According to the State Bank of Vietnam’s Regional Branch 2, remittances transferred through credit institutions and economic organisations in Ho Chi Minh City totalled USD 2.8 billion in the third quarter, up more than USD 802 million from the previous quarter.
Asia remained the largest source of remittances, contributing nearly USD 1.7 billion, or 59 per cent of the total. The Americas ranked second, with USD 748.5 million, accounting for 26.4 per cent, followed by Europe with USD 222 million and Oceania with more than USD 173 million.
Notably, remittances handled by economic organisations directly receiving and paying out foreign currency exceeded USD 2.2 billion, up 58.5 per cent from the previous quarter. In contrast, transfers through credit institutions reached USD 631.4 million, down slightly by 1.6 per cent.
Tran Thi Ngoc Lien, deputy director of the State Bank’s Regional Branch 2, said the third-quarter recovery was driven mainly by inflows from Asia. One contributing factor was the South Korean won’s appreciation against the US dollar, alongside seasonal demand for money transfers to support domestic investment and consumption towards the end of the year.
Despite the quarterly rebound, remittances to Ho Chi Minh City totalled nearly USD 6.9 billion in the first nine months, down 14 per cent year on year. The increase in the third quarter significantly narrowed the decline from the 22.8 per cent drop recorded in the first half of the year.
The State Bank’s Regional Branch 2 forecasts that remittances to Ho Chi Minh City could reach USD 9.5-9.8 billion for the full year.