Remittances to HCM City expected to increase by 10% in 2024
Remittances sent by overseas Vietnamese to Ho Chi Minh City are expected to surge about 10% in 2024 from a record high of 9.46 billion USD in 2023, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch.
HCM City (VNA) – Remittances sent by overseas Vietnamese to Ho Chi Minh City are expected to surge about 10% in 2024 from a record high of 9.46 billion USD in 2023, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch.
He said that in the first nine months of this year, the flows of remittances to the southern largest economic hub reached nearly 7.4 billion USD, a 10.5% increase from the same period last year.
The remittances transferred to the city through economic organisations (remittance companies) accounted for 74.2% of the total remittances while the rest were transferred through credit institutions.
Although the flow of remittances to the city in the third quarter of 2024 decreased by 4.1% compared to the previous quarter, the amount of remittances transferred in the nine months was still equal to 78.1% of the whole-year remittances last year.
The largest chunk of the remittances came from Asia, accounting for 53.8% of the total amount so far this year.
Meanwhile, remittances transferred from the Americas increased by 4.4%; Oceania increased by 20%; Europe decreased by 19.1% over the same period.
However, in the third quarter of 2024 alone, remittances from all regions decreased, but that from Europe increased by 22.8% compared to the second quarter of 2024.
Lenh said that despite a slight decrease, remittances to the city is forecast to achieve a growth rate of about 10% in 2024. This trend is associated with the growth rate of remittances in the last quarter of the year, which is often higher than in previous quarters.
He said effective remittance policies, the expansion of the labour m🐷arket, and economic recovery will help maintain remittance gro꧙wth in the coming time./.
Ho Chi Minh City plans to create funds for overseas Vietnamese seeking to invest in real estate and small and medium-sized enterprises, and buy bonds for funding infrastructure.
A seminar aimed at channeling overseas remittances into infrastructure took place in Ho Chi Minh City on April 23, given that remittances to the city reached 9.46 billion USD in 2023, nearly three times higher than foreign direct investment (FDI), according to official statistics.
Overseas remittances to Ho Chi Minh City exceeded 2.86 billion USD in the first quarter of 2024, an annual increase of 35.4% and the highest recorded in three consecutive years.
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