According to Mr. Leinh, remittances to Ho Chi Minh City in 2023 reached US$9.5 billion, a 43.3% increase compared to 2022. This is the highest growth rate in the last five years and continues to maintain a high proportion of the total remittances nationwide, at over 50%. Comparing the scale of remittances to the total foreign direct investment in Ho Chi Minh City in 2023, remittances were 2.7 times greater and approximately 14% of the city's GRDP.
Remittances to Ho Chi Minh City increased by nearly 30% in 2023.
Remittances to the city in 2023 were closely linked to the growing trend of overseas employment. Accordingly, remittances from Asia accounted for the highest proportion, at 50.5%, and increased by 143.8% compared to the end of 2022. Meanwhile, remittances from Africa and the Americas decreased. Notably, remittances from the Americas accounted for a high proportion, after Asia (29.1%), but the value of remittances decreased by 10.2%. The reopening and development of labor, service, and tourism markets in Asian countries after the pandemic, along with a stable economic and political environment, are positive factors impacting remittances from this region in 2023 and in the future.
$190 billion in remittances to Vietnam over 30 years
Furthermore, according to Mr. Leinh, macroeconomic stability and a favorable investment and business environment, along with the government's and the State Bank's policies on attracting remittances; cultural, tourism, and sports activities; and activities connecting and disseminating information about the country's achievements and development... have become fundamental factors and driving forces for the growth of remittance resources in recent times. In addition, the developed, convenient, fast, efficient, and secure network and services for remittance payments by commercial banks and businesses directly involved in remittance disbursement have also significantly contributed to attracting remittances to the country in general and to the city in particular in 2023.
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