Overseas remittances to HCM City hit 10-year high

Overseas remittances to Ho Chi Minh City in 2023 reached over 9.46 billion USD, marking a year-on-year increase of 43.3% and a record high in the last ten years, Deputy Director of the State Bank of Vietnam (SBV)'s Ho Chi Minh City branch Nguyen Duc Lenh said on January 23.

By region, remittances from Asia accounted for the highest proportion with 50.5% while the amount of remittances transferred from Africa and America decreased.

Meanwhile, remittances from Americas accounted for a high proportion of 29.1%, just behind the Asian region, but the value of remittances decreased by 10.2%. The post-pandemic recovery of labour, service, and tourism markets in Asian countries, along with a stable economic and political environment are factors that have positive impacts on remittances transferred from the region in 2023 and in the coming time, Lenh said.

He said the flow of remittances to the city is associated with the growing trend of working abroad.

In addition, Vietnam’s macro economy is stable, favourable investment and business environment, the Government and the State Bank’s policy mechanisms on remittance attraction plus cultural, tourism, and sports activities drove the growth of remittance resources in recent times.

Moreover, the development of remittance payment networks and services of commercial banks and businesses helped attract remittances to the country in general and the city in particular in 2023, according to Lenh./.