Remittance inflows into HCM City to set new record this year
VGP - Remittance inflows into Ho Chi Minh City, Viet Nam's largest economic engine, are expected to reach a record high of US$10.5 billion in 2025.
Remittance inflows into the southern metropolis Ho Chi Minh City are expected to reach a record high of US$10.5 billion in 2025
With the figure, the Southern city continues to be the leading locality nationwide in attracting remittances, accounting for about 60 percent of the country's total remittance inflows.
Data from the State Bank of Viet Nam's HCM City Branch showed that total remittances to the city reached US$7.969 billion during January-September, a year-on-year increase of 7.8 percent and equivalent to 83.4 percent of the total remittances received in 2024.
Remittance flows have kept strong growth momentum, with the region-based structure remaining largely unchanged. The majority continues to come from Asia and the Americas, accounting for over 80 percent of the city's total inflows.
The positive result also demonstrates effects of the policies on foreign exchange and remittances, as well as the local favorable business climate, which have encouraged overseas Vietnamese to remit funds home.
These inflows have contributed significantly to economic and social development as money was channeled into investment, business expansion and household consumption.
The steady increase also highlights the effectiveness of the municipal People's Committee's policy to capitalize on remittance resources.
In addition, the nearly US$8 billion inflow reelects the success of labor market and overseas employment policies.
Expanded international partnerships of remittance companies and improved communications by commercial banks and remittance service providers have made transactions more convenient for overseas workers and Vietnamese communities abroad, further boosting inflows./.
