Overseas remittances to HCMC reach US$4.7 billion in first ten months
It is expected that the overseas remittances to the city in 2020 would reach US$5.5 billion, an increase of 8 percent compared with the same period in 2019.
According to the World Bank (WB), overseas remittances to Vietnam reached US$16.7 billion in 2019 nearly US$16 billion in 2018 US$13.8 billion in 2017 and US$1188 billion in 2016 respectively.
WB predicted that the amount of global remittances in 2020 will decrease by around 20 percent due to the Covid-19 pandemic, of which the East Asia and Pacific region will see a decrease by 13 percent, mainly due to the decline in cash flow from the United States which is considered to be the main source of remittances in the areas.
By Nhung Nguyen – Translated by Huyen Huong