Overseas remittances to Ho Chi Minh City continue to see upturn

Lenh said that the amount of remittances sent to the southern city in the reviewed period is equivalent to 54.7% compared to the entirety of last year.

Overseas remittances to the city in the second quarter of the year stood at more than US$2.3 billion, down 19.5% compared to the first quarter but up 4.2% against the same period from last year.

Most notably, remittances from Asia still accounted for the highest proportion with 56.1%, representing a rise of 48.5% on-year.

Lenh pointed out that both workforce and labour market factors continue to exert a positive impact on the amount of remittances transferred from the region during the six-month period.

However, he proposed a number of solutions aimed at attracting and using overseas remittances effectively, including improvements made to the investment climate and the overall quality of remittance payment services.

Furthermore, he underscored the importance of the efficient use of remittances in developing production activities, high-quality education and healthcare services, and promoting the microfinance model for the agricultural sector.

Experts expressed their belief that the enforcement of the Law on Real Estate Business (amended) from August 1 will allow overseas Vietnamese to invest in the real estate sector, which can be viewed as a positive factor in attracting further remittances to Ho Chi Minh City in particular, as well as Vietnam in general, in the near future.