In 2019, Viet Nam received US$ 16.7 billion of remittances, representing a year-on-year growth of 4.4%, according to the World Bank (WB).
Average amount of remittances in the 2016-2019 period was 2.33 times higher than that of the 1999-2015 period; 34.7 times higher than that of the 1993-1998 period.
So far, remittances serve as an important channel of foreign currency provision rather than other sources including US$ 211.5 billion of disbursed FDI, US$ 11.83 billion of international guests’ spending.
Viet Nam ranked ninth out of ten countries and territories which received the largest amount of remittances.
Statistics showed that 72% of remittances focused on production and business. Nearly 22% was given to the real estate sector. The rest targeted to support families of remittance senders.
Source: VGP