Remittances sent to Vietnam in 2020 hits $17.2 billion, up 3% year on-year

Bich Phuong Tuesday | 05/18/2021 11:05

Photo: Reuters

Vietnamese abroad sent home $17.2 billion remittances in 2020, making the country the third-largest remittance recipient in the East Asia and Pacific region, according to data released by the World Bank.

The 3% growth represents a positive result compared to the previous forecast in the context of the COVID-19 pandemic. Earlier, the World Bank estimated that remittance flow to Vietnam in the first 10 months of 2020 fell by 7%.

The Southeast Asian country came after China in remittances last year which received $59.5 billion, while the Philippines raked in $34.9 billion.

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

Despite the COVID-19 pandemic, remittance flows remained resilient in 2020, registering a smaller decline than previously projected, according to the World Bank.

The main drivers for the steady flow included fiscal stimulus that resulted in better-than-expected economic conditions in host countries, a shift in flows from cash to digital and from informal to formal channels, and cyclical movements in oil prices and currency exchange rates, the brief wrote.

Same category news

Hot news of the day

Latest news