In the evening of April 17, the State Bank of Vietnam in Ho Chi Minh city announced that in the first quarter of 2024, remittances to the city have reached 2.86 billion USD, representing a 3.5% increase from the previous quarter and a 35.4% increase year-over-year. This is the highest growth rate in the past 3 years.
Compared to the total remittance volume in 2023, remittances to the city in the first quarter of 2024 accounted for 30.3%.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam in Ho Chi Minh City, stated that with the world economic situation still facing difficulties and complex geopolitical conflicts, the growth in remittances in the first quarter has had a positive impact on socio-economic activities.
Remittances to Ho Chi Minh City have seen record growth in the past 3 years. Illustrative photo.
Preliminary statistics show that remittances from Asia continue to account for the largest proportion, at 59.1%, up 86.1% year-over-year. Meanwhile, remittances from Europe and Australia have decreased.
The record-high growth in remittances to Ho Chi Minh City will contribute to increasing the supply of foreign exchange in the context of continued increase in exchange rates.
At the end of April 17, the central exchange rate was listed by the State Bank at VND24,231/USD, a sharp increase of VND90/USD compared to the previous day and an increase of VND230/USD (+0.95%) since the beginning of April.
USD prices at commercial banks also continued to rise, with Vietcombank listing the USD buying price at VND25,130/USD and the selling price at VND25,440/USD, both an increase of nearly VND100/USD from the previous day.
Since the beginning of April, USD prices at commercial banks have increased by nearly VND500/USD (+1.88%).
