Overseas remittances to HCM City record highest increase in three years

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

According to data from the State Bank of Vietnam's Branch in HCM City, remittances from Asia continued to dominate, accounting for 59.1% of the total sum. They saw growth of 7.5% from the fourth quarter of 2023 and a substantial rise of 86.1% year-on-year. Meanwhile, remittances from Europe and Oceania saw declines from the last quarter of 2023.

Nguyen Duc Lenh, deputy director of the branch, noted that despite ongoing global economic challenges and complex geopolitical conflicts, the figures reflected a continuing growth trend, with these remittances playing a crucial role in the city’s socio-economic development.

Moreover, related payment services in the southern largest economic hub have improved, ensuring convenience, safety, and efficiency, added Lenh.

As per official data, remittances to the city grew by 14.2% and 19.4% in the first quarters of 2022 and 2023, respectively./.