HCM City receives US$6.1 billion in remittances in 2020
Vietnam was still among the world's leading remittance recipients in 2020. |
Most notably, the figure is approximately US$600 million higher than originally forecast by financial institutions.
According to the latest estimates published in the World Bank (WB)’s Migration and Development Brief late last year, remittances to Vietnam were estimated to have dropped by over 7% to US$15.7 billion, equivalent to 5.8% of GDP.
Despite this decline, Vietnam was still among the world's leading remittance recipients last year, ranking in ninth place. Indeed, the country still ranks third in East Asia and the Pacific regions in terms of remittance volume, only behind China and the Philippines.
In line with this, the WB anticipate that remittance flows to low and middle-income countries (LMICs) are projected to fall by 8% in 2021 due to the impact of the novel coronavirus (COVID-19) epidemic.
Following the rise of remittances sent to HCM City, experts have stated their belief that this increase can be put down to overseas Vietnamese sending money home in an effort to support their relatives.
Related News
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Need to effectively use tools to prevent exchange rate risks in import and export field
10:32 | 02/04/2023 Import-Export
Latest News
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
More News
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines
State visit to Vietnam by Australian Governor-General to deepen the two’s goodwill, trust: expert
14:10 | 03/04/2023 Headlines
Vietnam"s economy to grow by 6.6% this year: OECD
17:45 | 02/04/2023 Headlines
Bright outlook for Vietnamese tourism in new situation
16:52 | 02/04/2023 Headlines
Vietnam, US hold 12th Political, Security, Defence Dialogue
20:25 | 01/04/2023 Headlines
Vietnam calls for comprehensive, all-society approach to waste management
14:32 | 31/03/2023 Headlines
Many factors support foreign capital flow
13:40 | 30/03/2023 Headlines
Foreign SMEs pour capital into Vietnam
13:37 | 30/03/2023 Headlines
Leaders of aviation firms to be disciplined if employees committed wrongdoings
15:38 | 29/03/2023 Headlines
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines