An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Overseas remittances to Ho Chi Minh City increased by 10% year-on-year in the first nine months of the year, reaching US$5.5 billion, said Nguyen Duc Lenh, deputy director of the HCMC office of the State Bank of Vietnam.
This figure does not include remittances transferred through credit institutions, meaning the actual amount could be even higher, Lenh added.
He emphasized the importance of implementing effective foreign exchange policies to attract remittances, improve the investment environment, and enhance the quality of remittance payment services.
HCMC typically accounts for over half of Vietnam’s annual remittances. Last year, foreign remittances to the city reached $9.46 billion, 2.7 times the amount that came in the form of foreign direct investment.
