According to ESOMAR market research:
Vietnamese remittances increase before Tet
Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son said that remittances are
an important resource for the country, and the total amount of remittances in 2024 is expected
to reach 16 billion USD, equivalent to the level of 2023.
Tet is the time when remittances to the country increase. To capture this demand,
many commercial banks also launch promotional activities to attract remittances.
Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son said that remittances
are an important resource for the country, and the total amount of remittances received in
2024 is expected to reach 16 billion USD, equivalent to the level of 2023.
According to data from the State Bank of Vietnam, Ho Chi Minh City Branch, the amount
of remittances transferred to the country through credit institutions and economic organizations
reached 9.6 billion USD, accounting for about 60% of the total amount of remittances in the country,
an increase of 140 million USD compared to the same period last year. last year.
In the first 20 days of 2025, the amount of remittances received by Ho Chi Minh City reached
nearly 493 million USD. Since the beginning of 2024, the cumulative amount of remittances
received has reached nearly 10.04 billion USD. Remittances from Asia accounted for the highest
proportion, accounting for nearly 54% of the total remittance income of Ho Chi Minh City,
an increase of 24% compared to the same period last year. Of which, remittances from Oceania
increased by 20%, America increased by 4.4% and Europe decreased by 9%.
According to the State Bank of Vietnam, Ho Chi Minh City Branch, 74% of the money transferred
to Ho Chi Minh City was sent through many foreign money transfer companies and 26% through
credit institutions. Many economists believe that Vietnam has introduced a policy to attract
remittances to invest in many projects and develop the economy. In addition, credit institutions
have also actively invested in technology and services to facilitate the sending and receiving of remittances,
especially during Tet.
The 16 billion USD repatriated from abroad to Vietnam in 2024 is considered an important source
of foreign exchange in the market, meeting domestic demand and helping to ensure the relationship
between foreign exchange supply and demand. Remittances and foreign direct investment funds
have helped Vietnam own resources, maintain stable foreign exchange policies and increase national
foreign exchange reserves.
To effectively attract foreign exchange, some experts believe that it is necessary to continue to improve
policies and mechanisms to facilitate remittance senders and recipients, and at the same time have
policies to support and encourage overseas Chinese to return home. invest and operate, etc.
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