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Remittances to Ho Chi Minh City in Q1 rise over 19 percent y-o-y

Remittances to Ho Chi Minh City in Q1 rise over 19 percent y-o-y

Saturday, April 22, 2023, 13:54 GMT+7
Remittances to Ho Chi Minh City in Q1 rise over 19 percent y-o-y
Banks and money transfer companies have diversified their money transfer services to better serve customers. Photo: Ngoc Phuong / Tuoi Tre

Incoming remittances to Ho Chi Minh City in the first quarter this year surpassed $2.1 billion, up over 19 percent against the same period last year and equivalent to roughly 32 percent of the 2022 figure, said Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s (SBV) branch in the southern metropolis.

Remittances sent from overseas Vietnamese in Asia accounted for a majority of incoming remittances to the city during the given period, at 43 percent, thanks to the stable economic growth in this region, Lenh said.

In other regions such as the Americas, Africa, Oceania, meanwhile, the southern metropolis saw a decrease in remittances sent from these regions, beset by economic woes and rising inflation.

The SBV representative said incoming remittances plus other sources of capital will help boost production, business, trading and services development, contributing to the city’s economic growth.

According to the Migration and Development Brief released by KNOMAD and the World Bank (WB), incoming remittances to Vietnam in 2022 reached close to $19 billion, improving nearly 5 percent against the 2021 figure.

Vietnam was also among the world’s top 10 remittance receivers last year.

Ho Chi Minh City alone received more than $6.6 billion in incoming remittances.

Remittance companies have constantly worked to diversify their money transfer services to satisfy the demand of money senders and recipients.

Aside from traditional money transfer services, remittances now can be sent via e-wallets.

At DongA Money Transfer Company, for instance, overseas Vietnamese can opt to transfer money to their relatives in Vietnam via the e-wallet Momo.

On March 20 this year, Vietnamese digital payment firm MoMo and American multinational financial services company Western Union announced their strategic partnership that enables customers to receive Western Union money transfers on the MoMo app from their relatives living or working abroad in over 200 countries and territories.

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Anh Hong - Hong Ngan / Tuoi Tre News


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