Vietnamese sending record level of remittances back home
Citizens living and working in other countries have sent back $15.9 billion this year, according to World Bank report, the tenth highest in the world
The amount of money earned by Vietnamese citizens overseas has risen and the country now is the tenth largest receiver of remittances from workers in other parts of the globe.
According to statistics from the World Bank’s Migration and Development Brief, Vietnam received a total of US$15.9 billion in remittances in 2018, Vietnam Net reported.
The country that received the most remittances was India, with $75.9 billion entering the country, the WB report said.
Nguyen Tri Hieu, a financial and banking expert, accredited the numbers to Vietnamese overseas who have faith in the stability of the economy and noticed better opportunities for investment. He said the flow of remittances to Vietnam had been on an upward trend since the start of the year.
Most money being sent back to Vietnam was being invested in real estate.
Hieu also said that citizens preferred to remit money to Vietnam for investment, rather than just leaving it in a bank as they just offered minimal interest.
In 2017, remittances sent to Vietnam reached $13.8 billion, which was a 16% increase from 2016 and a record high for the country.