Overseas remittances estimated at US$18.1 billion despite pandemic

The World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that remittance to Vietnam is estimated at US$18.1 billion in 2021.

As such, the country will be the eighth largest remittance recipient in the world and the third largest in the Asia-Pacific region this year.

In 2020, Vietnamese abroad sent US$17.2 billion back home.

According to estimates from the World Bank’s Migration and Development Brief released recently, remittances to low- and middle-income countries are projected to have grown a strong 7.3% to reach US$589 billion in 2021.

This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7% despite a severe global recession due to COVID-19.