Vietnam was listed among the world’s top 10 recipients of remittances in 2017, according to the latest report by World Bank.
Vietnam received approximately 13.8 billion U.S. dollars in 2017, up 16 percent on-year, ranking the 8th in the world, based on a report of Vietnam News Agency on Friday, citing the Migration and Remittances report.
Last year, up to 60 percent of the remittances to Vietnam came from the United States, while Europe accounted for nearly 20 percent of the sum. Other major sources included China, South Korea and Japan.
Ho Chi Minh City remained the biggest recipient of remittances in Vietnam, with the inflows estimated at 5.2 billion U.S. dollars, up 4.5 percent. In the first quarter of this year alone, the city received over 1.1 billion U.S. dollars, up 4.5 percent.
According to analysts, Vietnam’s rapid economic growth and improved business environment have enhanced investors’ confidence and attracted remittances into the country.
Remittances to Vietnam hit 13.2 billion U.S. dollars in 2015, but tumbled to 9 billion U.S. dollars in 2016 before bouncing back last year.
- Source: VNS, edited by Vietnam Insider