Foreign remittances to HCM City rose to a new high of US$9.6 billion in 2024, a $140 million increase from the previous year. VNS Photo Bồ Xuân Hiệp

HCM CITY – Following 2023, remittances to HCM City rose to a record again of US$9.6 billion last year, the State Bank of Vietnam has said.

Speaking at a meeting earlier this month, Nguyễn Đức Lệnh, deputy director of the central bank’s city office, said they were up $140 million from 2023 and accounted for more than half of the country’s total remittances.

Nguyễn Đức Đăng Quang, finance head of Vietcombank Remittance, said his company had received $1.9 billion.

The flows were relatively steady through the year compared to 2023, with just a slight decrease in the last quarter due to high exchange rates and year-long inflation, he said.

The remittances came mostly from South Korea, Japan and Taiwan (China), which host many Vietnamese guest workers, he added.

The SBV said it has instructed credit institutions to strengthen inspections and oversight so that foreign exchange activities comply with regulations.

Banks authorised to carry out foreign exchange transactions must ensure that their branches fully follow regulations, it said.

There is usually high demand for foreign currencies during the Tết (Lunar New Year) holidays, which begin this year on January 29.

Banks must carry out regular and surprise inspections of authorised forex agents to ensure safe and compliant operations, the SBV said.

They should also inform customers about forex regulations and regularly update their list of exchange agents.

Lệnh added that credit institutions would severely penalise infringements. – VNS