Viet Nam among world’s 10 biggest recipients of remittances
Viet Nam among world’s 10 biggest recipients of remittances
Viet Nam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).
Despite the COVID-19 pandemic’s major impacts on the global economy over the last two years and growing inflation in many countries, remittance flows into Viet Nam remained relatively stable compared to previous years, the report noted.
Total remittances to Viet Nam increased by nearly 5 per cent in 2022 and may go up 3.6-4.5 per cent in the following years after growing 5 per cent in 2021, according to statistics of WB and KNOMAD.
Last year, the value rose about US$1 billion to approximate $19 billion, making the country one of the three biggest recipients in the Asia-Pacific and among the top 10 globally in terms of remittances.
Some banks perceived that the growing remittance inflows will help them not only gain more profits from services but also boost foreign exchange reserves, serving Viet Nam’s foreign currency attraction policy.
Among remittance sources, the US houses the largest number of Vietnamese immigrants, followed by the UK, Australia, and Canada. Meanwhile, Japan, South Korea, and Taiwan (China) post the most number of workers from Viet Nam.
