HCMC – Incoming remittances to HCMC (prior to the provincial merger) totaled US$5.23 billion during the first half of this year, marking a slight year-on-year increase.
Between April to June, remittances to the city through credit institutions and economic organizations totaled nearly US$2.82 billion, up 22% compared to the same period last year, according to the State Bank of Vietnam (SBV)’s Region 2 Branch.
Remittances to HCMC from Africa jumped 130.8% year-on-year, marking the strongest growth in the first half of the year, data showed. Increases were also recorded from Europe (16%), the Americas (11.9%), and Oceania (8.9%).
Asia remained the dominant source of remittances, likely driven by contributions from markets with large numbers of Vietnamese workers such as Japan, South Korea, and Taiwan.
The steady growth of remittance inflows over time has supported the city’s economic development by boosting consumer demand, encouraging investment, and increasing the supply of foreign currency, said Tran Thi Ngoc Lien, deputy director of the SBV’s Region 2 Branch.
In other provinces, including Ba Ria-Vung Tau, Binh Duong, Dong Nai, and Binh Phuoc (prior to the provincial merger), remittances channeled through credit institutions totaled more than US$127.5 million by the end of the second quarter.
Of that amount, Ba Ria-Vung Tau received US$27.2 million, Binh Duong recorded over US$53.2 million, Dong Nai saw inflows surpassing US$42.3 million, and Binh Phuoc brought in around US$4.6 million.
