Overseas remittances to HCM City record highest increase in three years

HCM CITY – Overseas remittances to Ho Chi Minh City exceeded US$2.86 billion in the first quarter of 2024, an annual increase of 35.4% and the highest recorded in three consecutive years. According to data from the State Bank of Vietnam's Branch in HCM City, remittances from Asia continued to dominate, accounting for 59.1% of the total sum. They saw growth of 7.5% from the fourth quarter of 2023 and a substantial rise of 86.1% year-on-year. Meanwhile, remittances from Europe and Oceania saw declines from the last quarter of 2023. As per official data, remittances to the city grew by 14.2% and 19.4% in the first quarters of 2022 and 2023, respectively.