HCMC – Incoming remittances sent to HCMC in the first nine months of this year grew by 10.4% year-on-year to nearly US$5.5 billion, according to the State Bank of Vietnam (SBV).
Nguyen Duc Lenh, deputy director of SBV’s HCMC branch, said at a conference on October 11 that 14 money transfer firms accounted for about 77.4% of the above amount.
Vietcombank Remittance Company (VCBR) processed US$1.8 billion in payments, a 40% rise from last year. This growth was largely driven by remittances from Vietnamese guest workers in Japan, South Korea and Taiwan, while remittances from the U.S. and Europe declined.
Remittances are crucial in balancing Vietnam’s foreign currency supply and demand, and supporting foreign exchange policy. Experts have called for simplifying the remittance process to make it easier for overseas Vietnamese to send money back home and further boost economic growth.
HCMC continues to be the largest recipient of remittances in Vietnam. These funds play a significant role in the city’s economic development, supporting initiatives such as the green economy and digital transformation.
