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

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.