According to data from the State Bank of Ho Chi Minh City, remittances flowing to the city in 2023 reached an all-time high of 9.46 billion USD, up 43% compared to 2022. This is also the highest growth rate in the decade, partly due to the low base of 2022.
Ho Chi Minh City continues to be the locality with the largest amount of remittances, accounting for more than half of the country. Compared to the total foreign direct investment (FDI) in the city in 2023, the amount of remittances is 2.7 times higher and equal to about 14% of the gross regional domestic product (GRDP).
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