Overseas remittances to HCMC reach US$4.7 billion in first ten months

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The State Bank of Vietnam (SBV) branch in Ho Chi Minh City said that overseas remittances to Ho Chi Minh City are estimated to hit US$4.7 billion in the first ten months of the year, a significant increase compared to the first nine months of the year when it reached (US$4.2 billion).

Overseas remittances to HCMC reach US$4.7 billion in first ten months

It is expected that the overseas remittances to the city in 2020 would reach US$5.5 billion, an increase of 8 percent compared with the same period in 2019.

According to the World Bank (WB), overseas remittances to Vietnam reached US$16.7 billion in 2019, nearly US$16 billion in 2018, US$13.8 billion in 2017 and US$11.88 billion in 2016 respectively.

WB predicted that the amount of global remittances in 2020 will decrease by around 20 percent due to the Covid-19 pandemic, of which the East Asia and Pacific region will see a decrease by 13 percent, mainly due to the decline in cash flow from the United States which is considered to be the main source of remittances in the areas.

By Nhung Nguyen – Translated by Huyen Huong

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