Ho Chi Minh City attracts $2.4bn remittances in Q1

This amount represents 25.3 percent of the total remittances received in 2024, noted Nguyen Duc Lenh, deputy director of the branch.

This year’s figure was lower than the $2.896 billion reported in the first three months of 2024 but higher than those in 2023 and 2022.

Remittances from Asia again made up the largest share, accounting for 48.7 percent of the total and increasing 46.1 percent compared to the last quarter of 2024, Lenh added.

He attributed the remittance growth to the government's effective monetary and forex policies, the country’s stable investment and business environment, and better money transfer services provided by remittance firms and banks.

In the first quarter, remittances processed through remittance companies amounted to $1.757 billion, while commercial banks handled $655 million.

In 2024, remittances to Ho Chi Minh City totaled $9.547 billion, marking a 0.9-percent rise compared to 2023.

Asia and the Americas were the two largest sources, collectively making up 82.2 percent of the year's total remittance inflows.

The Ho Chi Minh City administration has approved a remittance development project aiming to achieve a double-digit figure for total remittance inflows to the city, targeting at least $10 billion annually.

The city is exploring various solutions to channel remittances from savings and consumption into investment through municipality bonds.

Ho Chi Minh City has been the largest recipient of remittances in Vietnam for three consecutive years, constituting around 55 percent of the country's total inflows, according to the Vietnam Government Portal.