Remittances to Ho Chi Minh City (TP HCM) reached nearly 6.9 billion USD in the first nine months of the year, marking a 14% decrease compared to the same period last year. The full-year forecast anticipates a lower total than 2025.
Despite the overall decline, the third quarter saw a significant rebound. According to Ngan hang Nha nuoc Chi nhanh Khu vuc 2, remittances transferred through credit institutions and economic organizations in TP HCM exceeded 2.8 billion USD in the third quarter, an increase of over 800 million USD from the previous quarter. This recovery followed consecutive decreases of 17% and 28% in the two preceding quarters, helping to narrow the overall decline rate of remittance flows.
From the beginning of the year until the end of September, total remittances to TP HCM amounted to over 6.87 billion USD.
Asia remains the largest contributor, accounting for 59% of the total with nearly 1.68 billion USD. The Americas followed with 749 million USD (26%), Europe with 222 million USD, and Oceania with 173 million USD.
The majority of remittances, 78%, are channeled through economic organizations responsible for receiving and disbursing foreign currency, with the remaining portion handled by credit institutions.
Ms. Tran Thi Ngoc Lien, Deputy Director of Ngan hang Nha nuoc Chi nhanh Khu vuc 2, explained that the third-quarter recovery was primarily driven by the Asian market. Key factors included the appreciation of the South Korean Won against the USD and seasonal demand for investment and year-end consumption within Vietnam.
Ngan hang Nha nuoc Chi nhanh Khu vuc 2 projects total remittances to TP HCM for the entire year to be between 9.5 and 9.8 billion USD, a decrease from last year's 10.3 billion USD.
Ms. Lien attributed the overall lower remittances to several global economic factors: slow global growth, the strong USD, and stringent immigration policies in some countries. These conditions have impacted the employment, income, and money-sending capacity of overseas Vietnamese.
Quynh Trang
