VN absorbs US$ 16.7 bln of remittances in 2019

VGP – In 2019, Viet Nam received US$ 16.7 billion of remittances, representing a year-on-year growth of 4.4%, according to the World Bank (WB).

January 13, 2020 4:36 PM GMT+7

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Average amount of remittances in the 2016-2019 period was 2.33 times higher than that of the 1999-2015 period; 34.7 times higher than that of the 1993-1998 period.

So far, remittances serve as an important channel of foreign currency provision rather than other sources including US$ 211.5 billion of disbursed FDI, US$ 11.83 billion of international guests’ spending.

Viet Nam ranked ninth out of ten countries and territories which received the largest amount of remittances.

Statistics showed that 72% of remittances focused on production and business. Nearly 22% was given to the real estate sector. The rest targeted to support families of remittance senders./.

By Kim Loan