(13th Congress) - Despite the impact of COVID-19, the total amount of remittances into Ho Chi Minh City in the Jan-Oct period was estimated at 4.7 billion USD, significantly higher than the 4.2 billion USD of the previous 9 months, said the State Bank of Vietnam (SBV) branch in the city.
HCM city receives USD4.7 billion of overseas remittances in 10 months
It is expected that remittances would be 5.5 billion USD in 2020, up 8% against 2019.
Remittances to the city have been coming into business instead of property, stocks or savings.
In recent years, they have been growing at 8-10% a year, but often depend on the global economic situation and that of overseas workers. They have been steady since the beginning of this year, and continue to come mainly from the US and Europe.
According to the World Bank (WB), remittances to Vietnam reached 16.7 billion USD in 2019, nearly 16 billion USD in 2018, 13.8 billion USD in 2017, 11.88 billion USD in 2016.
WB predicts that the amount of global remittances in 2020 will decrease by about 20% due to the COVID-19 outbreak, of which East Asia and the Pacific saw a 13% reduction mainly because of cash flow declines from the US – the biggest source of remittances of the area./.
BTA