Vietnam receives over 17 billion USD in remittances

Vietnamese abroad sent home 17.2 billion USD worth of remittances in 2020, making Vietnam the third-largest remittance recipient in the East Asia and Pacific region.

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This represents a rise of nearly 3 per cent over 2019, a very positive result compared to the previous forecast in the context of the COVID-19 pandemic.

According to the World Bank, Vietnam came after China in remittances, which received 59.5 billion USD, while the Philippines raked in nearly 35 billion USD.

With remittances equivalent to 5 percent of the country’s gross domestic product (GDP), Vietnam was among the top 10 countries in the region by the share of GDP.

The main drivers for the steady flow included a shift in flows from cash to digital and cyclical movements in oil prices and currency exchange rates, among others./.

VNA