Overseas remittances to Ho Chi Minh City in 2023 reached over 9.46 billion USD, marking a year-on-year increase of 43.3% and a record high in the last ten years, Deputy Director of the State Bank of Vietnam (SBV)'s Ho Chi Minh City branch Nguyen Duc Lenh said on January 23.
Overseas remittances to Ho Chi Minh City in 2023 reached over 9.46 billion USD. (Photo: VNA)
HCM City (VNA) – Overseas remittances to Ho Chi MinhCity in 2023 reached over 9.46 b🤡illion USD, marking a year-on-year increase of43.3% and a record high in the last ten years, Deputy Director of the StateBank of Viet♔nam (SBV)'s Ho Chi Minh City branch Nguyen Duc Lenh said onJanuary 23.
By region, remittances from Asia accounted forthe highest proportion with 50.5% while the amount of remittances transferredfrom Africa and America decreased. Meanwhile, remittances from Americas accounted for ahigh proportion of 29.1%, just behind the Asian region, but the value ofremittances decreased by 10.2%. The post-pandemic recovery of labour, service, and tourism markets in Asian countries, along with a stableeconomic and political environment are factors that have positive impacts onremittances transferred from the region in 2023 and in the coming time, Lenhsaid. He said the flow of remittances to the city is associated with thegrowing trend of working abroad. In addition, Vietnam’s macro economy is stable, favourableinvestment and business environment, the Government and the State Bank’s policymechanisms on remittance attraction plus cultural, tourism, and sportsactivities drove the growth of remittance resources in recent times. Moreover, the development of remittance payment networks andservices of commercial banks and businesses helped attract remittances to thecountry in general and the city in particular in 2023, according to Lenh./.
The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030.
Remittances to Ho Chi Minh in the first half of 2023 topped 4.33 billion USD, an increase of 37% compared to the same period last year, the State Bank of Vietnam’s (SBV) HCM City branch reported.
Remittances to Vietnam has been on the rise since the outset of 2023, and will continue to increase in the remaining months of the year, especially ahead of the traditional Lunar New Year (Tet holidays), according to experts.
The flow of overseas remittances to Ho Chi Minh City is estimated to reach about 8.92 billion USD in 2023, up 35% year on year, said Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCM City Nguyen Duc Lenh.
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Overseas remittances to Ho Chi Minh City in 2023 reached over 9.46 billion USD. (Photo: VNA) 
