(VOVWORLD) - In 2024, remittances sent to Vietnam are estimated to have surpassed 16 billion USD, primarily from Asia and the Americas. The figure is similar to that in 2023, which also saw record growth, reflecting overseas Vietnamese confidence in Vietnam’s stable macroeconomic environment and favorable conditions for investment and business.
 (Photo: doanhnhansaigon.vn) |
Of the total 16 billion USD, over 9.5 billion USD, or 60%, was sent to Ho Chi Minh City. These funds largely come from two key sources: overseas Vietnamese supporting relatives, and Vietnamese workers abroad sending money home for investment and savings.
Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch, reported a 0.9% year-on-year increase in remittances to the city in 2024 against 2023 with those from Asia and America accounted for 82.2.
Lenh said remittances have been crucial to the city’s socio-economic development, contributing significantly to foreign currency reserves and supporting Vietnam’s monetary and foreign exchange policies aimed at stabilizing the macroeconomy and boosting growth.
“With a strategic focus on utilizing remittances for national and community livelihood projects, particularly in health and education, this resource has been effectively channeled to improve living standards,” said Lenh.
The steady inflow of remittances reflects the trust of overseas Vietnamese in Vietnam’s macroeconomic stability and investment potential as well as in the government incentives on attracting remittances.
Tran Thi Tuyet Mai, Chairwoman of Vietinbank Global Money Transfer Company, said: “Our data shows that 70% of customers receive remittances in cash and bank account transfer in VND, while 30% opt for foreign currency. Over 30% of recipients deposit their funds as savings with Vietinbank, while others use the money for investment, consumption, or various other purposes.”
Experts predict that remittance flows to Vietnam will continue to rise, driven by the country’s stable economy and numerous investment opportunities.
Tran Minh Khoa, General Director of Sacombank Remittance Company, said: “There is growing potential of remittance flows from the African market. This market is attracting a significant number of Vietnamese workers, and I believe it will become a key contributor in the future.”
Remittances remain a vital source of foreign currency for banks, helping to reduce financial pressures, balance capital for foreign currency loans, and stabilize exchange rates, especially toward the year-end. These funds continue to play a critical role in fostering Vietnam’s economic growth.