Around $7 billion of the remittances to Vietnam this year come from the United States. File photo
Vietnam continues to be one of the biggest beneficiary of remittances in the world and is on track to receive US$12.3 billion this year, according to a new World Bank report.
The “Migration and remittances factbook 2016” ranks Vietnam 11th in terms of amount received this year and third in the Asia-Pacific behind China and the Philippines.
Last year it had received $12 billion.
Around $7 billion has come from the US – the largest remittance source in the world — making the US-Vietnam the ninth biggest remittance corridor this year.
The report said the number of international migrants is expected to reach an all-time high of more than 250 million this year as people search for economic opportunity.
It is estimated that international emigrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion.
Vietnam was among the top 10 emigration countries in 2013 with nearly 2.6 million people leaving overseas.