Overseas remittances to Vietnam continues to see increase

Despite the negative impact of the COVID-19 pandemic, the remittance flow to the country throughout 2021 reached more than US$12 billion, an increase of 10% compared to 2020, according to data published by the State Bank of Vietnam (SBV).

Despite the negative impact of the COVID-19 pandemic, the remittance flow to the country throughout 2021 surge by 10% compared to 2020.

This represents an extremely important source of capital, according to experts, the amount of remittances has served to contribute to increasing the source of foreign currency in the country whilst also helping the US$ and VND exchange rates remain stable.

Economic expert Can Van Luc assessed that the increase in remittances indicates positive signs that the world situation is recovering positively, whilst both local people and overseas Vietnamese are enjoying stable incomes once again.

Furthermore, there remains many attractive investment channels in the nation through which expatriates are keen to transfer money into the country as a means of helping their families, as well as making a profitable investment via attractive investment channels.

Some companies operating in the field of remittances attributed this increase in overseas remittances partly to the development of increasingly diversified products and services, along with reasonable remittance costs.

A SBV representative outlined that the majority of remittances sent to the country are made through credit institutions.