2023 marks decade-high increase in remittances to Ho Chi Minh City
Wednesday, January 24, 2024, 15:49 GMT+7
Overseas remittances to Ho Chi Minh City reached nearly US$9.5 billion in 2023, surging 43.3 percent over 2022, the highest jump in a decade, said a leader of the Ho Chi Minh City branch of the State Bank of Vietnam (SBV).
The result was positive amid a global economic downturn, high inflation, and escalating military conflicts, according to Nguyen Duc Lenh, deputy director of the SBV's Ho Chi Minh City branch.
The remittances sent to the southern metropolis accounted for over 50 percent of Vietnam’s total.
Ho Chi Minh City’s remittances were 2.7 times higher than the foreign direct investment in the city and some 14 percent of its gross regional domestic product (GRDP) last year.
Lenh said such increasing remittances were thanks to a growing trend of working abroad.
Remittances from Asia made up the highest proportion, at 50.5 percent, and soared 143.8 percent over the end of 2022 owing to the reopening of tourism, the development of the labor market and services, as well as the stable economic and political environments in other Asian countries, Lenh noted.
The stable macro-economy, favorable investment conditions, and preferential policies in Vietnam also helped attract remittances, in addition to fast, safe, and effective remittance withdrawal services, the banking official added.
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