Remittances to HCMC last year were worth a record US$9.6 billion after rising by $140 million from 2023.
Around 74% was transferred through remittance companies and the remaining 26% through credit institutions, according to Nguyen Duc Lenh, deputy director of the city office of the State Bank of Vietnam.
HCMC consistently receives the highest inflows in Vietnam, usually accounting more than half the country’s total.
Remittances from Asia made up the largest share in 2024, increasing by 24% from the previous year to account for nearly 54% of the total.
Remittances from Oceania and the Americas rose by 20% and 4%, while those from Europe declined by 19%.
Last September the HCMC People’s Committee approved a policy framework aimed at optimizing the use of remittances for the period through 2030.
It seeks to channel remittances directly into the stock market, business activities, services, and real estate.
Around $16 billion in remittances were sent to Vietnam last year, roughly the same as 2023, according to the government. They came from nearly 6 million Vietnamese residing in 130 countries and territories.
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