Vietnam is in the group of 10 countries with the largest amount of remittances in 2021
According to the World Bank, Vietnam is in the group of 10 countries with the largest amount of remittances in 2021 with about USD 18 billion.
According to the Migration and Development Brief recently released by the World Bank in May 2022, the five countries receiving the most remittances in 2021 are India, Mexico, China, the Philippines and Egypt.
Among the economies where remittance flows account for a very high share of GDP are Lebanon (54%), Tonga (44%), Tajikistan (34%), the Kyrgyz Republic (33%) and Samoa (32%).
During the year, India's remittances increased significantly (8%), as migrant workers returned to the countries where they worked and support to mitigate the impact of COVID-19 in India boosted remittance flows to India.
Mexico's USD 54 billion increase in recorded capital flows is closely linked to the recovery of the United States and capital flows from other countries sent to large numbers of immigrants transiting Central America.
China continued to record a decline in remittance flows from its large community with a double-digit decline for the second consecutive year. By contrast, the Philippines has directly benefited from job growth and wage growth in the United States, accounting for nearly 40% of remittances; the country experienced a moderate increase of 4.3% for the year to USD 37 billion.
Remittances from Egyptian migrant workers grew to USD 32 billion (6.4%) for the year, driven by higher oil prices, remittances from expats in the Gulf, as well as strong economic activities in Europe and the United States.
Notably, the report said, Vietnam is in the group of 10 countries with the largest remittances in 2021 with about USD 18 billion.
According to the World Bank, in 2022, despite significant risks of reducing remittances, low- and middle-income countries are expected to continue to receive remittances, but at a lower rate (4.2%) than the level recorded in 2021. Russia-Ukraine war - with trade losses for net importers of energy, food - has a major impact on remittance flows.
- Inward remittances to Ho Chi Minh City reached USD 3.16 billion
- Prime Minister directs to promote digital transformation in banking industry
- 70% of adults in Vietnam have a bank account
- BVSC: VND has depreciated by 2.2% against USD but is still the best currency in the region
- The State Bank to maintain credit growth target of 14%
- As of June 30, the credit growth of the whole economy reached 9.35%.
- KBSV: Banks Q3 results will be more positive with credit room extension
- VDSC: SBV will not adjust interest rates until inflation exceeds 4%
- SSI: The pressure to increase deposit rates will be at the end of the year
- SSI: lending interest rates are expected to decrease by 0.5 - 1% thanks to the interest rate support package of VND 40,000 billion