The flow of overseas remittances to Ho Chi Minh City reached 5.1 billion USD in the first nine months of 2021, up 22 percent year on year, the State Bank of Vietnam’s Branch in the city has reported.

Remittance flows from Vietnamese expatriates working abroad are predicted to remain resilient throughout the rest of the year, with the country’s central bank keeping its policy steady for now.

Immigrants have sent roughly US$75 billion in remittances to the country in the past five years.

Remittances to Vietnam are set to fall for the first time since 2009 to $15.7 billion this year over Covid-19 impacts.

Remittances flows into Ho Chi Minh City reached 4 billion USD in the first nine months of 2020 despite impacts of COVID-19 pandemic, representing a rise of 2 percent over the same period last year, according to a municipal official.

The Covid-19 pandemic is badly damaging developing countries' economies in a number of ways.

The amount of overseas remittances, or ‘kieu hoi’ as called by Vietnamese, continues to increase, which shows that people see great business opportunities in the country.

With the market warming up at the end of last year, the number of real estate deals has also been on the rise thanks to soaring remittances.

As global remittances hit record highs, a new report by UniTeller of low-income adults in Vietnam reveals the value of monthly remittances from family and friends working abroad now averages ten times of the monthly incomes of recipients.