HCMC remittances reach 9-month record high

By Quynh Trang October 23, 2023 | 04:42 pm PT

An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

Remittances to Ho Chi Minh City surpassed US$6.6 billion in the first nine months of this year, a record high for the three-quarters-of-a-year mark.

The amount, a 40% surge year-on-year, is more than all HCMC remittances recorded last year.

In the third quarter alone, remittances to Ho Chi Minh City were $2.35 billion, said Nguyen Duc Lenh, deputy director of Vietnam’s central bank branch in the city.

Remittances to the city from Asia continued to represent the highest proportion of overall funds at 53%, constituting a 20% increase year-on-year.

Asia houses economic and political stability alongside expanding international economic relations and labor cooperation, so the region will have an impact on the city’s remittance growth in the coming time, said Lenh.

Every year, overseas money remitted to the city accounts for more than half of that remitted to all of Vietnam in total.

According to official data from the central bank, remittances to Vietnam each year reach over $10 billion, including $12.5 billion in 2021.