HCM City (VNA) – Former Ho Chi Minh City experienced a remarkable increase in remittances in the second quarter of this year, with inflows jumping 22% year-over-year to nearly 2.82 billion USD, according to data from the State Bank of Vietnam (SBV)'s Regional Branch No.2.
Tran Thi Ngoc Lien, Deputy Director of the SBV’s Regional Branch No.2, noted that remittance flows in the three-month span through credit institutions and economic organisations showed their strongest growth in recent years compared to similar periods.
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.
Asia continued to dominate the remittance landscape, maintaining its position as the largest and most influential market due to increased flows from key labour destinations such as Japan and the Republic of Korea.
The city's total remittance receipts for the first half mounted to 5.23 billion USD, reflecting the stability of the money sent in by Vietnamese workers over the recent past.
HCM City, Ba Ria-Vung Tau, and Binh Duong have been mergered since July 1 to form the new HCM City.
When accounting for the expanded metropolitan area, HCM City's total remittance inflows were estimated to exceed 5.3 billion USD for the first half of this year.
In an era of international financial market volatility, stable remittance flows have proven invaluable in increasing foreign currency supply, supporting trade balance, and reducing pressure on exchange rates.
Under a project to capitalise on the remittance resource in the city by 2030, the city is focusing on creating favourable conditions for remittance inflows while channeling these funds to manufacturing, business, and investment./.
VNA
