Remittances to HCM City reached $2.41 bln in Q1

Remittances to Ho Chi Minh City reached over $2.41 billion in the first quarter of the year, increasing 19.6% compared to the previous quarter.

Of the figure, the amount transfered through remittance companies stood at nearly $1.76 billion, while $655 million through commercial banks, according to Deputy Director of the State Bank of Vietnam's Region 2 Branch Nguyen Duc Lenh.

Remittances to the city from Asia continued to make up the largest share, 48.7%, up 46.1% year-on-year.

Mr. Lenh stated that there were positive factors for increasing remittances, such as the effectiveness of monetary and foreign exchange policies, a stable investment and business environment, and the development of the labor market.

Additionally, remittance companies and commercial banks provided high-quality services that create convenience for remittance recipients.

In 2024, remittances to HCM City amounted to $9.55 billion, a year-on-year rise of 0.9%.