Overseas remittances sent to Ho Chi Minh City hit US$2.86 billion in the first quarter of 2024, a year-on-year increase of 35.4 percent and the highest recorded in three consecutive years.

As per official data, remittances to the city grew by 14.2 percent and 19.4 percent in the first quarters of 2022 and 2023, respectively.

According to data from the State Bank of Viet Nam’s Branch in HCM City, during January-March, 2024, remittances from Asia continued to dominate, accounting for 59.1 percent of the total sum. They saw growth of 7.5 percent from the fourth quarter of 2023 and a substantial rise of 86.1 percent year-on-year.

Nguyen Duc Lenh, deputy director of the branch, noted that despite ongoing global economic challenges and complex geopolitical conflicts, the figures reflected a continuing growth trend, with these remittances playing a crucial role in the city’s socio-economic development.

In 2023, money sent from Asian countries made up 50.5 percent of the total overseas remittances to HCM City, a massive 143.8 percent spike year-on-year.

Inward remittances to HCM City rose 43.3 percent year-on-year to US$9.46 billion in 2023, a record high over the past decade and accounting for more than half of the national total.

With approximately six million Vietnamese nationals living abroad, remittances sent to Viet Nam from 1993 to 2022 have amounted to US$190 billion, according to the Ministry of Foreign Affairs.

In 2023, the World Bank estimated that Viet Nam received approximately US$14 billion in remittances, while this figure reached a record number of US$19 billion in 2022.

Viet Nam has been among the global top 10 recipients of remittances for many years, with overseas Vietnamese residing in more than 130 countries and territories, and around 600,000 of them with undergraduate or higher degrees./.

Source: Government News
18/04/2024