Vietnam second in Southeast Asia remittance ranking

Vietnam ranked second in the Southeast Asian region for overseas remittance with 10 billion USD in 2012, according to the latest report issued by the World Bank.

Vietnam ranked second in the Southeast Asian region for overseas remittance with 10 billion USD in 2012, according to the latest report issued by the World Bank (WB).

Illustrative image. Photo: Reuters

The Philippines topped the list with 24.45 billion USD. Indonesia came third with 7.2 billion USD, followed by Thailand (4.12 billion USD), Malaysia (1.27 billion USD) and Myanmar (0.56 billion USD).

On the global scale, Vietnam ranked ninth, while India came on top with 69 billion USD.

According to the WB, remittance to Southeast Asian countries totalled 47.96 billion USD in 2012, up 8.43 percent over the previous year, but far lower than the recorded 109 billion USD.

Remittance to developing countries is expected to grow on average 8.8 percent per annum for the next three years and is forecast to reach 515 billion USD in 2015.

Since 2000, overseas remittance flow to developing countries has increased fourfold.