Overseas remittances to HCM City up 22 percent despite COVID-19
The flow of overseas remittances to Ho Chi Minh City reached 5.1 billion USD in the first nine months of 2021, up 22 percent year on year, the State Bank of Vietnam’s Branch in the city has reported.
HCM City (VNA) –The flow of overseas remittances to Ho Chi Minh City reached 5.1 billion USD inthe first nine months of 2021, up 22 percent year on year, the State Bank ofVietnam’s Branch in the city has reported.
This is considered animpressive growth rate as the COVID-19 pandemic has badly affected the globaleconomy over the past two years.
It is estimated that this year's overseas remittancesto the southern largest economic hub are 10-12 percent higher than last year’sfigure of 6.1 billion USD.
Vice Director of the SBV Branchin HCM City Nguyen Hoang Minh said the main sources of overseas remittances tothe city in the first three quarters remained the US, Australia, Canada and Europe.
Vietnamese abroad sent home 17.2billion USD worth of remittances in 2020, making the country the third-largestremittance recipient in the East Asia and Pacific region, according tothe Migration and Development Brief released in May 2021 by the World Bank andthe Global Knowledge Partnership on Migration and Development (KNOMAD).
This represents a rise of nearly 3percent over 2019, a very positive result compared to the previous forecast inthe context of the COVID-19 pandemic.
With remittances equivalent to 5 percent of thecountry’s gross domestic product (GDP), Vietnam was among the top 10 countriesin the region by the share of GDP./.
The Ho Chi Minh City Committee for Overseas Vietnamese (OV) Affairs must continue to perform well in implementing State management over OVs in the city, giving advice on caring for poor Vietnamese abroad and connecting city leaders and OVs, and strengthening communications on Party and State policies and laws among the community, a city leader has said.
Despite the impact of the COVID-19 pandemic, overseas remittances to Ho Chi Minh City reached a record high of 6.1 billion USD last year, up more than 15 percent from 2019, a city leader told a meeting on March 18.
Overseas remittances to Ho Chi Minh City rose 10 percent year-on-year to 1.45 billion USD in the first quarter of 2021, according to the municipal Committee for Overseas Vietnamese Affairs.
Ho Chi Minh City received 1.45 billion USD of overseas remittances in the first three months of this year, up 10 percent over the same period last year, reported the city Committee for Overseas Vietnamese Affairs.
Vietnamese abroad sent home 17.2 billion USD worth of remittances in 2020, making the country the third-largest remittance recipient in the East Asia and Pacific region, according to the Migration and Development Brief released earlier this week by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).
Oversea remittances to Ho Chi Minh City were worth 3.2 billion USD in the first six months of this year, despite the COVID-19 pandemic roiling on many economies around the world.
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Illustrative image. (Photo: VNA) 
