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Sunday, June 16, 2024

Jan-Sept remittances to HCMC soar 40% y-o-y

The Saigon Times

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HCMC – Remittances to HCMC in the first nine months of this year surged by 40% against the year-ago period to US$6.6 billion.

This figure is way above the amount recorded in all of 2022, according to the State Bank of Vietnam’s branch in HCMC.

According to Nguyen Duc Lenh, vice director of the SBV’s branch in HCMC, remittances to HCMC in the third quarter alone exceeded US$2.35 billion, which is higher than the total reported in the first and second quarters of this year.

Lenh said that incoming remittances to the city are still rising.

These remittances provide effective support to monetary policy, foreign exchange rates, and the currency market, he said.

Annually, incoming remittances to HCMC account for more than half of the nation’s total remittance volume.

SBV data showed incoming remittances to Vietnam reached US$12.5 billion in 2021.

Meanwhile, the World Bank estimated that Vietnam had received US$17 billion to US$18 billion annually over the past three years.

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