Remittances to Ho Chi Minh City in the first nine months of 2024 reached nearly $7.4 billion, showing a 10.5% increase compared to the same period last year, despite a slight quarterly decline.

HCM City received nearly US$5.2 billion in remittances in the first half of the year, up 20 per cent year-on-year, according to the State Bank of Vietnam (SBV), HCM City branch.

Overseas remittances to Ho Chi Minh City reached nearly 5.2 billion USD in the first half of 2024, equivalent to 54.7% of last year's figure and up 19.5% year-on-year.

Overseas remittances to Ho Chi Minh City exceeded 2.86 billion USD in the first quarter of 2024, an annual increase of 35.4% and the highest recorded in three consecutive years.

According to the Ministry of Labor, War Invalids and Social Affairs (MoLISA), Vietnam sent around 155,000 workers abroad in 2023, an increase of 8.55% compared to 2022, the highest number ever.

Despite a challenging global economic landscape, Vietnam continues to stand resilient as one of the top 10 recipients of overseas remittances worldwide, with an estimated 14 billion USD last year.

Overseas remittances to Ho Chi Minh City in 2023 reached over 9.46 billion USD, marking a year-on-year increase of 43.3% and a record high in the last ten years.

Vietnamese expatriates tend to send home remittances due to global geopolitical insecurities, with the amount expected to rise sharply in the coming days ahead of the lunar New Year festival.

The flow of overseas remittances to Ho Chi Minh City is estimated to reach about 8.92 billion USD in 2023, up 35% year on year, said Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCM City Nguyen Duc Lenh.

Vietcombank Remittance and EzyRemit Worldwide inked a comprehensive cooperation agreement at a ceremony in HCM City on July 12.

Remittances to Ho Chi Minh City are expected to reach 7 billion USD in 2023, an annual increase of about 6-7%.

The diplomatic sector has contributed to helping Vietnam attract a large sum of overseas remittance, at $17.2 billion in 2020, over $18 billion in 2021, and nearly $19 billion last year.

Despite the current growth rate of overseas remittances to Vietnam being lower than last year, the total amount of remittances to the country is projected to rise by 4.4% this year before increasing by between 3.6% and 4.5% in 2023.

Local banks are tapping into significant huge overseas cash as Vietnam continues to maintain its growth momentum among the world’s largest remittance beneficiaries.

According to the World Bank and Global Knowledge Partnership on Migration and Development (KNOMAD), total remittances to Vietnam in 2021 may hit up to $18.1 billion, with about $6.5 - 6.6 billion for HCM City.

Although the Covid-19 epidemic has negatively affected the global economy, the amount of remittances remitted to Vietnam in 2021 is still high. 

The World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that remittances to Vietnam are estimated at US$18.1 billion in 2021.

Ho Chi Minh City received 1.45 billion USD of overseas remittances in the first three months of this year, up 10 percent over the same period last year, reported the city Committee for Overseas Vietnamese Affairs.

Vietnam is expected to receive US$16.7 billion in overseas remittances this year, placing it among the 10 countries receiving the most remittances in the world, according to the Nguoi Lao Dong website.