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HANOI / WAM
Money sent from Asian countries made up 50.5% of the total overseas remittances to Ho Chi Minh City last year, Vietnam’s largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.
According to Vietnam News Agency (VNA), inward remittances to HCM City rose 43.3% year-on-year to $9.46 billion in 2023, a record high over the past decade and accounting for more than half of the national total. With approximately six million Vietnamese nationals living abroad, remittances sent to Vietnam from 1993 to 2022 have amounted to $190 billion, according to the country’s Ministry of Foreign Affairs. In 2023, the World Bank estimated that Vietnam received approximately $14 billion in remittances, while this figure reached a record number of $19 billion in 2022. Vietnam has been among the global top 10 recipients of remittances for many years, with overseas Vietnamese residing in more than 130 countries and territories, and around 600,000 of them with undergraduate or higher degrees.