Vietnam receives US$16.7 billion of remittances in 2019

SGGP

According to statistics by the World Bank (WB), overseas remittances transferred to Vietnam are estimated at US$16.7 billion in 2019, an increase of 4.4 percent compared to that in 2018.

The average remittance level in the period from 2016 to 2019 was 2.33 times higher than that of the period from 1999 to 2015 and 34.7 times higher than that of the period from 1993 to 1998.

Hence, remittances flows to Vietnam have continuously risen year by year, only dropped in 2009 as it was the first year of the financial crisis and global economic recession.

The State Bank of Vietnam – Ho Chi Minh City Branch said that overseas remittances to the city reached $5.3 billion, an increase of 12 percent compared to that in 2018. Of which, remittances in the last three months of 2019 accounted for nearly 30 percent of the total remittances of the whole year.

The WB’s statistics also showed that 72 percent of remittances were for investment in production and business; nearly 22 percent for investment in real estate; and the rest was financial aid for relatives.

By Nhung Nguyen – Translated by Thanh Nha

 

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