HNAOI (Bloomberg): Vietnam’s Prime Minister Pham Minh Chinh, overseeing a struggling export-dependent economy amid a global slowdown, secured overwhelming support from legislators during the parliament’s mid-term confidence vote Wednesday.
About 78% of National Assembly delegates voted to give him a "high-confidence” rating, while Chinh received a "confidence” vote from nearly 19% of parliament, the body’s chief administrator Bui Van Cuong announced.
Less than 4% of voting members gave the premier a "low confidence” ranking.
Meanwhile, Vietnam's main business hub, Ho Chi Minh City, received remittances worth $6.7 billion in the first nine months of 2023, up 40% against the same period last year, the city's media centre reported on Tuesday, Reuters reportes.
Remittances are a key source of US dollars for Vietnam, along with exports and foreign investment.
"Remittances help Vietnam meet forex supply and demand, and support the forex market and monetary policy amid the instability of some strong foreign currencies and rising inflation," the report quoted Nguyen Duc Lenh, Deputy Director of the State Bank, Ho Chi Minh City branch, as saying.
The main source of remittances to the city in the period was Asia, accounting for 53% of the total, Lenh said.
The remittances to Ho Chi Minh City often amount to around half of all remittances to Vietnam, official data showed.
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