According to Nguyen Hoang Minh, Deputy Director of the Ho Chi Minh City branch of the State Bank of Vietnam, remittances primarily flowed to production and business.
He stated that such money helps not only to support the city’s economic development but also to stabilise the supply of foreign currency in the city and Vietnam in general.
It is projected that remittances to Ho Chi Minh City this year will reach US$6.5 billion, up 6.5% from that of 2020, which recorded US$6.1 billion.
In a report in May, the World Bank updated its figure on remittances to Vietnam in 2020 from US$15.7 billion to US$17.2 billion, with Vietnam continuing to be among the ten largest remittance recipients in the world.
In the Asia-Pacific, Vietnam ranked third after China and the Philippines.
In terms of remittances relative to the economy, Vietnam was also among the global top ten with remittances in 2020, equivalent to 5% of the country’s gross domestic product.
