Of the figure, remittances through remittance companies amounted to nearly US$1.76 billion, while commercial banks received US$655 million, 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% from the previous quarter.

Analysing the remittance situation in Ho Chi Minh City, Lenh stated that there were positive factors for increasing remittances, such as the effectiveness of monetary and foreign exchange policy mechanisms, a stable investment and business environment, and the development of the labour 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 US$9.55 billion, up 0.9% from 2023, with Asia and America holding the largest shares, together accounting for 82.2% of the total.

Compared to 2023, remittances from Asia increased by 2.5%; from America by 7.4%; and from Oceania by 8.7%. Conversely, those from Europe and Africa decreased by 23% and 33%, respectively.

Remittances to HCM City surge ahead of Tet

Ho Chi Minh City received nearly US$493 million in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.