Overseas remittances transferred to HCMC reach US$6.1 billion

According to the State Bank of Vietnam - Ho Chi Minh City Branch, although the global economy was negatively affected by the Covid-19 pandemic, the number of overseas remittances transferred into the country through HCMC-based credit institutions was US$6.1 billion last year, up 12 percent compared to that of $5.5 billion in 2019.
The above figure surpasses about $600 million compared to the forecasts of financial institutions.

In recent years, overseas remittances to HCMC have advanced by an average of 8-10 percent per year, mainly from the US, Europe, Australia, and Taiwan (China). The US accounts for a large proportion because there are many expatriates in this market, and these people mainly come from Southern provinces, especially HCMC. Therefore, the number of foreign remittances transferred to HCMC usually accounts for about 30-40 percent of the country's overseas remittances.

By Hanh Nhung – Translated by Thuy Doan

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