Ho Chi Minh City remittances rise 39.5% in Q3

Remittances flowing into Ho Chi Minh City saw a significant recovery in the third quarter, reaching approximately $2.84 billion. This represents a 39.5% increase compared to the previous quarter and a 3.6% increase year-on-year, marking the first positive growth recorded this year after declines in the first two quarters.

Asia remains the primary source of these funds, accounting for 59.1% of the total, or nearly $1.677 billion. The Americas follow with $748.5 million (26.4%), while Europe and Oceania contributed $222.1 million and $173.2 million, respectively. Most transactions, totaling over $2.2 billion (77.7%), were processed through economic organizations rather than credit institutions.

According to Tran Thi Ngoc Lien of the State Bank of Vietnam, Branch Region 2, the recovery was driven by the Asian market—specifically the appreciation of the South Korean Won against the USD—and seasonal demand for investment and consumption. Despite the quarterly rebound, total remittances for the first nine months of the year remain down 13.8% compared to the same period last year due to global inflation and high USD interest rates.