Over 2.4 billion USD in remittances to Ho Chi Minh City in the first quarter

Over 2.4 billion USD in remittances to Ho Chi Minh City in the first quarter - Photo: QUANG DINH

Remittances maintain high growth rate

Mr. Nguyen Duc Lenh, Deputy Director of State Bank Region 2, said that remittances to Ho Chi Minh City in the first 3 months of the year continued to maintain a high growth rate.

By the end of March, the total amount of remittances to Ho Chi Minh City reached 2.412 billion USD, equal to 25.3% compared to the whole year of 2024 and an increase of 19.6% compared to the previous quarter.

Compared to the same period of previous years, the amount of remittances in the first quarter of 2025 was lower than that in the first quarter of 2024 but higher than that in the first quarter of 2023 and the first quarter of 2022; respectively over the years: 2.896 billion USD; 2.119 billion USD and 1.775 billion USD.

In a deeper analysis, Mr. Nguyen Duc Lenh said that although the structure and proportion of remittances by region have changed, remittances from Asia continue to account for the highest proportion at 48.7%.

Factors positively affecting remittances continue to be promoted and are closely linked to the effectiveness of monetary and foreign exchange policies and the investment and business environment.

In addition, the development of the labor market and the quality of service from banks and remittance companies continue to improve.

More than 1.7 billion USD in remittances transferred through remittance companies

Remittances transferred through remittance companies in the quarter reached 1.757 billion USD and through commercial banks reached 655 million USD.

"Vietnam's economy in general and Ho Chi Minh City's in particular continue to grow positively, with a favorable investment and business environment. The impressive development of tourism, cultural, sports activities and celebrations of major holidays will be positive factors in attracting remittances and effectively using remittance resources in 2025 and the following years," Mr. Lenh commented.

In 2024, remittances to Ho Chi Minh City will reach 9.547 billion USD, an increase of 0.9% compared to 2023. Of which, Asia and America are the two regions with the highest proportion of remittances, accounting for 82.2% of the total remittances in 2024.

It is known that the remittance development project of the Ho Chi Minh City People's Committee aims for the total amount of remittances transferred to the area to reach double digits, that is, at least 10 billion USD per year.

Ho Chi Minh City is researching and proposing many solutions to realize the goal of transferring remittances, savings and consumption into investment through urban bond channels, etc.

Read more Back to Topics

PINK LIGHT

Source: https://tuoitre.vn/hon-2-4-ti-usd-kieu-hoi-ve-tp-hcm-trong-quy-1-20250420192148906.htm