In the third quarter, remittances to Ho Chi Minh City increased by nearly 40 %. This is the first quarter of positive annual growth for the city this year, and it helped narrow the overall nine‑month decline. Understanding why this rebound happened is important for anyone following Vietnam’s economy.

The rise follows two consecutive quarters of year‑on‑year drops, first 16.9 % and then 27.9 %. Those declines had kept total inflows below last year’s level, so the Q3 improvement signals a notable turnaround.

Asia stayed the biggest source, sending $1.68 billion – about 59 % of all remittances to Ho Chi Minh City in Q3. This regional flow was identified as the main driver of the rebound.

Deputy Director Tran Thi Ngoc Lien explained that the Korean won’s appreciation against the U.S. dollar lifted the value of money sent from Korea, adding to the inflow. She also pointed out seasonal factors, such as higher demand for transfers to fund domestic investment and consumption before the year‑end.

Overall, the Q3 surge was powered by strong Asian transfers, a favorable currency move, and seasonal spending needs. These forces together pushed remittances up almost 40 % after a period of decline.