Remittances to Vietnam up 10% this year to US$12.5 billion
VOV.VN - Vietnamese nationals abroad have sent home some US$12.5 billion this year, a year-on-year increase of 10%, according to the State Bank of Vietnam (SBV).
"In 2019, remittances to Vietnam were affected, but they have grown steadily since last year," said a SBV official at a press briefing on December 28.
"This is an important source of capital to help stabilize Vietnam's foreign exchange market and reserve foreign exchange," he added.
About 28% of the remittances was channeled through international money transfer companies, 7% via credit institutions and 2% by post, the SBV revealed.
Ho Chi Minh City has received the highest source of remittances, accounting for about 30%, followed by other localities in the central, northern and western regions.
The World Bank earlier forecast that Vietnam's remittances this year would amount to US$18 billion, ranking third in the East Asia - Pacific region and eighth in the world.