Overseas remittances to Vietnam hit US$16 billion in 2024

The level of remittances is similar to that of 2023, a year when remittances to Vietnam hit a record high after a period of slow growth due to COVID-19.

Notably, remittances flowing into Ho Chi Minh City via financial institutions and economic organizations accounted for about 60% of the total, amounting to US$9.6 billion, an increase of US$140 million compared to the previous year.

According to Nguyen Duc Lenh, deputy director of the State Bank of Vietnam (SBV) branch in Ho Chi Minh City, over 74% of the total remittances to the city last year were processed through remittance companies, while about 26% were made via credit institutions.

Statistics show that remittances from Asia made up the highest proportion, reaching nearly 54% of the total remittances flowing into Ho Chi Minh City, an increase of more than 24% year on year. Meanwhile, remittances from Oceania grew by 20%, from the Americas by 4.4%, but those from Europe decreased by 19%.

Experts said, Vietnam has issued a number of policies aimed at attracting remittances to invest in projects and further develop the local economy.

Simultaneously, local banks are also actively investing in technology and services to facilitate the sending and receiving of remittances, especially during the Lunar New Year which is the busiest season of the year for this type of transaction.