Ho Chi Minh City records a 37 per cent increase in remittances

July 25, 2023 | 09:47

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Despite many countries facing economic slowdowns and high unemployment, remittances to Ho Chi Minh City experienced an upward trend in the first half of 2023.

Ho Chi Minh City records a 37 per cent increase in remittances

According to the State Bank of Vietnam's (SBV) Ho Chi Minh City Branch, the total value of remittances transferred to Ho Chi Minh City for the first half of 2023 reached $4.33 billion, up 37 per cent over the same period last year, and equalling 65.6 per cent of total for the whole of 2022.

According to Nguyen Duc Lenh, deputy director of the SBV Ho Chi Minh City Branch, the southern metropolis attracts a large amount of remittance as the city creates the right conditions for overseas Vietnamese to send money, with eased procedures to facilitate remittances, like digital payment methods and payment transactions.

He added that remittances to Ho Chi Minh City are expected to reach $7 billion in 2023, an annual increase of about 6-7 per cent. The municipal city is planning to entice even more remittances, aiming to grow these transactions by 10 per cent per year from now until 2030.

During the past 5 years, remittance inflows to Ho Chi Minh City have been on an upward trend year by year. In 2018, remittance inflows to the city accounted for 44.1 per cent of the whole country. In 2022, the figures made up 55.03 per cent of the whole country.

Vietnam was one of the top 10 recipients of remittances in 2022, according to a report by World Bank and Global Knowledge Partnership on Migration and Development research. The nation received $19 billion from the source last year.