(VOVWORLD) -Vietnamese nationals abroad have sent home some 12.5 billion USD this year, a year-on-year increase of 10%, according to the State Bank of Vietnam (SBV).
"In 2019, remittances to Vietnam were affected, but they have grown steadily since last year," said a SBV official at a press briefing on Wednesday. "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 18 billion USD, ranking third in the East Asia - Pacific region and eighth in the world.