Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam - HCMC Branch, on January 7, stated that while official figures are not yet available, information from the Ministry of Foreign Affairs suggests that remittances to Vietnam have remained stable. 2024 is projected to be a record year for remittance inflows, estimated at approximately $16 billion.
Of this, remittances sent to HCMC account for about 60 percent of the national total, estimated at around $9.6 billion. The sources of these remittances include overseas Vietnamese supporting their families in Vietnam and Vietnamese workers abroad sending income back home.
Mr. Nguyen Duc Lenh further noted that in 2024, HCMC introduced a project aimed at attracting remittances, which includes improving the quality of remittance services and payments through credit institutions and economic organizations to recipients in the country. The city is also working on a policy to issue remittance bonds for transportation infrastructure development, with the goal of completing 355 kilometers of urban rail by 2035.
Mr. Trinh Hoai Nam, Director of Vietcombank Remittance Company (VCBR), also reported that in 2024, VCBR achieved a turnover of approximately $1.9 billion, an increase of around $100 million compared to 2023. He mentioned that remittances through remittance companies are growing rapidly. In addition to individual overseas Vietnamese, some economic organizations (established by Vietnamese abroad) are also sending money to invest in Vietnam.
