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Remittances to Ho Chi Minh City reach US$3.2 billion in first half of 2021

by NDO09 July 2021 Last updated at 11:29 AM

Remittances to Ho Chi Minh City this year are expected to reach US$6.5 billion.
Remittances to Ho Chi Minh City this year are expected to reach US$6.5 billion.

VTV.vn - Remittances sent to Ho Chi Minh City in the first six months of 2021 were estimated at US$3.2 billion, up 22.34% year-on-year despite COVID-19’s impacts on many economies around the world.

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.

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