Remittances to Vietnam account for nearly 6% of its GDP

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28 November 2020

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Hanoi, Nov 28 (Prensa Latina) Remittances to Vietnam will exceed 15.68 billion dollars this year, equivalent to 5.8 percent of the country's Gross Domestic Product (GDP), the World Bank reported on Saturday.

Although considerable, the amount is lower than in 2019, when it reached 16.7 billion dollars, 6.6 percent of the GDP.

Vietnam ranks ninth in the world among remittance-receiving nations and the third in East Asia and the Pacific after China and the Philippines.

According to the State Committee of Vietnamese Residents Abroad currently some 5.3 million nationals live and work in 130 countries and territories in the world, 80 percent of them in developed nations.

Meanwhile, more than 25,000 Vietnamese companies registered abroad are investing in 3,000 projects in the country of origin (mostly in the private sector), with a capital exceeding nine billion dollars.

The high flow of remittances to the country is mainly due to the fact that its citizens living abroad are confident in the stability of the national economy and see better investment opportunities in the domestic market.

The sums they send are mainly placed in production, business and the real estate market.