Jan-Sep inbound remittances to HCMC hit $6.7 bln, beating 2022

Inbound remittances to Ho Chi Minh City, Vietnam’s largest economic engine, totaled $6.69 billion in the nine months through September, already 1.3% higher than the figure recorded in the whole of 2022, according to the central bank.

This is the highest amount in recent years, said Nguyen Duc Lenh, deputy director of the State Bank of Vietnam (SBV)-HCMC branch, adding it was up 40% from the same period last year.

Betwen July and September, inbound remittances topped $2.35 billion, higher than the preceding two quarters.

Money sent from Asia continued to make up the lion’s share with 53% of the amount in the nine-month period and up 20% from Q2.

Remittances remain an importance supply of foreign currency in Vietnam, helping meet forex supply and demand and supporting the forex market as well as monetary policy, the official commented.

HCMC accounts for around half of inbound remittances to Vietnam annually. Money sent by Vietnamese people overseas normally tops $10 billion per year. The total reached $12.5 billion in 2021, according to the SBV. Meanwhile, data from the World Bank puts the yearly figure at $17-18 billion.