Remittances to HCM City reach over 2.41 billion USD in first quarter

Of the figure, remittances through remittance companies amounted to nearly 1.76 billion USD, while commercial banks received 655 million USD, according to Deputy Director of the State Bank of Vietnam's Region 2 Branch Nguyen Duc Lenh.

Remittances to the city from Asia continued to make up the largest share, 48.7%, up 46.1% from the previous quarter.

Illustrative photo (Photo: VNA)

Analysing the remittance situation in Ho Chi Minh City, Lenh stated that there were positive factors for increasing remittances, such as the effectiveness of monetary and foreign exchange policy mechanisms, a stable investment and business environment, and the development of the labour market.

Additionally, remittance companies and commercial banks provided high-quality services that create convenience for remittance recipients.

In 2024, remittances to HCM City amounted to 9.55 billion USD, up 0.9% from 2023, with Asia and America holding the largest shares, together accounting for 82.2% of the total.

Compared to 2023, remittances from Asia increased by 2.5%; from America by 7.4%; and from Oceania by 8.7%. Conversely, those from Europe and Africa decreased by 23% and 33%, respectively.