Remittances to Ho Chi Minh City: A Strong Start to 2023 with Over $2.41 Billion Received in the First Quarter

According to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Region 2 Branch, remittance companies accounted for the lion’s share of Ho Chi Minh City’s remittances, totaling nearly 1.76 billion USD, while commercial banks received 655 million USD.

Asia continued to be the largest source of remittances to the city, contributing 48.7%, a notable increase of 46.1% from the previous quarter.

Illustrative image (Source: VNA)

Lenh attributed the positive remittance situation in Ho Chi Minh City to various factors, including effective monetary and foreign exchange policy mechanisms, a stable investment and business environment, and a thriving labor market.

He also commended the high-quality services provided by remittance companies and commercial banks, which greatly convenience remittance recipients.

In 2024, remittances to the city reached 9.55 billion USD, a slight increase of 0.9% from 2023, with Asia and America being the top contributors, jointly accounting for 82.2% of the total.

Compared to 2023, remittances from Asia, America, and Oceania all witnessed growth, increasing by 2.5%, 7.4%, and 8.7%, respectively. However, remittances from Europe and Africa showed a downward trend, decreasing by 23% and 33%.

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