Hanoi (VNA), Feb. 16 -- Money sent from Asian countries made up 50.5% of the total overseas remittances to Ho Chi Minh City last year, Vietnam's largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)'s branch in the city.

Inward remittances to HCM City rose 43.3% year-on-year to 9.46 billion USD in 2023, a record high over the past decade and accounting for more than half of the national total.

Nguyen Duc Lenh, deputy director of the branch, said 2023 remittances were 2.7 times the volume of foreign direct investment ( FDI ) inflow into the city and equivalent to 14% of its gross regional domestic product ( GRDP ) the same year.

The flow of remittances is associated with the growing tren...