The State Bank of Vietnam (SBV) roughly estimated that remittances inflow to Vietnam reached $12.5 billion in 2021.

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).

Remittances transferred to HCM Cịty last year reached a record US$6.1 billion, an increase of 12 per cent year on year.

Inward remittances to Vietnam topped US$15.7 billion last year, the ninth highest in the world.

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

Overseas remittances to Vietnam this year have been forecasted to fall by 17% this year due to the Covid-19 pandemic, according to a local economist.

Overseas remittances to HCM City were estimated to reach $3.45 billion in the first eight months of this year, according to the State Bank of Vietnam’s HCM City branch.