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Thursday, June 13, 2024

Incoming remittances to HCMC put at US$9.5 billion in 2023

The Saigon Times

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HCMC – HCMC received an impressive US$9.5 billion in remittances from abroad last year, beating the estimate by around US$500 million, according to Nguyen Duc Lenh, deputy director of the State Bank of Vietnam (SBV)’s HCMC branch.

The amount of remittances sent to HCMC in 2023 was 43.3% higher than in the previous year, the highest growth rate in five years. These remittances accounted for roughly 14% of the city’s gross regional domestic product (GRDP).

The significant rise in remittances is attributed to the increasing trend of labor migration and guest work in foreign countries and territories.

Remittances from the Asian region made up 50.5% of the total and expanded by a staggering 143.8% against the end of 2022. In contrast, remittances from both the African and American regions decreased.

This surge in incoming remittances to HCMC is the result of a stable macroeconomic environment, a favorable investment climate, and supportive policies implemented by the Government and the SBV.

The development of network systems and money transfer services offered by commercial banks and businesses has made the process convenient, efficient, and secure, further contributing to attracting remittances to the city and the country as a whole.

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