Remittances in 2020 are estimated at nearly USD 15.7 billion
According to the World Bank, amount of remittances to Vietnam in 2020 is forecast to reach more than USD 15.68 billion USD, equivalent to 5.8% of GDP.
According to the State Committee for Overseas Vietnamese, currently, there are about 5.3 million Vietnamese people living and working in 130 countries and territories, 80% of which are in developed countries.
The Vietnamese community abroad is increasingly attached to the homeland and becomes one of the important resources for the country's development and international integration. In particular, the source of remittances sent home has been and is contributing significantly to the development of many industries and fields.
The Vietnamese community abroad has an increasingly close relationship with the homeland and has become one of the most important resources for the country's development and international integration. In particular, the amount of remittances sent home has been and is contributing significantly to the development of many industries and fields.
Since 2015 to date, Vietnam has always been among the world’s top 10 remittance recipient countries. Every year, the amount of remittances sent by overseas Vietnamese is constantly increasing and plays an increasingly important role in the economy. According to the World Bank (WB), in 2019, the amount of remittances sent home reached USD 16.7 billion.
After many years of continuous increase, in 2020, the amount of remittances is forecast to decrease. According to the recent World Bank's Migration and Remittance Report, the amount of remittances flowing to Vietnam in 2020 may decrease by more than 7% compared to 2019 to USD 15.7 billion, accounting for 5.8% of GDP. However, Vietnam is still among the top 10 countries with the largest amount of remittances.
Currently, there are more than 25,000 overseas Vietnamese enterprises investing in the country with about 3,000 projects, with a total capital of more than USD 9 billion in many fields and industries. Overseas Vietnamese businesses really become an important part of the Vietnamese business community in the world.
- Despite the COVID-19 pandemic, remittances to HCM city set a record of over USD 6 billion
- The SBV to approve credit growth limit on a quarterly basis
- Bank to strengthen network security
- Scenarios for banking activities in 2021
- Foreign exchange reserves tripled over the past 5 years
- Remittance volume has consistently increased over the years
- SBV Governor: The money, foreign exchange and gold markets have basically stabilized
- Outstanding loans recorded an increase of over VND 200,000 billion in December
- The banking industry has provided about VND 84,000 billion to renewable energy
- The risk areas are well under control, credit growth at 10.14%