Vietnam listed among world's top 10 remittance recipients in 2019

The amount is projected to slightly increase from $16 billion in 2018 and equivalent to 6.4 percent Vietnam's GDP of this year. The ratio shows that remittances continue to be one of important income sources of the economy.

India is expected to top the 2019 ranking with over $82.2 billion, or 2.8 percent of its GDP. China is second biggest remittance receiver with nearly $70.3 billion, or 0.5 percent of its GDP.

According to World Bank’s report, total remittance flows to low and middle income countries are projected to reach $551 billion this year and $574 billion in 2020 and $597 billion by 2021.

Growth of remittance flows slows to 4.7 percent in 2019 compared to a robust 8.6 percent in 2018, affected by cyclical factors including economic growth in source countries, the price of oil, and variations in exchange rates.

Approximately a half of remittance flows to the countries is estimated to originate in countries where US dollar is the main currency or the local currency is closely linked to the US dollar.

The rest are denominated in other countries from Euro-zone economies, United Kingdom, Russia, Canada, and Australia.