote its advantages in the fields of finance, banking, logistics and tourism so that overseas Vietnamese can see that it is a livable city.

Bui Viet Khoi, Counselor of Science and Technology at the Vietnamese Embassy in Australia, said the country’s expatriate community in Australia boasts huge resources.

Policies suitable for the overseas communities in developed countries, including Australia, are needed to attract remittances, added the diplomat.

At the seminar, participants recommended the city continue capitalising on its leading position as an economic, cultural and educational center of the country, and improving its business climate to attract capital and remittances serving the local production and business development, especially in health, education, culture, technology, and green economy.