Inward remittances to Vietnam are expected at $12.25 billion this year.
Vietnam’s inward remittances are predicted to increase 2% year-on-year to $12.25 billion in 2015, being the 11th-largest remittance-receiving country, after China and the Philippines in the East Asia-Pacific region, says the Migration and Remittances Factbook 2016 of the World Bank
Group’s Global Knowledge Partnership on Migration and Development (KNOMAD) initiative.
Remittances to Ho Chi Minh City, the country’s southern metropolis, are likely to rise 10% year-on-year to $5.5 billion this year, according to the central bank’s HCM City branch.
Inward remittances to the country reached $10 billion in 2012, $11 billion in 2013, and $12 billion in 2014, according to the report. Net FDI inflows to Vietnam totaled $8.9 billion and net ODA $4.08 billion in 2013.
Vietnam’s population was 90.7 million in 2014, with annual growth rate of 1.1% in the 2005-2014 period.
It had 2.59 million emigrants as of 2013, with the top destination countries being the U.S., Australia, Canada, Germany, France, South Korea, the Czech Republic, Japan, Cambodia and China, says the report.
According to the Central Institute for Economic Management, inward remittances to Vietnam totaled $80.4 billion in the 1991-2013 period.
International migrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion.
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). India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion), and the Philippines ($30 billion).
Mexico-United States was the largest migration corridor in the world, accounting for 13 million migrants in 2013. Russia-Ukraine was the second largest, followed by Bangladesh-India, and Ukraine-Russia.