JavaScript is off. Please enable to view full site.

Q1 marks highest increase in remittances to Ho Chi Minh City in 3 years

Q1 marks highest increase in remittances to Ho Chi Minh City in 3 years

Thursday, April 18, 2024, 11:19 GMT+7
Q1 marks highest increase in remittances to Ho Chi Minh City in 3 years
Incoming remittances to Ho Chi Minh City in the first quarter this year reached nearly US$2.9 billion. Photo: Quang Dinh / Tuoi Tre

Incoming remittances to Ho Chi Minh City reached nearly US$2.9 billion in the first quarter this year, up over 35 percent year on year, the highest growth rate in three years, said Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s (SBV) branch in the southern metropolis.

The remittances sent to the southern metropolis in the same period in 2023 and 2022 rose 19.4 and 14.2 percent, respectively.

The remittance growth was positive to the country’s socioeconomic development amid the ongoing global economic downturn and complicated geopolitical conflicts, Lenh said.

Remittances from Asia made up the highest proportion, at 59.1 percent, and edged up 7.5 percent over the previous quarter and surged 86.1 percent year on year.

Meanwhile, remittances from Europe and Oceania fell.

The high growth of remittances from Asia was thanks to the region’s economic recovery and development, stable geopolitical environment, and the development of trade, services, tourism, and labor market, which improved overseas Vietnamese people’s jobs and incomes, according to Lenh.

Preferential policies of the Vietnamese government and the State Bank of Vietnam and the favorable business and investment environment in Vietnam have also helped attract remittances over the past time, the banking official added.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Thanh Ha - Anh Hong / Tuoi Tre News


Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Latest news