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Remittances to Vietnam's Ho Chi Minh City at record $6.1 bln in 2020

February 18, 2021 | 15:28

Vietnam’s main business hub, Ho Chi Minh City, received remittances worth $6.1 billion last year, a record high and up 12% from the previous year, state media reported on Thursday.

remittance to ho chi minh city hit usd38 million in jan sep 2019 cbank Remittance to Ho Chi Minh City hit USD3.8 million in Jan-Sep 2019: cbank
vietnam among worlds top 10 remittance recipients in 2017 Vietnam among world’s top 10 remittance recipients in 2017
overseas remittances heating up for tet holiday Overseas remittances heating up for Tet holiday
2658 remittance
Photo: Giang Huy

Remittances are a key source of U.S. dollars for Vietnam, along with exports and foreign investment.

The remittances to the city are indicative of Vietnam’s total inflows and can often amount to as much as 40%-45% of all remittances to the Southeast Asian country.

The main sources of Vietnam’s remittances last year was the United States, Australia and Canada, the report said, citing a State Bank of Vietnam official.

The report cited a World Bank forecast as saying total remittances to Vietnam reached $15.7 billion last year.

Remittance flows to the East Asia and Pacific region were projected to have fallen by 11% in 2020 to $131 billion due to the adverse impact of the coronavirus pandemic, according to the World Bank.

The rise in remittances pushed Vietnam into the world’s number two slot in terms of cryptocurrency use, after Nigeria, according to a Statista survey, which said 21% of respondents in Vietnam said they used or owned cryptocurrency in 2020. - REUTERS

trumps immigration rules threaten remittances to vietnam Trump's immigration rules threaten remittances to Vietnam

Vietnam's remittances from the U.S. made up 4 percent of the country's gross domestic product in 2016.

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