Vietnam currently ranks 10th among the top recipients of remittances in the world, with nearly US$13.8 billion in remittances in 2017.

According to the latest report released by the World Bank, after two years of decline, remittances received by Vietnam in 2017 increased by 7% compared to 2016.

Up to 60% of the remittances sent to Vietnam last year came from the US, while Europe accounted for nearly 20% of the money sent home by overseas Vietnamese. Other major sources were China, the Republic of Korea and Japan.

Ho Chi Minh City remained the largest recipient of remittances in Vietnam, with the inflows estimated at US$5.2 billion, a 4.5% annual increase.

According to analysts, Vietnam’s rapid economic growth and improved business environment have enhanced investor confidence and attracted remittances into the country.

The remittances to the country go through four channels including commercial banks, economic institutions, customs or the post.

Nhan Dan