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Overseas remittances to HCM City up 22 percent despite COVID-19

The flow of overseas remittances to Ho Chi Minh City reached 5.1 billion USD in the first nine months of 2021, up 22 percent year on year, the State Bank of Vietnam’s Branch in the city has reported.
Overseas remittances to HCM City up 22 percent despite COVID-19 ảnh 1Illustrative image. (Photo: VNA)
HCM City (VNA) –The flow of overseas remittances to Ho Chi Minh City reached 5.1 billion USD inthe first nine months of 2021, up 22 percent year on year, the State Bank ofVietnam’s Branch in the city has reported.

This is considered animpressive growth rate as the COVID-19 pandemic has badly affected the globaleconomy over the past two years.

It is estimated that this year's overseas remittancesto the southern largest economic hub are 10-12 percent higher than last year’sfigure of 6.1 billion USD.

Vice Director of the SBV Branchin HCM City Nguyen Hoang Minh said the main sources of overseas remittances tothe city in the first three quarters remained the US, Australia, Canada and Europe.

Vietnamese abroad sent home 17.2billion USD worth of remittances in 2020, making the country the third-largestremittance recipient in the East Asia and Pacific region, according tothe Migration and Development Brief released in May 2021 by the World Bank andthe Global Knowledge Partnership on Migration and Development (KNOMAD).

This represents a rise of nearly 3percent over 2019, a very positive result compared to the previous forecast inthe context of the COVID-19 pandemic.

With remittances equivalent to 5 percent of thecountry’s gross domestic product (GDP), Vietnam was among the top 10 countriesin the region by the share of GDP./.
VNA
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