Overseas remittances to Ho Chi Minh City stood at $6.69 billion in the first nine months of 2023, surpassing the figure in all of 2022, the Deputy Director of the State Bank of Vietnam (SBV), Ho Chi Minh City Branch, Nguyen Duc Lenh has said.

The figure is up 40 per cent year-on-year and equal to 101.3 per cent of the figure for 2022 as a whole.

“The volume of remittances to Ho Chi Minh City grew positively, with one quarter growing higher than the previous quarter and maintaining a good growth rate,” Mr. Lenh said.

In the third quarter alone, the city received $2.35 billion in overseas remittances, or 6.2 per cent higher than in the second quarter.

SBV figures show that each year Vietnam attracts $10-12 billion of remittances from overseas, in which the volume to Ho Chi Minh City accounts for half.

It has been reported that in addition to political and socio-economic stability in Asia, expanding economic, cultural, and labor cooperation has a direct impact on the growth in overseas remittances.

According to economists, the rise in remittances continues to be a golden resource for socio-economic development in Vietnam in general and in Ho Chi Minh City in particular, enabling people, especially recipients, to improve their living standards and promote the labor market.