Overseas remittances sent to Ho Chi Minh City reached US$2.3 billion this year to early June, down 1.9% year-on-year, said the municipal branch of the State Bank of Vietnam.

The 2019 figure hit US$5.3 billion, which is forecast to decrease this year due to the impact of COVID-19.

The local remittance companies said remittances in the first two quarters dropped significantly, especially those from major labour export markets of Vietnam such as Japan, Taiwan (China), and the Republic of Korea and traditional markets like the US, the UK, Canada and Australia.

The World Bank also predicted that the global remittances will decline by about 20% this year due to COVID-19. The East Asia and Pacific is expected to see a 13% decrease.