Remittances reach about $16 billion in 2024

Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn said this remittance level is equivalent to 2023, when remittances reached a record high post pandemic.
Remittances reach about $16 billion in 2024
Remittances sent to the country currently have two main sources - from overseas Vietnamese and Vietnamese people working abroad. Photo cafef.vn

Remittances to Việt Nam in 2024 are estimated to reach about US$16 billion, showing the confidence of overseas Vietnamese in the domestic situation.

Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn said this remittance level is equivalent to 2023, when remittances reached a record high after a period of slow growth due to the COVID-19 pandemic.

The amount of remittances transferred to HCM City through credit institutions and economic organisations accounted for about 60 per cent of the total remittances of the whole country, reaching $9.6 billion, an increase of $140 million compared to the previous year.

According to Nguyễn Đức Lệnh, Deputy Director of the State Bank of Vietnam’s (SBV) HCM City branch, of the total remittances sent to the city last year, more than 74 per cent were made through remittance companies, while credit institutions only accounted for about 26 per cent.

Statistics show that remittances from Asia accounted for the highest proportion, reaching nearly 54 per cent of the total, an increase of more than 24 per cent over the previous year. Meanwhile, remittances from Oceania and the Americas increased by 20 per cent and 4.4 per cent, respectively, but remittances from Europe decreased by 19 per cent.

Remittances sent to the country currently have two main sources, from overseas Vietnamese and Vietnamese people working abroad.

In 2024, the US dollar price in the domestic market fluctuated, increasing by more than 5 per cent and sometimes up to 7 per cent. Remittances were considered one of the main sources of foreign currency supply in the market, contributing to ensuring the supply and demand balance of foreign currency.

With the current dollar mobilisation interest rate at zero per cent, people who receive remittances, often sell the remittance to convert dollars to the Vietnamese đồng for savings. This supports monetary policy, exchange rates and the foreign exchange market in Việt Nam.

According to experts, the Tết (Lunar New Year) is the time when the amount of remittances transferred to Việt Nam increases due to the demand of overseas Vietnamese and Vietnamese working abroad wanting to send money back home. Therefore, banks are offering many promotional programmes to attract this remittance flow.

Source: VNA
vietnamnews.vn

Related News

Latest News

Monetary policy is a key factor for economic stability and growth

Monetary policy is a key factor for economic stability and growth

VCN – Vietnam’s economy is forecast to grow by 6.7% in 2025, Standard Chartered Bank reported.
Việt Nam commits to being safe, attractive destination for investors

Việt Nam commits to being safe, attractive destination for investors

The Deputy Prime Minister said from an underdeveloped economy, devastated by war, Việt Nam has risen to become the 33rd largest economy in the world with the size of the economy increasing about 60 times compared to the period before renewal.
Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Dũng’s message to Việt Nam’s business community was clear: the private sector must continue to evolve and innovate to maintain its role as a key driver of economic development in the face of new global challenges.
Positive economy growth forecast in 2025, but caution remains

Positive economy growth forecast in 2025, but caution remains

Growth is expected to moderate from 7.5 per cent year-on-year in H1 to 6.1 per cent in H2, driven by increased business activity and sustained foreign investment.

More News

Labour market to see changes in key industries

Labour market to see changes in key industries

It is anticipated that the technology, renewable energy and logistics sectors would continue to expand rapidly in 2025.
Prime Minister warns of possible global trade war, pushes for preparation

Prime Minister warns of possible global trade war, pushes for preparation

The Government leader warns of a possibility of a trade war that may disrupt the global supply chain.
Positive economic indicators recorded in early 2025: Gov

Positive economic indicators recorded in early 2025: Gov't spokesperson

Trade remained smooth, with total import-export turnover estimated at $63.15 billion, down 10.5 per cent from the previous month and 3.5 per cent year-on-year.
General Secretary urges immediate return to work after Tết

General Secretary urges immediate return to work after Tết

Party General Secretary Tô Lâm praised efforts to ensure a well-organised holiday, but stressed the need for authorities and businesses to return to work promptly. He warned against extended celebrations and called for full focus on meeting February and first-quarter deadlines.
Government holds gathering to celebrate Party’s 95th anniversary, Lunar New Year

Government holds gathering to celebrate Party’s 95th anniversary, Lunar New Year

PM Phạm Minh Chính expressed his hope for continued support from the Party Central Committee, its Politburo and Secretariat, current and former leaders, the National Asembly, and the Việt Nam Fatherland Front for the Government to fulfil its tasks, creating momentum for the whole country to make development breakthrough and enter the era of the nation’s rise.
Việt Nam’s manufacturing PMI slips into contraction in January

Việt Nam’s manufacturing PMI slips into contraction in January

Business conditions in the Vietnamese manufacturing sector weakened in the first month of 2025 with drops in both output and new orders.
Party’s 95-year journey: Capitalising on great solidarity in era of nation’s rise

Party’s 95-year journey: Capitalising on great solidarity in era of nation’s rise

The past 95 years have formed a glorious and pride-worthy period for the Vietnamese people as they have gradually eliminated poverty and backwardness, steadily moving towards a wealthier and happier future.
Great opportunities for cooperation with Việt Nam in 2025: Malaysian Ambassador

Great opportunities for cooperation with Việt Nam in 2025: Malaysian Ambassador

Malaysian Ambassador to Việt Nam Dato’ Tan Yang Thai says he believes that 2025 will bring even greater opportunities for cooperation between the two countries in his recent interview with the Vietnam News Agency.
Structural reform, innovation to drive Việt Nam

Structural reform, innovation to drive Việt Nam's sustainable development: EuroCham chair

Bruno Jaspaert, chair of EuroCham Vietnam told the Vietnam News Agency in a recent interview that Việt Nam continued to stand out as a highly attractive destination for foreign investors, including those from Europe.
Read More

Your care

Latest Most read
Monetary policy is a key factor for economic stability and growth

Monetary policy is a key factor for economic stability and growth

VCN - Standard Chartered's report also forecasts Vietnam's economic growth at 7.5% in the first half of the year and at 6.1% in the second half of the year compared to the same period last year.
Việt Nam commits to being safe, attractive destination for investors

Việt Nam commits to being safe, attractive destination for investors

The Deputy Prime Minister said from an underdeveloped economy, devastated by war, Việt Nam has risen to become the 33rd largest economy in the world with the size of the economy increasing about 60 times compared to the period before renewal.
Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Dũng’s message to Việt Nam’s business community was clear: the private sector must continue to evolve and innovate to maintain its role as a key driver of economic development in the face of new global challenges.
Positive economy growth forecast in 2025, but caution remains

Positive economy growth forecast in 2025, but caution remains

Growth is expected to moderate from 7.5 per cent year-on-year in H1 to 6.1 per cent in H2, driven by increased business activity and sustained foreign investment.
Labour market to see changes in key industries

Labour market to see changes in key industries

It is anticipated that the technology, renewable energy and logistics sectors would continue to expand rapidly in 2025.
Mobile Version