Remittances to HCM City reach over 2.41 billion USD in first quarter
Remittances to Ho Chi Minh City reached over 2.41 billion USD, accounted for 25.3% of the total for the entire year 2024 and marking an increase of 19.6% compared to the previous quarter.
HCM City (VNA) – Remittances to Ho Chi Minh City maintained a positive growth rate in the first three months of 2🍸025, reaching over 2.41 billion USD, accounted 📖for 25.3% of the total for the entire year 2024 and marking an increase of 19.6% compared to the previous quarter.
Of the figure, remittances through remittance companies amounted to nearly 1.76 billion USD, while commercial banks received 655 million USD, according to Deputy Director of the State Bank of Vietnam's Region 2 Branch Nguyen Duc Lenh.
Remittances to the city from Asia continued to make up the largest share, 48.7%, up 46.1% from the previous quarter.
Analysing the remittance situation in Ho Chi Minh City, Lenh stated that there were positive factors for increasing remittances, such as the effectiveness of monetary and foreign exchange policy mechanisms, a stable investment and business environment, and the development of the labour market.
Additionally, remittance companies and commercial banks provided high-quality services that create convenience for remittance recipients.
In 2024, remittances to HCM City amounted to 9.55 billion USD, up 0.9% from 2023, with Asia and America holding the largest shares, together accounting for 82.2% of the total.
Compared to 2023, remittances from Asia increased by 2.5%; from America by 7.4%; and from Oceania by 8.7%. Conversely, those from Europe and Africa decreased by 23% and 33%, respectively./.
According to the State Bank of Vietnam’s Ho Chi Minh City branch, 9.6 billion USD, or 60% of the total remittances, flew through financial institutions, representing a 140 million USD increase from the previous year.
Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.
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