Remittances to Ho Chi Minh City hit historic peak, how much exactly?

At the end of October 16, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that in the first 9 months of this year, the amount of remittances sent to Ho Chi Minh City reached nearly 7.4 billion USD, an increase of 10.5% over the same period last year and a record level to date.

Although remittances have decreased in recent quarters, for example, in the third quarter of 2024, they decreased by 4.1% compared to the previous quarter, the amount of remittances sent back in the first 9 months of 2024 was still equal to 78.1% compared to the whole year of 2023. Previously, 2023 recorded a record amount of remittances, reaching 9.4 billion USD.

Analysis by the State Bank of Vietnam, Ho Chi Minh City branch, shows that remittances transferred through economic organizations (remittance companies) reached more than 5.4 billion USD, accounting for 74.2%; the rest was transferred through credit institutions, reaching 1.9 billion USD, accounting for 25.8% of the total remittances transferred in the area.

Remittances flowing to Ho Chi Minh City set new historical peak

Remittances from Asia still accounted for the highest proportion (53.8%) and continued to maintain the best growth rate, up 24.1% over the same period. Notably, in the third quarter, remittances from all regions decreased, but those from Europe increased by 22.8% over the previous quarter.

"Although it has slightly decreased in the last two quarters, remittances will still achieve a growth rate of about 10% this year," Mr. Nguyen Duc Lenh predicted.

According to Mr. Nguyen Duc Lenh, the solutions being implemented in the Ho Chi Minh City remittance project along with many other synchronous solutions will contribute significantly to ensuring the maintenance and growth of this "golden" resource in the coming time.

Source: https://nld.com.vn/kieu-hoi-chay-ve-tp-hcm-lap-dinh-lich-su-cu-the-bao-nhieu-196241016173552957.htm