Overseas remittances to Ho Chi Minh City during the first half of the year stood at an estimated US$4.4 billion, equivalent to 66% compared to 2022’s figure, according to the latest report released by the Ho Chi Minh City People’s Committee.

The report assessed the positive growth of remittances and its contribution to stabilising the foreign exchange market whilst accelerating economic growth in the southern metropolis.

From the beginning of 2021 to June 2023, the amount of money remitted to the city by Vietnamese expatriates reached US$18.07 billion, representing an increase of 68.42% compared to the first half of the previous term.

Throughout the reviewed period, the total foreign direct investment (FDI) into the city hovered at an estimated US$12.65 billion. The city is striving to attract US$4.4 billion in FDI this year, about US$5 billion next year, and some US$6.2 billion ahead in 2025.

According to the Ho Chi Minh City People’s Committee, despite the global economic downturn, foreign investors still view Vietnam as a potential investment market in both the immediate and long term.

Several FDI enterprises in the HCM City High-Tech Park have decided to expand their investment in recent times, with popular names including Intel, Samsung, and Nipro.

The expansion of production by FDI enterprises has therefore contributed to enhancing the Vietnamese role as part of the global supply chain, generating many high-quality jobs in the process.

Amid fierce competition among developing countries in terms of FDI attraction, FDI inflows are forecast to decrease this year.

VOV