Overseas remittances to Ho Chi Minh City hit $9.46 billion in 2023, a ten-year record, Mr. Nguyen Duc Lenh Deputy Director of the State Bank of Vietnam (SBV), Ho Chi Minh City Branch, has said.

The figure was a 43.3 per cent increase year-on-year and accounted for over half of Vietnam’s total remittances, Vietnam Television (VTV) News has reported.

By region, remittances from Asia accounted for the highest proportion, with 50.5 per cent, and rose 143.8 per cent compared to the end of 2022.

Mr. Lenh said remittance flows to the southern city are associated with the growing trend of local people working abroad.

Vietnam’s stable macro-economy, favorable investment and business environment, and remittance attraction policies from the government and the SBV contributed to the record increase, he added.