Ho Chi Minh City receives $5.1 bln remittances in nine months, up 22%

Khanh Minh Tuesday | 10/26/2021 14:48

Photo: Nguoi Lao Dong

Remittances sent to Ho Chi Minh City in the first nine months of the year reached $5.1 billion, an increase of 22 percent from a year ago.

Despite the negative impact of the COVID-19 pandemic, growth rate was impressive, said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s HCM City branch.

Overseas Vietnamese have faced difficulties travelling abroad or back to Vietnam for the past two years due to the pandemic, and so “they might be having more savings than before, he suggested.

Most of the remittances was money sent back by overseas Vietnamese to their families to help them get through the pandemic or to invest in business activities, he said.

The main sources remained the US, Australia, Canada, and Europe, he said.

Total remittances this year could increase by 12 percent from last year’s $6.1 billion, he said.

Last year remittances topped $17.2 billion, making Vietnam the third largest receiver in the East Asia and Pacific region.

Source: Viet Nam News