HCMC – Incoming remittances to HCMC amounted to an estimated US$9.6 billion in 2024, up by US$140 million compared to the previous year, according to the State Bank of Vietnam’s HCMC branch.
Nguyen Duc Lenh, deputy director of the branch, gave the data during the city’s 2024 banking sector review and 2025 planning conference.
Money transfer companies processed 74.2% of the remittance transactions, while financial institutions managed the remaining 25.8%, Lenh noted. The city has sustained remittance growth for three consecutive years, accounting for around 55% of Vietnam’s total remittance inflows.
Asia remained the largest source of remittances, contributing 53.8% of the total and recording a year-on-year growth rate of 24.1%. Remittances from Oceania and the Americas rose by 20% and 4.4%, respectively, while remittances from Europe dropped by 19.1%.
To leverage these inflows, HCMC’s government has approved a comprehensive plan to maximize the use of funds remitted to the city through 2030. The plan includes initiatives to attract remittances and channel them into investment opportunities to support the city’s economic and infrastructure development.
