Vietnam is expected to receive $16.7 billion in overseas remittances this year, placing it among the 10 countries receiving the most remittances in the world, according to the Nguoi Lao Dong website.
Statistics from the HCM City branch of the State Bank of Vietnam show that incoming remittances to HCM City totalled $4 billion in January-November this year. The amount will continue to rise, potentially reaching $5.2 billion by the end of the year, up some $200 million over last year.
The southern city has attracted the most remittances in Vietnam, accounting for half of the country’s total remittances.
A report by the BIDV Training and Research Institute indicated that the high influx of remittances has helped stabilise the exchange rate between the US dollar and the dong since the beginning of the year.
Last month, the value of the US dollar at commercial banks returned to the level seen early this year.
Last weekend, the Operation centre at the central bank even reduced the greenback buying price by VND25 to VND23,175. This was the first time the buying price was revised this year, while the selling price was maintained at VND23,807.
According to the BIDV Training and Research Institute, besides the high influx of remittances, the stable exchange rate resulted from the high trade surplus in the 11-month period, at $9.1 billion, and the high volume of disbursed foreign direct investment, at $17.62 billion.
In the last month of the year, the exchange rate will continue to be stable or increase by a maximum of0.5%-0.8 percent over the beginning of the year.
https://english.thesaigontimes.vn/73211/vietnam-potentially-among-top-10-remittance-recipients.html
