HCM City, VIETNAM, 17th October, 2024 (WAM) -- Remittances sent by overseas Vietnamese to Ho Chi Minh City are expected to surge about 10% in 2024 from a record high of US$9.46 billion in 2023, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV)’s Ho Chi Minh City Branch.
The Vietnam News Agency (VNA) quoted Lenh as saying that in the first nine months of this year, the flows of remittances to the southern largest economic hub reached nearly US$7.4 billion, 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.