The World Bank (WB) has announced Vietnam is among the top ten overseas remittance recipients in the world, receiving 11 billion USD last year alone, radio The Voice of Vietnam (VOV) reported.

WB said that overseas remittances hit 542 billion USD globally last year and are expected to rise to 581 billion USD in 2014 and 681 billion USD in 2016.

India topped the list with 70 billion USD, followed by China (60 billion USD), the Philippines (25 billion USD), and Mexico (22 billion USD).

Vietnam ranked ninth with 11 billion USD.

Top nine countries remained the same compared to the previous year. In 2012, Vietnam came ninth with 10 billion USD remitted.

In terms of remittances as a share of GDP, the top recipients were Tajikistan (52%), Kyrgyz Republic (31%), and Nepal and Moldova (both 25%).

Remittances in Eastern Asian and Asia-Pacific regions were estimated to grow by 4.8% in 2013 to 112 billion USD. Thailand, Vietnam and the Philippines saw the highest growth thanks to a large number of their guest workers.

By 2015, workers can travel freely among ASEAN countries, driving regional remittances to a projected 148 billion USD in 2016.

The WB forecast that global remittances will surge strongly in the short-term.-VNA