Remittances Tin tức

Remittances to Ho Chi Minh City rose by 12 percent year-on-year to $6.1 billion in 2020 despite the COVID-19 pandemic, according to the State Bank of Vietnam’s Branch in HCM City.

Vietnam’s largest city received $4 billion remittances during the first nine months of the year, up two percent despite the severe impacts from the global public health crisis.

When source economies have been devastated by the impacts of COVID-19 pandemic, global remittances in 2020 are expected to drop $108,6 billion while Vietnam’s remittance is projected to fall 18.1% against 2018.

Remittances sent to Ho Chi Minh City reached $2.3 billion in the past five months, down 1.9% year-on-year, said the State Bank of Vietnam - Ho Chi Minh City Branch.

Ho Chi Minh City received $1.8 billion remittances in the first four months of this year, down 2% from a year ago, according to the State Bank of Vietnam’s HCMC branch.

Global remittances are expected to decline by about 20% in 2020, sharpest decline in history on economic crisis induced by the COVID-19 pandemic and shutdown, World Bank said in a report.

Vietnam’s biggest city is expected to receive $5.3 billion this year, an increase of 9% from a year earlier.