Remittances to HCM City hit 6.1 billion USD in 2020
Remittances to Ho Chi Minh City still rose by 12 percent year-on-year to 6.1 billion USD in 2020 despite the COVID-19 pandemic, according to the State Bank of Vietnam’s Branch in HCM City.
Hanoi (VNA) – Remittances to Ho Chi Minh Citystill rose by 12 percent year-on-year to 6.1 billion USD in 2020 despite theCOVID-19 pandemic, according to the State Bank of Vietnam’s Branch in HCM City.
The figure is around 600 million USD higher than theforecast by financial organisations.
In recent years, remittances to the city have grown by 8-10percent on average each year, mostly those from the US, Europe, Australia andTaiwan (China).
In particular, remittances from the US to HCM City have sofar accounted for around 30-40 percent of the country’s total./.
Vietnam is one of a few countries worldwide to successfully control the COVID-19 pandemic, creating opportunities to invest in the country and attracting overseas remittances for production expansion.
Despite negative impacts of the COVID-19 pandemic, remittances Ho Chi Minh City received through commercial banks and economic organisations are forecast to reach 5.5 billion USD this year, a slight increase from 2019.
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Illustrative image (Photo: VNA) 
