Vietnam in global top 10 for foreign remittances

April 16, 2014 | 08:18

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The World Bank (WB) has announced Vietnam is among the top ten overseas remittance recipients in the world, receiving US$11 billion last year alone.

WB reported that overseas remittances hit US$542 billion globally last year and are expected to rise to US$581 billion in 2014 and US$681 billion in 2016.

India topped the list with US$70 billion, followed by China (US$60 billion), the Philippines (US$25 billion), and Mexico (US$22 billion).

Vietnam ranked ninth with US$11 billion.

Top nine countries remained the same compared to the previous year. In 2012, Vietnam came ninth with US$10 billion remitted.

In terms of remittances as a share of GDP, the top recipients were Tajikistan (52%), Kyrgyz Republic (31%), and Nepal and Moldova (both 25%).

Remittances in Eastern Asian and Asia-Pacific regions were estimated to grow by 4.8% in 2013 to US$112 billion. Thailand, Vietnam and the Philippines saw the highest growth thanks to a large number of their guest workers.

By 2015, workers can travel freely among ASEAN countries, driving regional remittances to a projected US$148 billion in 2016.

The WB forecast that global remittances will surge strongly in the short-term.

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