9.6 billion USD in remittances to Ho Chi Minh City in 2024

This data was shared by Mr. Nguyen Duc Lenh, Deputy Director of the State Bank Ho Chi Minh City branch, on the sidelines of a recent meeting. Of which, 74% of cash flow to the city is through remittance companies, nearly 26% is transferred through credit institutions.

In the past 3 years, Ho Chi Minh City has been the locality with the highest amount of remittances, accounting for more than half of the country.

Specifically, remittances to Ho Chi Minh City from Asia accounted for the highest proportion, nearly 54% and increased 24% over the same period. Remittances from Oceania and America increased by 20% and more than 4%, respectively. This cash flow from Europe alone decreased by 19% over the same period.

Remittances are one of the sources that contribute to ensuring the relationship between supply and demand of foreign currency, while also supporting monetary policy, exchange rates and the foreign exchange market. This is even more meaningful in the context of fluctuations in strong currencies and inflation in some countries, causing certain pressure on exchange rates and the relationship between exchange rates – interest rates and inflation.

At the end of September 2024, Ho Chi Minh City People’s Committee approved a policy project to effectively promote remittance resources in the area until 2030, in order to have solutions to orient remittance sources to directly serve socio-economic development. . At the same time, the project also aims to transfer remittances to the stock market, stocks, production and business, services and real estate.

In addition to contributions from compatriots living abroad, according to city leaders, the amount of remittances recorded partly comes from foreign affairs activities through trade promotion programs and investment attraction from foreign businesses. . These financial resources, in addition to serving economic development, also contribute to creating resources, expanding and promoting the development of Ho Chi Minh City’s financial center.

Quynh Trang