The rise was driven by contributions from multiple regions, with Africa leading the charge at 130.8% increase compared to the same quarter last year. Europe contributed a solid 16% growth, while the Americas added 11.9% and Oceania contributed 8.9% to the overall increase.
Remittances to Ho Chi Minh City reached over 2.41 billion USD, accounted for 25.3% of the total for the entire year 2024 and marking an increase of 19.6% compared to the previous quarter.
According to the State Bank of Vietnam’s Ho Chi Minh City branch, 9.6 billion USD, or 60% of the total remittances, flew through financial institutions, representing a 140 million USD increase from the previous year.
Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.
Remittances to Ho Chi Minh City in 2024 reached over 9.5 billion USD, up 0.9% year-on-year, the State Bank of Vietnam's branch in the city announced on January 16.
Remittances to Ho Chi Minh City in 2024 reached over 9.5 billion USD, up 0.9% year-on-year, the State Bank of Vietnam (SBV)'s branch in the city announced on January 16.
Remittances sent by overseas Vietnamese to Ho Chi Minh City are expected to surge about 10% in 2024 from a record high of 9.46 billion USD in 2023, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch.
Remittances to Ho Chi Minh City exceeded 2.86 billion USD in the first quarter of 2024, an annual increase of 35.4% and the highest recorded in three consecutive years.
Vietnam sent more than 35,900 labourers to work abroad under contracts in the first quarter of 2024, according to the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs (MoLISA).
An overseas Vietnamese (OV) has lauded the revised Land Law, which was passed by the Vietnamese National Assembly in January, highlighting its focus on attracting foreign capital and fostering connections between OVs and their homeland.
The increasing inflow of remittances to Vietnam over the years has increased the foreign currency reserve while helping enterprises expand production and business, thus creating an impetus for socio-economic development, according to economists.
The overseas Vietnamese (OV) community in the Czech Republic have been updated on a new resolution of the Vietnamese National Assembly (NA) on piloting some specific mechanisms and policies for the development of Ho Chi Minh City.
Despite a challenging global economic landscape, Vietnam continues to stand resilient as one of the top 10 recipients of overseas remittances worldwide, with an estimated 14 billion USD last year.
Overseas Vietnamese (OV) affairs in 2024 will focus on two orientations of strengthening the great solidarity of the Vietnamese community abroad and promoting resources from the community, which will be implemented with seven major solutions, stated Vice Chairman of the State Committee for Overseas Vietnamese Affairs Nguyen Manh Dong at a press conference in Hanoi on January 11.
Remittances to Vietnam has been on the rise since the outset of 2023, and will continue to increase in the remaining months of the year, especially ahead of the traditional Lunar New Year (Tet holidays), according to experts.
Remittances to Ho Chi Minh in the first half of 2023 topped 4.33 billion USD, an increase of 37% compared to the same period last year, the State Bank of Vietnam’s (SBV) HCM City branch reported.
