Remittances sent to Ho Chi Minh City reached US$1.8 billion in the first four months of this year, down 2% year-on-year, said the State Bank of Vietnam branch in the city.

Illustrative image (Photo: VNA) 

The figure is forecast to drop sharply this year due to the impact of COVID-19.

 The World Bank has also predicted that global remittances this year will slump by about 20%, with East Asia and Pacific down 13% because of falling capital inflows from the US - its largest source of remittances.

 Vietnam was the third largest recipient of remittances in East Asia and the Pacific last year, so the country will certainly be affected, experts said.