Remittances to HCMC rise nearly 40% in Q3
Remittances to HCMC reached more than US$2.83 billion in the third quarter, up 39.5% from the previous quarter and 3.6% year-on-year.
Remittance inflows to Ho Chi Minh City (HCMC) surged nearly 40% in the third quarter, marking a positive shift after two consecutive quarters of declines. This recovery comes as cumulative remittances since the start of the year remain below the same period from 2025. Asia continues to be the primary source of these funds, accounting for 59.1% of total remittances to HCMC, with nearly $1.68 billion sent from the region.
The Americas follow as the second-largest donor, contributing $748.5 million or 26.4% of the total. Remittances from Europe and Oceania amounted to $222.1 million and $173.2 million, respectively.
Notably, economic organizations handling foreign currency transfers received the largest share of remittances, managing over $2.2 billion, or 77.7% of the total. This sector saw a 58.5% increase from the previous quarter. In contrast, remittances via credit institutions dropped slightly by 1.6% to $631.4 million.
Deputy Director of the SBV Regional Branch 2, Tran Thi Ngoc Lien, attributes the recovery to the Asian market, specifically citing the Korean won's appreciation against the U.S. dollar as a contributing factor. Seasonal factors also played a role, with increased demand for transfers aimed at supporting domestic investments and consumption as the year-end approaches.
Despite the improvement in the third quarter, remittances to HCMC still lag behind the same period from 2025, with cumulative inflows reaching nearly $6.87 billion by September 2026, a 13.8% year-on-year decline. Nonetheless, this quarter's surge in remittances has significantly reduced the cumulative decline from 22.8% in the first half of the year.
The SBV Regional Branch 2 predicts that remittances to HCMC could reach between $9.5-9.8 billion for the entire year of 2026, falling short of the $10.3 billion recorded in 2025. The continued recovery in remittance inflows is expected to persist, aiding in meeting the growing demand for foreign currency as peak production, business activities, imports, and holiday and Lunar New Year spending commence.
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