Heineken to shift production from Singapore to Vietnam and Malaysia
Dutch brewer Heineken will shift its brewing production from Singapore to Vietnam and Malaysia as part of its strategy to build a more agile regional supply approach.
HCM City receives 2.1 billion USD in remittances in Q1
HCM City received more than 2.1 billion USD in remittances in the first quarter of the year, a surge of 19% year-on-year, according to the State Bank of Vietnam.
 |
| HCM City receives 2.1 billion USD in remittances in Q1 (Source: VNA) |
Nguyen Duc Lenh, deputy director of the HCM City branch of the State Bank of Vietnam (SBV), said remittances from Asia accounted for most of the hike as the region has maintained higher economic growth than many other regions.
Remittances from the continent reached 903 million USD, up 84% year-on-year and accounted for 43% of the total amount, he said.
Meanwhile, remittances from the US, Africa and Oceania decreased in the period because of rising inflation and financial hurdles, according to Lenh.
On average, remittances to the city grow at 7-10% annually. But this cash flow dropped in the past few years due to the impact of the pandemic and the ongoing Russia-Ukraine crisis.
The city received more than 6.8 billion USD in remittances last year, down 6.7% over 2021.
Remittances account for 48% of foreign currency deposits at HCM City’s credit institutions, according to Lenh.
According to the World Economic Forum, Vietnam received 19 billion USD of remittances last year while India received the most at 100 billion USD.
More than 5.3 million Vietnamese are living and working in 130 countries and territories around the world. Of that number, two million people are from or have connections to HCM City, according to the State Commission for Overseas Vietnamese Affairs.
Vietnam remains one of the 10 countries receiving the most remittances in the world, according to a recent report by the World Bank./.
Bài liên quan
Dành cho bạn
Đọc thêm
Lynas secures Vietnam metal processing deal with LS Eco Energy
Australian rare-earths miner Lynas has signed a framework agreement with LS Eco Energy to produce rare earth metals at a new facility in Vietnam.
Vietnam and EU seek to strengthen ties in transport infrastructure and urban development
Vietnam and the EU will enhance cooperation in transport infrastructure and sustainable urban development in the future, a meeting has heard.
Warburg Pincus eyes participation in Vietnam International Finance Centre
Global private equity firm Warburg Pincus is keen on participating in the Vietnam International Finance Centre, according to a conference held on March 23.
Novatek eyes expanded LNG cooperation in Vietnam
As Vietnam races to secure its energy future and meet the demands of its surging economy, a new partnership with a Russian energy giant is taking shape, signalling a deepening of the nations' long-standing ties.
EU to mobilise over $1 billion for major infrastructure projects in Vietnam
The European Union has launched a $46.4 million Sustainable Transport Development Fund to support large-scale infrastructure projects in Vietnam, with plans to mobilise additional financing from banks and private partners.
NIC partners with TU Berlin to boost Vietnam innovation ties
The National Innovation Centre has partnered with a leading technical university in Berlin to strengthen innovation and startup linkages between Vietnam and Germany.
ACB proposes $20 million non-life insurance subsidiary
Southern lender ACB has unveiled a formal proposal to establish a non-life insurance subsidiary as part of a strategic pivot to evolve into a comprehensive financial services provider by 2030.
