Five-month overseas remittances to HCMC touch US$2.3 billion

The State Bank of Vietnam – Ho Chi Minh City Branch said that by the beginning of June this year, overseas remittances transferred to the city reached US$2.3 billion, a decrease of 1.9 percent over the same period last year.
Last year, the total overseas remittances to HCMC hit $5.3 billion. Due to the impacts of the Covid-19 pandemic, it is forecasted that overseas remittances to the city will be lower this year.

Money transfer companies in the city said that overseas remittances in the first two quarters of this year dropped significantly, especially from labor export markets, namely Japan, Taiwan (China), and South Korea, and traditional markets, including the US, the UK, Canada, and Australia.

The World Bank also forecasted that the global remittances will decline by 20 percent because of the Covid-19 pandemic, of which, the East Asia and Pacific region will experience a reduction of 13 percent.

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