Overseas remittances to HCM City rise nearly 20%

Overseas remittances to HCM City rise nearly 20%. (Photo: VNA)

In the second quarter of 2024 alone, overseas remittances reached more than 2.3 billion USD, down 19.5% compared to the first quarter of 2024, but still up 4.2% compared to the second quarter of 2023. Among them, remittances from Asia still dominate, accounting for 56.1% and a rise of 48.5% over the same period.

Mr. Nguyen Duc Lenh said that in the six months, human resources and the labor market continue to have a positive influence on the amount of remittances inflow. He assessed that, in addition to objective factors affecting the amount of remittances inflow, such as: political economy, society, employment and income, the effective use of remittance resources and solutions to attract remittances also play a very important role.

The representative of the State Bank of Vietnam’s branch in HCM city also proposed a number of solutions to attract remittances, as well as effectively use remittances that need to be considered and implemented.

Specifically, he said that the city needs to continue to properly implement foreign exchange policy mechanisms on remittances attraction. At the same time, the city should improve the investment environment and the quality of remittance payment services.

He stressed that the southern hub should focus on information and communication work, with the purpose of providing information about banking services, guidance and consultancy on money transfer and remittance payment services, and expanding the number of customers and developing payment services to attract remittances./.