The information was announced by the Deputy Director of the State Bank of Vietnam’s (SBV) Branch in Ho Chi Minh City Nguyen Duc Lenh on January 23.

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Lenh noted that despite world economic declines, inflation and armed conflicts, the year-on-year increase of 43.3% is the highest level during the past ten years. The remittances to Ho Chi Minh City also accounted for over 50% of the total remittances sent to Vietnam.

The remittances to the city were 2.7 times higher than the total foreign direct investment (FDI) in Ho Chi Minh City in 2023, equal to about 14% of the city’s GRDP.

Over 50% of the remittances to Ho Chi Minh City were from Asian countries, up 143.8% compared to 2022. Meanwhile, the remittances from Africa and America all went down.

The development of the labour market, services and tourism after the Covid-19 pandemic in Asian countries, in addition to a stable economic and political environment, contributed to the rise in remittances from this region to Ho Chi Minh City, Lenh said.

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Source: NDO