Nearly 500 million USD in remittances to Ho Chi Minh City near Tet

According to statistics from 6 remittance companies with large sales (accounting for 94% of remittances transferred to Ho Chi Minh City), money sent by people abroad to the city in the first 20 days of 2025 reached approximately 493 million USD.

Cumulatively from the beginning of 2024 to the end of January 2025, the total amount of remittances transferred to Ho Chi Minh City reached more than 10 billion USD.

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Ho Chi Minh City, assessed this as an impressive result when compared to the total foreign direct investment capital and comparing the city’s GRDP proportion. In 2024, Ho Chi Minh City’s economy will grow by 7.17%.

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 strong currency fluctuations and inflation in some countries, putting certain pressure on exchange rates and the relationship between exchange rates – interest rates and inflation.

The Asian region accounts for a high proportion, with 51% of the total amount of money sent abroad to Ho Chi Minh City.

In the past three years, Ho Chi Minh City has been the locality with the highest amount of remittances, accounting for more than half of the country. Last year, the amount of money sent by people abroad to this locality reached a record, about 9.6 billion USD, an increase of 140 million USD compared to 2023.

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 and promoting the development of Ho Chi Minh City’s financial center.