Asia makes up nearly half of remittances to HCM City in second quarter
VOV.VN - Nearly half of the remittances sent to Ho Chi Minh City in the second quarter of 2026 came from Asia, with the region remaining the city's largest source of overseas money transfers despite a decline in overall inflows during the first half of the year.
According to the State Bank of Vietnam’s Regional Branch No. 2, remittances transferred to Ho Chi Minh City through credit institutions and authorised economic organisations reached US$2.032 billion in the second quarter.
Remittances from Asia totalled more than US$1.002 billion, accounting for 49.3% of the quarterly total and increasing 9.8% from the previous quarter.
The increase in inflows from Asia helped sustain overall remittance growth during the quarter. By contrast, remittances from Europe declined 3.3%, those from the Americas fell 4.3%, and inflows from Oceania dropped 12.1%. Although remittances from Africa rose 15.3%, their overall contribution remained relatively small.
For the first six months of 2026, total remittances to Ho Chi Minh City hit US$4.037 billion, down 22.8% compared with the same period last year and 21% lower than in the second half of 2025.
Tran Thi Ngoc Lien, deputy director of the State Bank of Vietnam's Regional Branch No. 2, said several external and domestic factors contributed to the decline.
Globally, slower economic growth, a strong US dollar and tighter immigration policies in several countries have affected employment, incomes and the ability of overseas Vietnamese to send money home.
In the Americas, particularly the United States, the largest source of remittances to Ho Chi Minh City, inflationary pressures, higher living costs, labour market changes and tax policies affecting certain money transfer transactions have also weighed on remittance flows.
Domestically, the central bank branch said investment channels had not been sufficiently attractive to absorb remittance inflows. At the same time, the 0% interest rate on foreign currency deposits has encouraged some overseas Vietnamese to keep funds abroad or invest in alternative assets.
Furthermore, capital flows are being dispersed across various new payment channels, resulting in a relative decline in remittance volumes processed through the banking system.
With no major global economic fluctuations and the recovery trend in the second half of the year, HCM City’s total remittance volume for the whole year 2026 could reach approximately US$8.6–8.9 billion.
Overseas remittances to Ho Chi Minh City fall sharply in Q1
VOV.VN - Remittances to Ho Chi Minh City declined significantly in the first quarter of 2026, reaching approximately US$2 billion, down 15.6% from the previous quarter and 16.9% year on year, according to the State Bank of Vietnam’s Regional Branch 2.
