Over $2.4 billion in remittances flowed into Ho Chi Minh City in the first quarter - Photo: QUANG DINH
Remittances maintain high growth rate.
Mr. Nguyen Duc Lenh, deputy director of the State Bank of Vietnam Region 2, said that remittances transferred to Ho Chi Minh City in the first three months of the year continued to maintain a high growth rate.
By the end of March, the total amount of remittances transferred to Ho Chi Minh City reached US$2.412 billion, equivalent to 25.3% of the total for 2024 and an increase of 19.6% compared to the previous quarter.
Compared to the same period in previous years, remittances in Q1 2025 were lower than Q1 2024 but higher than Q1 2023 and Q1 2022; the corresponding figures for the years were: US$2.896 billion, US$2.119 billion, and US$1.775 billion.
Analyzing further, Mr. Nguyen Duc Lenh stated that although the structure and proportion of remittances by region have changed, remittances from the Asian region continue to account for the highest proportion at 48.7%.
The factors positively impacting 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 labor market has developed and the quality of services from banks and remittance companies continues to improve.
Over $1.7 billion in remittances were transferred back to Vietnam through remittance companies.
Remittances transferred through remittance companies in the quarter reached US$1.757 billion, and through commercial banks reached US$655 million.
"The Vietnamese economy in general and Ho Chi Minh City in particular continue to grow positively, with a favorable investment and business environment. The impressive development of tourism, culture, sports activities, and celebrations of major holidays will be positive factors in attracting remittances and effectively utilizing remittance resources in 2025 and subsequent years," Mr. Leinh stated.
In 2024, remittances to Ho Chi Minh City reached US$9.547 billion, an increase of 0.9% compared to 2023. Of this, Asia and the Americas were the two regions with the highest proportion of remittances, accounting for 82.2% of the total remittances in 2024.
Reportedly, the Ho Chi Minh City People's Committee's remittance development plan aims for a total remittance amount in the city to reach double digits, meaning at least 10 billion USD per year.
Ho Chi Minh City is researching and proposing various solutions to achieve the goal of channeling remittances, savings, and consumption into investment through municipal bond channels, etc.
Source: https://tuoitre.vn/hon-2-4-ti-usd-kieu-hoi-ve-tp-hcm-trong-quy-1-20250420192148906.htm
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