HCMC Remittances Hit Record High, Dwarfing Foreign Investment
HCMC pulled in USD 9.6 billion in remittances in 2024 — three times the city's FDI inflow.
[HCMC Remittances Hit Record High, Dwarfing Foreign Investment]
In 2024, Vietnam received USD 16 billion in remittances. Ho Chi Minh City alone accounted for USD 9.6 billion — more than half the national total.
The city's FDI, meanwhile, was just USD 2.28 billion. Remittances were three times larger. In an era of global economic uncertainty, steady remittance flows serve as a pillar of Vietnam's economic stability and currency resilience.
▍ Diversifying How Remittances Are Used
Ho Chi Minh City plans to diversify the use of remittance capital by issuing local government bonds to attract long-term funds. The city may also ease property purchase rules for overseas Vietnamese, channeling more money into the economy.
For now, most remittances go toward supporting families and buying real estate. How to integrate these funds more productively into the broader economy remains a policy challenge.
▍ The Remittance Connection
Taiwan, along with Japan and South Korea, is one of the top sources of Vietnamese remittances. The Vietnamese workers seen across Taiwan are not just contributing to the local economy — they are also sending money home, quietly powering Vietnam's growth.
The flow goes both ways. Taiwanese expats working in Vietnam send earnings back to Taiwan, creating a two-way economic link that strengthens ties between the two countries.
