WB report: Viet Nam remains among top 10 remittance recipients
VGP – Overseas remittance flow into Viet Nam in 2020 reached US$17.2 billion, making the Southeast Asian nation one of the top 10 remittance recipients among low- and middle-income countries, according to the World Bank's recent report.
The Department of Overseas Labor of Viet Nam's Ministry of Labor, Invalids and Social Affairs said the amount of money Vietnamese guest workers sending back to their families was estimated at US$3-4 billion each year.
The number of guest workers increased from 126,000 in 2016 to 152,000 in 2019. However, due to the COVID-19 pandemic, Viet Nam only sent 78,000 workers abroad in 2020.
Remarkably, last year, remittances sent to Ho Chi Minh Cịty - the country's biggest economic hub - reached a record US$6.1 billion, an increase of 12 per cent year-on-year.
According to the WB’s report themed “Resilience COVID-19 crisis through a migration lens”, which was released in May 2021, the United States was the largest sender in 2020, recording around US$68 billion in outflows, followed by the United Arab Emirates (US$43 billion) and Saudi Arabia (US$35 billion).
In South Asia, there was a slight moderation in the growth of remittance flows in 2020, to 5.2 percent.
