Ho Chi Minh City is the largest remittance attraction in the country.

Remittances to Ho Chi Minh City in 9 months reached nearly 7.4 billion USD - Photo: TT

Expected remittance breakthrough in the last quarter of the year

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that although remittances have decreased in recent quarters, the third quarter of 2024 decreased by 4.1% compared to the second quarter of 2024, the amount of remittances in the first 9 months of the year was still equal to 78.1% compared to the whole year of 2023.

According to statistics, remittances transferred through remittance companies reached nearly 5.5 billion USD, accounting for 74.2%. Remittances transferred through banks reached more than 1.9 billion USD, accounting for 25.8% of the total remittances transferred in the area.

By region, remittances from Asia still account for the highest proportion at 53.8% and continue to maintain the best growth rate.

Meanwhile, remittances from the Americas increased by 4.4%, Oceania increased by 20%, and Europe decreased by 19.1% over the same period.

Mr. Lenh also said that, despite a slight decrease in the last two quarters, remittances will still achieve a growth rate of about 10% per year in 2024 because remittances often tend to increase in the last quarter of the year.

On September 27, Ho Chi Minh City approved a project to promote remittance resources.

The project outlines policies to attract and promote remittance resources, thereby forming a channel to direct capital from remittance recipients for the purpose of saving to business people. At the same time, it supports the transfer of capital from those who do not have profitable investment opportunities to those who have profitable investment opportunities.

At the same time, support the connection of financial institutions and remittance companies to diversify forms of money transfer in large potential markets and countries with a large number of Vietnamese workers and residents, combine service expansion, and create favorable conditions for overseas Vietnamese to transfer remittances to Vietnam.

Remittances to Ho Chi Minh City in 9 months reached nearly 7.4 billion USD

According to statistics, there are about 2.8 million Vietnamese people abroad who have connections with Ho Chi Minh City out of a total of about 6 million Vietnamese people abroad.

Ho Chi Minh City is the center attracting the largest amount of remittances in the country. Remittances sent to Ho Chi Minh City annually account for 38 - 53% of the total amount of remittances sent to Vietnam.

From 2012 to 2023, the amount of remittances to Ho Chi Minh City through commercial banks, economic organizations, and remittance companies reached more than 65 billion USD, increasing by an average of 3 - 7% per year.

Compared with official development assistance (ODA) capital sources, indirect or direct investment from abroad, remittances have high stable value and do not come with strict investment conditions...

Source: https://tuoitre.vn/tp-hcm-la-dia-ban-thu-hut-kieu-hoi-lon-nhat-ca-nuoc-20241016184639469.htm