Illustrative image. – Photo: VNA

"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.

Source: VOV

Remittances to Vietnam to grow despite pandemic

Remittances to Vietnam to grow despite pandemic

The World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that remittances to Vietnam are estimated at US$18.1 billion in 2021.