Q1 marks highest increase in remittances to Ho Chi Minh City in 3 years
Thursday, April 18, 2024, 11:19 GMT+7
Incoming remittances to Ho Chi Minh City reached nearly US$2.9 billion in the first quarter this year, up over 35 percent year on year, the highest growth rate in three years, said Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s (SBV) branch in the southern metropolis.
The remittances sent to the southern metropolis in the same period in 2023 and 2022 rose 19.4 and 14.2 percent, respectively.
The remittance growth was positive to the country’s socioeconomic development amid the ongoing global economic downturn and complicated geopolitical conflicts, Lenh said.
Remittances from Asia made up the highest proportion, at 59.1 percent, and edged up 7.5 percent over the previous quarter and surged 86.1 percent year on year.
Meanwhile, remittances from Europe and Oceania fell.
The high growth of remittances from Asia was thanks to the region’s economic recovery and development, stable geopolitical environment, and the development of trade, services, tourism, and labor market, which improved overseas Vietnamese people’s jobs and incomes, according to Lenh.
Preferential policies of the Vietnamese government and the State Bank of Vietnam and the favorable business and investment environment in Vietnam have also helped attract remittances over the past time, the banking official added.
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