Remittances sent to HCM City reach 2.3 billion USD in five months
Overseas remittances sent to Ho Chi Minh City reached 2.3 billion USD this year to early June, down 1.9 percent year-on-year, said the municipal branch of the State Bank of Vietnam.
Hanoi (VNA) – Overseas remittances sent to Ho ChiMinh City reached 2.3 billion USD this year to early June, down 1.9 percentyear-on-year, said the municipal branch of the State Bank of Vietnam.
The 2019 figure hit 5.3 billion USD, which is forecast todecrease this year due to the impact of COVID-19.
The local remittance companies said remittances in the firsttwo quarters dropped significantly, especially those from major labour exportmarkets of Vietnam such as Japan, Taiwan (China), and the Republic of Korea andtraditional markets like the US, the UK, Canada and Australia.
The World Bank also predicted that the globalremittances will decline by about 20 percent this year due to COVID-19. TheEast Asia and Pacific is expected to see a 13 percent decrease./.
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.
Cambodia is to join the ranks of declining overseas worker remittances this year after the World Bank projected global remittances will decline sharply by about 20 percent in 2020 because of the economic crisis induced by the COVID-19 pandemic and consequent business shutdowns.
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.
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Illustrative image (Photo: VNA) 
