Remittance to Vietnam tops $12bn in 2015: World Bank

Vietnam received a total inward remittance of over US$12 billion in 2015, according to a report by the World Bank.

The Work Bank said in the Migration and Remittances Factbook 2016 that inward remittance flows to the Southeast Asian country topped $12.248 billion this year.

The nation is the 11^th biggest remittance recipient worldwide and ranks third in the Asia Pacific region, following China and the Philippines, Sai Gon Tiep Thi newspaper said, quoting the World Bank.

About $7 billion of Vietnam’s inward remittance this year came from the United States, leading to the Asian country ranking ninth among those receiving dollars from the North American nation.

The report also listed the inbound remittances of Vietnam in 2014, 2013 and 2012 as $12 billion, $11 billion and $10 billion respectively.

The remittance sent to Vietnam in the last 25 years has increased by about $105 billion, the Central Institute for Economic Management under the Vietnamese Ministry of Planning and Investment was quoted by Sai Gon Tiep Thi as saying.

The United States was the largest remittance source country, with an estimated $56 billion in outward flows in 2014, followed by Saudi Arabia ($37 billion) and Russia ($33 billion), the World Bank cited its findings in a press release on December 18.

India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion) and the Philippines ($30 billion).

International migrants will send $601 billion to their families in their home countries this year, with developing nations taking in $441 billion, the World Bank said.

The Migration and Remittances Factbook 2016 was produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development initiative, according to the press release.

The report provides a brief on the latest statistics on immigration, emigration, skilled emigration, and remittance flows for 214 countries and territories, which were collected from various data sources, including national censuses, labor force surveys, and population registers.

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