Remittances to Ho Chi Minh City Forecasted to Grow by 10% in 2024

Ho chi minh city: Remittances sent by overseas Vietnamese to Ho Chi Minh City are slated to increase by approximately 10% in 2024, reaching new heights beyond the US$9.46 billion recorded in 2023. This growth follows a robust performance in the first nine months of this year, where remittances nearly touched US$7.4 billion, marking a 10.5% rise from the same period in the previous year. According to Emirates News Agency, Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's Ho Chi Minh City Branch, reported the anticipated increase during a recent overview of remittance flows into the city. Lenh highlighted that the majority of these funds, approximately 74.2%, were channeled through economic organizations, such as remittance companies, while the remainder passed through credit institutions. Despite a 4.1% drop in remittance inflows in the third quarter of 2024 compared to the second quarter, the total remittances for the first nine months still accounted for 78.1% of the entire previous year's re mittances. This indicates a sustained strong inflow despite quarterly fluctuations. The data further revealed that the largest proportion of remittances originated from Asia, which contributed 53.8% to the total amount received so far this year. Meanwhile, remittances from the Americas saw an increase of 4.4%, and those from Oceania rose by a significant 20%. However, remittances from Europe experienced a decline, dropping by 19.1% over the same period.