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.
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./.
Remittance flows into Ho Chi Minh City in the first nine months of the year were estimated at around 3.8 billion USD, a year-on-year increase of 7 percent.
Remittances to Ho Chi Minh City are expected to reach some 5.3 billion USD in 2019, a year-on-year surge of 9 percent, despite unfavourable global financial and monetary market, according to Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh.
Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.
Remittance flows into Vietnam are expected to reach 16.7 billion USD in 2019, Vice Chairman of the State Committee for Overseas Vietnamese Affairs (SCOVA) Luong Thanh Nghi cited statistics of the World Bank at a meeting with the press in Hanoi on December 26.
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Illustrative image (Photo: VNA) 
