Vietnam 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).
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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 Vietnam remained relatively stable compared to previous years, the report noted.
Total remittances to Vietnam increased by nearly 5% in 2022 and may go up 3.6 - 4.5% in the following years after growing 5% in 2021, according to statistics of WB and KNOMAD.
Last year, the value rose about US$1 billion to approximate US$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 Vietnam’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, the Republic of Korea, and Taiwan (China) post the most number of workers from Vietnam.
