Remittance to Vietnam forecast to continue growing despite pandemic

Illustrative image (Photo: AFP)

The World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that remittance to Vietnam is estimated at 18.1 billion USD in 2021.

As such, the country will be the eighth largest remittance recipient in the world and the third largest in the Asia-Pacific region this year.

In 2020, Vietnamese abroad sent 17.2 billion USD back home.

According to estimates from the World Bank’s Migration and Development Brief released recently, remittances to low- and middle-income countries are projected to have grown a strong 7.3 percent to reach 589 billion USD in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent despite a severe global recession due to COVID-19./.