2023 remittances to HCM City highest in a decade

Overseas remittances to HCM City last year were worth more than US$9.46 billion. VNA/VNS Photo

HCM CITY – Foreign remittances to HCM City topped US$9.46 billion last year, an increase of 43.3 per cent from 2022 and the highest in the last 10 years, deputy director of the State Bank of Việt Nam’s city branch, Nguyễn Đức Lệnh, has said.

Asia accounted for the highest proportion with 50.5 per cent while remittances from Africa and the US declined.

The Americas accounted for 29.1 per cent, following a 10.2 percentage point decline.

The post-pandemic recovery in the labour, services and tourism markets in Asia and its generally stable economic and political environment have a positive impact on remittances from the region, Lệnh said.

The remittances were worth 2.7 times the foreign direct investment the city received, he said.

He said the flow of remittances is associated with the growing trend of working abroad.

The growth of remittance networks and services from banks and businesses also helps attract remittances, he added. – VNS