Remittances sent to Ho Chi Minh city fall in first four months

Thursday, 07/05/2020 20:35
Remittances sent to Ho Chi Minh city reached USD1.8 billion in the first four months of this year, down 2 percent year-on-year.

Ho Chi Minh city launches application to evaluate COVID-19 safety

Photo for illustration (Source: tapchitaichinh.vn)

The figure was announced by the State Bank of Vietnam - Ho Chi Minh branch.

Accordingly, it is forecast that remittances to the city this year will drop drastically compared to last year due to the impacts of the COVID-19 pandemic.

Earlier, the World Bank also predicted that the global remittances will reduce by about 20 percent, of which the East Asia and Pacific region will see a decrease of 13 percent. The main reason is a decline in the cash flow from the US - the largest source of remittances of this region.

Experts forecast that overseas remittances to Vietnam this year will be affected while the country is the third-largest remittance recipient in the East Asia and Pacific region./.

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