Remittances to HCM City expected to increase by 10% in 2024
Remittances sent by overseas Vietnamese to Ho Chi Minh City are expected to surge about 10% in 2024 from a record high of 9.46 billion USD in 2023, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch.
HCM City (VNA) – Remittances sent by overseas Vietnamese to Ho Chi Minh City are expected to surge about 10% in 2024 from a record high of 9.46 billion USD in 2023, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch.
He said that in the first nine months of this year, the flows of remittances to the southern largest economic hub reached nearly 7.4 billion USD, a 10.5% increase from the same period last year.
The remittances transferred to the city through economic organisations (remittance companies) accounted for 74.2% of the total remittances while the rest were transferred through credit institutions.
Although the flow of remittances to the city in the third quarter of 2024 decreased by 4.1% compared to the previous quarter, the amount of remittances transferred in the nine months was still equal to 78.1% of the whole-year remittances last year.
The largest chunk of the remittances came from Asia, accounting for 53.8% of the total amount so far this year.
Meanwhile, remittances transferred from the Americas increased by 4.4%; Oceania increased by 20%; Europe decreased by 19.1% over the same period.
However, in the third quarter of 2024 alone, remittances from all regions decreased, but that from Europe increased by 22.8% compared to the second quarter of 2024.
Lenh said that despite a slight decrease, remittances to the city is forecast to achieve a growth rate of about 10% in 2024. This trend is associated with the growth rate of remittances in the last quarter of the year, which is often higher than in previous quarters.
🍸 He said effective remittance policies, the expansion of the labour market, and economic recovery will help maintain remittance growth in the coming time./.
Ho Chi Minh City plans to create funds for overseas Vietnamese seeking to invest in real estate and small and medium-sized enterprises, and buy bonds for funding infrastructure.
A seminar aimed at channeling overseas remittances into infrastructure took place in Ho Chi Minh City on April 23, given that remittances to the city reached 9.46 billion USD in 2023, nearly three times higher than foreign direct investment (FDI), according to official statistics.
Overseas remittances to Ho Chi Minh City exceeded 2.86 billion USD in the first quarter of 2024, an annual increase of 35.4% and the highest recorded in three consecutive years.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
