According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City Branch, remittance inflows to Ho Chi Minh City in the first six months of 2024 reached 5.1 billion USD, a year-on-year increase of 11.5%. In the second quarter of 2024, remittances reached 2.309 billion USD, a decrease of 19.5% compared to the first quarter but an increase of 4.2% compared to the same period last year. Remittances from Asia accounted for the highest proportion, at 56.1%, and saw a significant rise of 48.5% year-on-year.
Labor and employment opportunities continue to be key factors driving the positive trend of remittance inflows from this region. Additionally, effective utilization of remittance funds and strategies to attract remittances play a crucial role, alongside objective factors such as economic, political, and social conditions, as well as labor and income prospects.
Mr. Lenh emphasized the importance of focusing on several strategies to attract and make efficient use of remittance inflows. Firstly, it is essential to maintain a favorable foreign exchange policy and improve the investment environment, while enhancing the quality of remittance payment services. This ensures benefits not only for recipients but also for senders, overseas Vietnamese, and foreign workers. Convenience and safety are also critical factors in attracting remittances through the city’s remittance payment system, including money transfer companies and credit institutions.
Secondly, efficient utilization of remittance funds is key. By channeling these funds into production, business, and service development through financial instruments (such as local government bonds, investment funds, or securitization) we can achieve greater effectiveness. This aligns with the city’s strategic economic development goals of promoting a green and digital economy, high-quality education and healthcare, modern technology applications, and the integration of tourism and services with areas of interest for overseas Vietnamese investors. It also meets the aspirations of foreign workers who aim to improve their livelihoods and develop their businesses.
Thirdly, effective communication and outreach are vital. By providing information about banking services, offering guidance and advice on money transfer and remittance payment services, and expanding the range of payment services, we can attract more remittances. Additionally, through strategic communication, we can raise awareness among all social strata about the significance and role of remittance inflows, thereby facilitating the implementation of measures to attract and utilize this valuable resource effectively.
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