Remittances to Ho Chi Minh City still rose by 12% year-on-year to US$6.1 billion in 2020 despite the COVID-19 pandemic, according to the State Bank of Vietnam’s Branch in HCM City.

The figure is around US$600 million higher than the forecast by financial organisations.

In recent years, remittances to the city have grown by 8-10% on average each year, mostly those from the US, Europe, Australia and Taiwan (China).

In particular, remittances from the US to HCM City have so far accounted for around 30-40% of the country’s total.