Remittances sent to HCM City fall in first four months

Remittances sent to Ho Chi Minh City reached US$1.8 billion in the first four months of this year, down 2% year-on-year, said the State Bank of Vietnam branch in the city.

remittances sent to hcm city fall in first four months hinh 0
Illustrative image (Photo: VNA)

The figure is forecast to drop sharply this year due to the impact of COVID-19.

The World Bank has also predicted that global remittances this year will slump by about 20%, with East Asia and Pacific down 13% because of falling capital inflows from the US - its largest source of remittances.

Vietnam was the third largest recipient of remittances in East Asia and the Pacific last year, so the country will certainly be affected, experts said.

VNA