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Remittances to Ho Chi Minh City top $9.6 billion in 2024
Remittances to Ho Chi Minh City reached a record $9.6 billion in 2024, up $140 million from the previous year.
According to Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City Branch, 74.2 per cent of remittances were transferred to Ho Chi Minh City via remittance companies. Meanwhile, financial institutions processed the remaining 25.8 per cent.
The municipal city has been the largest recipient of remittances for three consecutive years, accounting for 55 per cent of total inflows, Lenh added.
The largest proportion of money was sent from Asian countries, making up 54 per cent of the total overseas remittances to Ho Chi Minh City last year, and posting on-year growth of 24 per cent.
Remittances from Oceania and the Americas increased by 20 per cent and 4.4 per cent, respectively, while remittances from Europe declined by 19.1 per cent.
In late September 2024, Ho Chi Minh City People's Committee approved a project to maximise inward remittances from now through 2030. It outlines several policies to attract and utilise remittances, including directing them into the financial market (stock market and shares, among others). It sets out to establish conduits to channel funds from remittance recipients to businesses, thereby facilitating the transfer of capital from individuals lacking investment opportunities to those with profitable investment prospects.
Besides the contribution of overseas Vietnamese, part of the remittances came from foreign affairs activities through trade promotions and investment attraction by foreign enterprises. These financial resources not only serve the city's socioeconomic development but also contribute to creating resources and expanding and promoting the development of the financial hub.
VIR
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