According to the State Bank of Vietnam's Ho Chi Minh City branch, in the first nine months of this year, remittances to the city reached nearly $7.4 billion, an increase of 10.5% compared to the same period last year.

On October 16, the State Bank of Vietnam's Ho Chi Minh City branch reported that while remittances decreased in recent quarters (down 4.1% in Q3 compared to Q2), the total amount received in the first nine months still accounted for 78.1% of the total remittances for 2023, which was the highest recorded year at $9.46 billion.

According to statistics, remittances to Ho Chi Minh City were primarily transferred through economic organizations (remittance companies), totaling nearly $5.5 billion and accounting for 74.2%. Transfers through credit institutions amounted to over $1.9 billion, or 25.8%.

Remittances from Asia continued to dominate, making up the largest share at 53.8%, and maintained the highest growth rate, up 24.1% year-on-year.

Meanwhile, remittances from the Americas increased by 4.4%, from Oceania by 20%, but from Europe, they fell by 19.1% compared to the same period last year.

In Q3 alone, remittances from most regions decreased, except for Europe, which saw a 22.8% increase compared to Q2.

Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's Ho Chi Minh City branch, noted that although there has been a slight decline over the past two quarters, remittances are still expected to grow by around 10% annually in 2024.

Ngan Anh