Overseas remittances to HCMC merely at US$1.8 billion in first four months

The State Bank of Vietnam – Ho Chi Minh Branch said that in the first four months of this year, overseas remittances transferred to Ho Chi Minh City merely reached US$1.8 billion, down 2 percent compared to the same period last year.
Accordingly, it is forecast that overseas remittances to the city this year will drop drastically compared to last year due to the impacts of the Covid-19 pandemic.

Earlier, the report by the World Bank also predicted that the global remittances will reduce by about 20 percent, of which the East Asia and Pacific region will see a decrease of 13 percent. The main reason is a decline in the cash flow from the US – the largest source of remittances of this region.

Due to the influence of the pandemic, many workers lost their jobs and had to stay home temporarily and business activities were hindered, causing the number of remittances transferred to their relatives to drop. Based on this information, experts forecast that overseas remittances to Vietnam this year will be affected as the country is the third-largest remittance recipient in the East Asia and Pacific region.

By Nhung Nguyen – Translated by Thuy Doan

Other news