This is the highest remittance increase in the same period in the last 3 years (Q1-2023 increased by 19.4%; Q1-2022 increased by 14.2%). Compared to the total amount of remittances sent to Ho Chi Minh City in 2023, remittances sent in Q1-2024 were equal to 30.3%.
On the afternoon of April 17, the State Bank of Vietnam (SBV) Ho Chi Minh City branch said that in the first quarter of 2024, remittances to Ho Chi Minh City reached 2.869 billion USD, an increase of 35.4% over the same period in 2023.
Remittances from Asia continued to account for the highest proportion (59.1% of total remittances in the first quarter), up 86.1% over the same period. With a large proportion and high growth rate, remittances from this region have become the main factor driving the growth of remittances to Ho Chi Minh City. Meanwhile, remittances from Europe and Oceania decreased.
According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, economic recovery and sustained growth, with a stable political environment in the Asian region and trade, services, tourism activities, and an expanding and developing labor market are important factors related to labor, employment and income of overseas Vietnamese and Vietnamese workers abroad, creating conditions to promote remittances to maintain a stable growth rate from this region in recent years and in the first months of 2024.
In addition, remittance payment services are getting better and better: convenient, safe and effective. In Ho Chi Minh City, there are many diverse and convenient payment methods and a wide network of credit institutions, fast, timely, safe and convenient money transfer payment services. People and beneficiaries can choose to receive remittances at home; at the bank counter or transfer money depending on the customer's request, credit institutions and remittance companies will make payments and meet the best service needs for people and customers.
“In the context of the still difficult world economic situation and complex geopolitical conflicts, the above results continue to reflect the growth trend and positive impact of remittances on socio-economic activities, in the role of capital for exploitation, use, support and development. The effective exploitation and use of this resource is important not only for socio-economic development but also has a positive impact on the effectiveness of monetary policy and management of the State Bank, promoting the development of remittance payment services,” Mr. Lenh assessed.
Nhung Nguyen
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