During the first half of this year, Africa recorded the highest growth rate in remittance inflows to the city, rising by more than 120 per cent, followed by Europe with a 16 per cent increase, the Americas with a 12 per cent increase, and Oceania with nearly a 9 per cent increase.
Asia remained the dominant source of remittances, likely driven by Vietnamese workers in countries such as Japan, South Korea, and Taiwan.
Tran Thi Ngoc Lien, Deputy Director of the State Bank’s Region 2 branch, stated that the steady increase in remittances over time has supported the city’s economic development, boosted consumer demand and investment, and strengthened foreign currency reserves.
Ho Chi Minh City has consistently ranked as the top locality for remittance inflows in Vietnam, accounting for more than half of the national total each year. In 2024, the city received USD 9.547 billion in remittances, up 0.9 per cent from 2023.
Remittances have become a vital source of foreign currency, helping to stabilise supply and demand, and supporting the country’s monetary policy, exchange rates, and foreign exchange markets.