KNOMAD: Vietnam Is In Top 10 Of Remittance Recipients

Vietnam continues to be one of the 10 countries receiving the most significant amount of remittance in the world, according to the latest report on migration and development conducted by the World Bank (WB) and the Global Knowledge Partnership on Migration and Development (KNOMAD).

Charlotte Pho

January 30, 2023 | 07:00

The report said that amid the Covid-19 pandemic ravaging the global economy in the past two years plus rising inflation in many countries, remittance flows to Vietnam remained stable.

In 2022, remittances sent to Vietnam totaled nearly 19 billion USD, up 5% and equivalent to the growth rate in 2021, making Vietnam one of the three largest recipients of remittances in the Asia-Pacific region and among the top 10 countries in the world.

Remittance flows into Vietnam approximated 19 billion USD in 2022. (Photo: VNA)

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 by 3.6 - 4.5% in the following years after growing by 5% in 2021, according to statistics from WB and KNOMAD.

Last year, the value rose about 1 billion USD to approximately 19 billion USD, making the country one of the three biggest recipients in the Asia-Pacific and among the top 10 globally in remittances.

Some banks perceived that the growing remittance inflows would 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 (China) post the most number of workers from Vietnam.

KNOMAD is a global hub of knowledge and policy expertise on migration and development issues. KNOMAD draws on experts from all parts of the world to synthesize existing knowledge and generate new knowledge for use by policy makers in sending and receiving countries. KNOMAD works in close coordination with the Global Forum on Migration and Development (GFMD) and the Global Migration Group (GMG). The World Bank has established a multi-donor trust fund to implement the KNOMAD. The Swiss Agency for Development and Cooperation (SDC) and the Federal Ministry of Economic Cooperation and Development (BMZ) are the largest contributors to the trust fund. Within the World Bank, KNOMAD is located in the Development Indicators Group of the Development Economics Vice-Presidency (DEC). KNOMAD is led by Dilip Ratha.

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Charlotte Pho