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Remittances sent to HCM City fall in first four months

Remittances sent to Ho Chi Minh City reached 1.8 billion USD in the first four months of this year, down 2 percent year-on-year, said the State Bank of Vietnam branch in the city.
Remittances sent to HCM City fall in first four months ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Remittances sent to Ho Chi Minh City reached1.8 billion USD in the first four months of this year, down 2 percentyear-on-year, said the State Bank of Vietnam branch in the city.

The figure is forecast to drop sharply this year due to theimpacts of COVID-19.

The World Bank has also predicted that global remittancesthis year will slump by about 20 percent, with East Asia and Pacific down 13percent because of falling capital inflows from the US - its largest source ofremittances.

Vietnam was the third largest recipient of remittances in East Asia and thePacific last year, so the country will certainly be affected, experts said./.
VNA
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