Money sent from Asian countries made up 50% of the total overseas remittances to Ho Chi Minh City last year, Vietnam’s largest economic hub, a massive 144% spike year-on-year.
According to the State Bank of Vietnam’s branch in the city, inward remittances to HCM City rose 43% year-on-year to nearly 9.5 billion USD in 2023,ꩵ a record high over the past decade and accounting for more than half of the national total🔴.
The flow of remittances is associated with the growing trend of working abroad, the branch said, adding that the post-pandemic recovery of the labour, service, and tourism markets in Asian countries, along with a stable economic and political environment, has positive effects on the remittances from the region.
Besides, Vietnam’s steady macro-economy, friendly business environment and bustling cultural, tourism and sporting events have encouraged remittances.
With approximately six million Vietnamese nationals living abroad, remittances sent to Vietnam from 1993 to 2022 have amounted to 190 billion USD.
Vietnam has been among the global top 10 recipients of remittances for many years, with overseas Vietnamese residing in more than 130 countries and territories, and around 600,000 of them with undergraduate or higher degrees./.
