Remittances to Ho Chi Minh City reach $3.2 billion in first half of 2021
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Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City Branch, said that despite the unprecedented pandemic and the new wave of the health crisis, remittances were still on an upward trajectory, playing an integral part in the locality’s economic growth.
The remittances went mainly into manufacturing and other businesses, and ensure there was no foreign currency supply volatility.
Specifically, almost all remittances came from the United States, Australia, and Canada, which are home to the largest Vietnamese communities, as well as Japan, Taiwan, and South Korea which are the main labour export markets of Vietnam.
Ho Chi Minh City also expects to receive a total of $6.5 billion of remittances for the whole year.
Last year, total remittances to Ho Chi Minh City increased 12 per cent on-year to $6.1 billion, setting a new record despite the impact of the COVID-19 pandemic.
Vietnam received $17.2 billion in remittances last year, the third-highest in the East Asia and Pacific region.
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