Remittance inflows to Ho Chi Minh City is forecast to increase by 0.82% to US$5.5 billion this year, according to the State Bank of Viet Nam’s branch in HCMC.

Nguyen Hoang Minh, Deputy Director of the central bank’s branch in HCMC said that overseas remittance to the city was about US$ 4.7 billion in the first ten months.

Last April, the World Bank said global remittances were projected to decline sharply by about 20% in 2020 due to the economic crisis induced by the Covid-19 pandemic and shutdown. 

It predicted that remittance to Viet Nam could drop by over 7% to US$15.7 billion this year, the first reduction since 2010. However, the country still ranked third in East Asia and Pacific regions in terms of remittance volume, only after China and the Philippines.

By the end of 2019, overseas remittances to Viet Nam totaled US$167 billion./.