Vietnam: Remittances increase sharply prior New Lunar Year Festival despite the pandemic’s impact

Bank employees counting money at a branch in Hanoi.

The State Bank of Vietnam has just announced that the number of remittances sent to Vietnam in 2021 hit about $12.5 billion, up 10% on the year.

Previous statistics in November 2021 of the World Bank said that, although the COVID-19 pandemic has had a great impact on the economies of countries, Vietnam is still one of the 10 largest remittance recipient countries in 2021, with about $18.1 billion, accounting for 4.9% of Vietnam’s GDP.

According to the State Bank of Vietnam, in the period approaching Tet, the inflow of remittances to the country is increasing. And to attract overseas Vietnamese to send money home, banks such as Sacombank, ACB, and Eximbank have implemented gift giving, promotions, and lucky draw programs when customers use the remittance service from the first day of 2022.

A representative of the State Bank said that about 28% of remittances sent to Vietnam are transferred through international money transfer companies, 70% through credit institutions, and 2% by post.

Particularly in Ho Chi Minh City, data from the State Bank of Vietnam shows that the city received remittances of about $6.5-6.6 billion in 2021. Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that the amount of remittances flowing to the southern largest economic center is mainly to support families affected by the COVID-19 pandemic. -19 and invest in different channels, including the stock market. (Translated)


Kasse animation 7.8.2023