Remittances to Ho Chi Minh City near $8bn in January-September

Transfers from Europe rose by 19 percent, from Asia by 16.9 percent, Oceania by 15.5 percent, and the Americas by eight percent year on year.

Notably, remittances from Africa surged by 266 percent in the third quarter and by 150.3 percent for the first nine months, marking the highest growth rate among all regions.

Tran Thi Ngoc Lien, deputy director of the SBV Regional Branch No. 2, said most remittances flowed through credit and economic institutions in wards and communes of former Ho Chi Minh City.

Remittances via branches in former Ba Ria-Vung Tau and Binh Duong Provinces, both now part of the expanded Ho Chi Minh City, accounted for only about two percent of the total, showing minimal change after the nationwide administrative restructuring drive in which 63 Vietnamese provinces and cities were reduced to 34, effective from July 1.

Similarly, Dong Nai Province, now under the same regional monetary management, reported no organizations directly handling foreign currency transactions as of September 30 this year.

The figures reflect money transfers from overseas to individual Vietnamese residents through credit institutions.

According to Lien, the fourth quarter is traditionally the peak remittance season, coinciding with the New Year and Tet holidays, when many overseas Vietnamese return home and send money to support their families.

The SBV Regional Branch No. 2 forecasts that total remittances for 2025 will likely exceed 2024 levels.

At a meeting with the Vietnamese diaspora in late August to mark the 80th anniversary of August Revolution and National Day, Vu Thi Huynh Mai, deputy chief of office of the Ho Chi Minh City People’s Committee, said the city consistently accounts for 40-53 percent of Vietnam’s total remittances.

In 2024, the city received about $10.3 billion, up $140 million from 2023.

In the second quarter of 2025, the city’s remittances reached $2.82 billion, up 17 percent from the previous quarter.

“This is not only a valuable financial resource but also a clear reflection of the trust and attachment of overseas Vietnamese to their homeland,” Mai said.

To leverage this resource, Ho Chi Minh City has approved a project on promoting the effective utilization of remittance resources in the city until 2030, aimed at encouraging overseas Vietnamese to invest, produce, and contribute to key sectors.

The city will continue refining its policies to create the most favorable conditions for overseas Vietnamese to participate in major economic and social development programs.