Illustrative image. (Photo: Vietnamplus) Hanoi (VNA) – Oversea remittances to Ho Chi Minh City were worth 3.2 billion USD inthe first six months of this year, despite the COVID-19 pandemic roiling onmany economies around the world.
NguyenHoang Minh, deputy director of the State Bank of Vietnam’s HCM City branch,said the figure represented a 22.34 percent increase year-on-year.
Thiswas a positive growth at a time when the COVID-19 pandemic has seriouslyaffected the global economy, he said, adding that theremittances were mostly poured into production and business activities.
The money flow has not only supported the city’s economic development but also contributed to stabilising the supply of foreign currency in the city and Vietnam in general, Minh said.
Itis forecast that remittances to HCM City will reach 6.5 billion USD this year,up 6.5 percent compared to last year’s figure which stood at 6.1 billion USD.
Vietnameseabroad sent home 17.2 billion USD worth of remittances in 2020, making thecountry the third-largest remittance recipient in East Asia andPacific region, according to the Migration and Development Brief releasedearlier in May by the World Bank and the Global Knowledge Partnership onMigration and Development (KNOMAD).
Thisrepresents a rise of nearly 3 percent over 2019, a very positive resultcompared to the previous forecast in the context of the COVID-19 pandemic.
Vietnamcame after China in remittances last year which received 59.5 billion USD,while the Philippines raked in 34.9 billion USD.
With remittances equivalentto 5 percent of the country’s gross domestic product (GDP), Vietnam was amongthe top 10 countries in the region by the share of GDP./.
NguyenHoang Minh, deputy director of the State Bank of Vietnam’s HCM City branch,said the figure represented a 22.34 percent increase year-on-year.
Thiswas a positive growth at a time when the COVID-19 pandemic has seriouslyaffected the global economy, he said, adding that theremittances were mostly poured into production and business activities.
The money flow has not only supported the city’s economic development but also contributed to stabilising the supply of foreign currency in the city and Vietnam in general, Minh said.
Itis forecast that remittances to HCM City will reach 6.5 billion USD this year,up 6.5 percent compared to last year’s figure which stood at 6.1 billion USD.
Vietnameseabroad sent home 17.2 billion USD worth of remittances in 2020, making thecountry the third-largest remittance recipient in East Asia andPacific region, according to the Migration and Development Brief releasedearlier in May by the World Bank and the Global Knowledge Partnership onMigration and Development (KNOMAD).
Thisrepresents a rise of nearly 3 percent over 2019, a very positive resultcompared to the previous forecast in the context of the COVID-19 pandemic.
Vietnamcame after China in remittances last year which received 59.5 billion USD,while the Philippines raked in 34.9 billion USD.
With remittances equivalentto 5 percent of the country’s gross domestic product (GDP), Vietnam was amongthe top 10 countries in the region by the share of GDP./.
VNA
