Remittances to HCM City exceeds US$2.4 bln in first quarter

Of the figure, US$1.757 billion was transferred through remittance companies while the rest was sent via commercial banks, said Deputy director of the State Bank of Viet Nam's Region 2 branch in HCM City, Nguyen Duc Lenh.

Compared to the same period in previous years, the amount of remittances sent in the first quarter of 2025 was lower than in the first quarter of 2024 (US$2.896 billion). However, it remained higher than the figures recorded in the first quarters of 2023 and 2022 (US$2.119 billion and US$1.775 billion).

During January-March this year, remittances from the Asian region continued to account for the highest proportion, representing 48.7 percent and up 46.1 percent compared to the previous quarter.

Nguyen said that the positive factors influencing the remittance flow are mainly attributed to the effectiveness of monetary and foreign exchange policies, a stable investment and business environment, and the development of labor market.

In addition, remittance companies and commercial banks, with their high-quality services that provide maximum benefits and convenience for recipients, have also had a positive impact on the volume of remittances sent to the city in the first three months of the year.

In 2024, the city received US$9.547 billion in remittances, a year-on-year increase of 0.9 percent. Among these, Asia and the Americas were the two regions with the highest remittance shares, accounting for 82.2 percent of the total remittances in 2024.

The municipal city has been the largest recipient of remittances for three consecutive years, accounting for 55 per cent of total inflows./.