World Bank forecast Vietnam's overseas remittances attraction this year would hit 11 billion USD, bringing the country to the 9th position in top 10 countries in the world.
Vietnam's overseas remittances reached 10 billion USD last year, rising by 10 percent over the previous year.
A large proportion of the total originated from the more than 4 million Vietnamese expatriates and approximately 400,000 guest workers in Japan, the Republic of Korea, Malaysia, China’s Taiwan, and the Middle East.
India, China and the Philippines were the three largest countries in the list with 71 billion USD, 60 billion USD and 26 billion USD. Mexico followed with 22 billion USD, Nigeria and Egypt 21 billion USD and 20 billion USD respectively.
India and China accounted for one-third of the total overseas remittances poured in developing countries this year.
World Bank said the world's total overseas remittances including those poured in high-income countries this year was estimated to reach 540 billion USD and jump to the record level of 707 billion USD by 2016.
Of the total, remittances sent to developing countries would increase 6.4 percent to 414 billion USD this year and surpass 500 billion USD by 2016.
It added that total remittances into developing countries would surge in short term with average growth rate of 9 percent each year.
The World Bank's figures revealed changes in national classification. Some countries which received large portion of overseas remittances including Russia, Latvia and Uruguay have no longer been listed in the group of developing countries.
Costs for transfer remittances through formal channels were still high, making people prefer using informal ones. The average cost last year was 9 percent worldwide and remained unchanged. However, banks added some fees on the remittances up to five percent.-VNA
Vietnam's overseas remittances reached 10 billion USD last year, rising by 10 percent over the previous year.
A large proportion of the total originated from the more than 4 million Vietnamese expatriates and approximately 400,000 guest workers in Japan, the Republic of Korea, Malaysia, China’s Taiwan, and the Middle East.
India, China and the Philippines were the three largest countries in the list with 71 billion USD, 60 billion USD and 26 billion USD. Mexico followed with 22 billion USD, Nigeria and Egypt 21 billion USD and 20 billion USD respectively.
India and China accounted for one-third of the total overseas remittances poured in developing countries this year.
World Bank said the world's total overseas remittances including those poured in high-income countries this year was estimated to reach 540 billion USD and jump to the record level of 707 billion USD by 2016.
Of the total, remittances sent to developing countries would increase 6.4 percent to 414 billion USD this year and surpass 500 billion USD by 2016.
It added that total remittances into developing countries would surge in short term with average growth rate of 9 percent each year.
The World Bank's figures revealed changes in national classification. Some countries which received large portion of overseas remittances including Russia, Latvia and Uruguay have no longer been listed in the group of developing countries.
Costs for transfer remittances through formal channels were still high, making people prefer using informal ones. The average cost last year was 9 percent worldwide and remained unchanged. However, banks added some fees on the remittances up to five percent.-VNA
