HCM City remittances up 22pct to $5.1b

27-Oct-2021 Intellasia | VNS | 5:02 AM Print This Post

Foreign remittances to HCM City in the first nine months of the year were worth $5.1 billion, a 22 per cent increase year-on-year.

Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s HCM City branch, said the growth rate is impressive considering the impact of COVID-19 on the global economy.

Overseas Vietnamese have faced difficulties travelling abroad or back to Vietnam for the past two years due to the pandemic, and so “they might be having more savings than before,” he suggested.

Most of the remittances was money sent back by overseas Vietnamese to their families to help them get through the pandemic or to invest in business activities, he said.

The main sources remained the US, Australia, Canada, and Europe, he said.

Total remittances this year could increase by 12 per cent from last year’s $6.1 billion, he said.

Last year remittances topped $17.2 billion, making Vietnam the third largest receiver in the East Asia and Pacific region.



Category: Finance, Vietnam

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