Vietnam Sees Rising Remittances Aiding Currency in Growth Push

Vietnam expects rising remittances from overseas Vietnamese to help keep the currency stable, allowing the central bank to focus on supporting virus-hit businesses and boosting economic growth, according to a senior central bank official.

Nguyen Hoang Minh, deputy head of the State Bank of Vietnam in Ho Chi Minh City, said remittances to the city are forecast to reach about $6.5 billion this year, after rising 15% to a record $6.1 billion last year. The city, Vietnam’s economic hub, received about 50% of the country’s total remittance inflows in previous years.