Information from the Ho Chi Minh City Committee for Overseas Vietnamese Affairs and the State Bank of Vietnam - HCMC Branch indicates that the proposal on remittance policies in HCMC for the period 2024-2030 has just been approved by the Standing Committee of the HCMC Party Committee. The relevant units are finalizing the content to submit to the HCMC People's Committee for prompt issuance of the proposal.
The proposal is developed with the principle of avoiding administrative intervention in the transfer and receipt of remittances. Instead, it aims to channel these resources into production and business activities in HCMC. This can be done through direct investment or funds, such as real estate remittance funds, remittance funds for supporting small and medium-sized enterprises, and overseas Vietnamese investment funds. This approach provides individuals and organizations receiving remittances with more options to invest in and construct infrastructure projects like schools, hospitals, sports facilities, and exhibition centers, facilitated by the proposed issuance of city bonds.
In 2023, remittances to HCMC through official channels reached a record high of nearly US$9.5 billion, up 43.3 percent compared to 2022. In the first quarter of 2024, remittances to HCMC amounted to $2.9 billion, up 35.4 percent over the same period in 2023. In April 2024, SGGP Newspaper organized a series of articles and a seminar on the theme “Redirecting Remittances into Infrastructure,” which raised numerous issues that were highly appreciated and acknowledged by the authorities during the proposal's development process.
