Of the figure, remittances to the Southern metropolis through remittance companies accounted for about 74.2 percent, while those transferred via credit institutions made up 25.8 percent, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Viet Nam (SBV)'s Ho Chi Minh City branch.

Asia still remains the main source of remittances,  accounting for 53.8 percent, an increase of 24 percent against the previous year.

Meanwhile, remittances from Oceania, and American regions grew by 20 percent and 4.4 percent, respectively, but remittances from Europe decreased by 19.1 percent year-on-year.

The remittances to Ho Chi Minh City have consistently grown over the years and have accounted for around 55 percent of the total remittances to the country.

In 2024, overseas Vietnamese brought home US$16 billion in remittances, official data showed.

Nguyen explained that factors regarding human resources and labor market continued to positively impact the amount of remittances to the southern largest economic hub.

Besides, improvements in payment services from banks and remittance companies contributed to the sharp increase in the remittance flow into the city, he said, adding support policies and mechanisms rolled out by the Government and the central bank have also played a vital role in attracting remittances to the city over the past time.

The municipal People's Committee has approved the 2025-2030 overseas remittance attraction plan, targeting an average annual growth rate of over 10 percent.

The initiative aims to channel these resources primarily into local production and business, focusing on non-administrative interventions in remittance transfer and allocation./.