Remittance Trends in Ho Chi Minh City: A Positive Outlook
According to statistics from six major remittance companies (which consistently account for approximately 94% of total remittances received by 14 remittance companies in Ho Chi Minh City), the amount of remittance inflows during the first 20 days of the new year 2025 in the city reached 492.7 million USD. Cumulatively, from the beginning of 2024 until now, the total remittance inflows to Ho Chi Minh City have exceeded 10 billion USD.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV) – Ho Chi Minh City Branch, stated that the remittance figures are significant and reflect positive influencing factors.
Firstly, the remittance results during the Lunar New Year holiday and the achievement of the 10 billion USD threshold at the end of January 2025 are impressive when considering the total foreign direct investment and comparing the ratio with the city’s GRDP in 2024. Reaching the 10 billion USD mark signifies a milestone, indicating that remittances to the city have attained a two-digit figure at the beginning of the new year 2025.
Secondly, in terms of policies, this outcome is a convergence of multiple factors, notably the impact of monetary, foreign exchange, and remittance attraction policies of the Government and the Central Bank. The stability of the monetary market and the macro-economy, especially the appropriate and flexible exchange rate movement, has ensured the attraction of foreign currency inflows and promoted exports throughout more than 30 years of renewal and international economic integration. This has also been a crucial factor contributing to remittance attraction in Ho Chi Minh City specifically, with the impressive result of 10 billion USD at the present time.
Thirdly, the policies regarding overseas Vietnamese and labor market development have also positively influenced remittance attraction. The policies on labor, studying, and working abroad to improve the quality of human resources and enhance vocational skills in alignment with the international labor market have significantly contributed to annual remittance inflows. This factor is reflected in the consistently high and increasing proportion of remittances received from the Asian region in recent years. Currently, remittances from Asia account for approximately 51.4% of total remittance inflows.
Fourthly, a favorable business investment environment, a beautiful and peaceful country, along with the patriotic tradition of the Vietnamese people, have become a great driving force and source of trust for investors, businesses, and citizens in the policies of the Party, Government, and Central Bank. This has promoted socio-economic development and facilitated the effective attraction and utilization of remittance resources. Coupled with an efficient, convenient, and safe remittance payment system, these factors will continue to attract remittances in the future.
– 14:38 23/01/2025
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