Despite the impact of the pandemic and growing inflation in many countries, remittance flows into Vietnam remained relatively stable compared to previous years.
Despite the COVID-19 pandemic’s major impacts on the global economy over the last two years and growing inflation in many countries, remittance flows into Vietnam remained relatively stable compared to previous years, the report noted.
Total remittances to Vietnam increased by nearly 5% in 2022 and may go up 3.6 - 4.5% in the following years after growing 5% in 2021, according to statistics of WB and KNOMAD. Last year, the value rose about 1 billion USD to approximate 19 billion USD, making the country one of the three biggest recipients in the Asia-Pacific and among the top 10 globally in terms of remittances.
Some banks perceived that the growing remittance inflows will help them not only gain more profits from services but also boost foreign exchange reserves, serving Vietnam’s foreign currency attraction policy. Among remittance sources, the US houses the largest number of Vietnamese immigrants, followed by the UK, Australia, and Canada. Meanwhile, Japan, the Republic of Korea, and Taiwan post the most number of workers from Vietnam. - Vietnam News/ANN
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