In the first 6 months of the year, remittances to Ho Chi Minh City reached nearly 5.2 billion USD.

Remittances from Asia account for the highest proportion

The State Bank of Vietnam, Ho Chi Minh City branch, said that remittances to Ho Chi Minh City increased sharply in the first half of this year - Photo: QUANG DINH

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that in the second quarter alone, remittances reached 2.309 billion USD, an increase of 4.2% compared to the second quarter of 2023.

Of which, remittances from Asia still accounted for the highest proportion of 56.1% and increased by 48.5% over the same period.

According to Mr. Lenh, human resources and labor market factors continue to be factors that positively impact the amount of remittances sent from this region in the first 6 months of 2024.

With a large proportion and high growth rate, remittances from this region have become the main factor driving the growth of remittances to Ho Chi Minh City in the past two quarters.

Factors such as the stable political environment of the Asian region, trade, services, tourism activities, and an expanding and developing labor market have created conditions for remittances in this region to maintain a stable growth rate.

Previously, remittances to Ho Chi Minh City in the first quarter reached nearly 2.9 billion USD, up 35.4% over the same period and equal to 30.3% of the total remittances in 2023.

According to experts, the good growth in remittances has contributed to ensuring the relationship between foreign currency supply and demand, while effectively supporting monetary policy, exchange rates and the foreign exchange market.

Remittances to Ho Chi Minh City account for more than 50% of the country.

There are currently more than 5.3 million Vietnamese people living abroad, of which about 2.3 million have connections with Ho Chi Minh City. Therefore, remittances to Ho Chi Minh City always account for a high proportion of the total remittances in the country.

In 2023, remittances to Vietnam are estimated to reach about 16 billion USD, of which Ho Chi Minh City alone is about 9.46 billion USD, an increase of 43.3% compared to 2022 - 3 times higher than foreign investment capital.

According to statistics from the State Committee for Overseas Vietnamese, the amount of remittances to Vietnam from 1993 to the end of 2022 reached over 190 billion USD, nearly equal to the amount of FDI disbursed in the same period.

If including the whole year 2023, the cumulative figure will reach about 206 billion USD.

Source: https://tuoitre.vn/6-thang-dau-nam-kieu-hoi-chuyen-ve-tp-hcm-dat-gan-5-2-ti-usd-20240718115742058.htm