Vietnam down one spot in top 10 remittance recipients

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Vietnam has moved down one spot to number nine in the list of developing countries with the largest remittances as migrants around the world continue to send more money home amid the economic crisis, a World Bank report says.

The country is set to receive US$9 billion in overseas remittances this year, the same as in 2011, according to the report. There are more than four million Vietnamese living and working abroad.

The top recipient of remittances this year is India, with $70 billion. It is followed by China ($66 billion), the Philippines ($24 billion) and Mexico ($24 billion).

The World Bank said international migrants are weathering the effects of the ongoing crisis and are on track to remit $406 billion in savings to their families in developing countries, up 6.5 percent from last year. The flows are expected to rise 8 percent in 2013 and then 10 percent in 2014.

"The true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger. Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery," the Washington-based lender said.

"The size of remittance flows to developing countries is now more than three times that of official development assistance," it added.

The World Bank's projection is lower than Vietnam's own forecast. According to the National Overseas Vietnamese Committee, Vietnam is expected to receive a record $10-11 billion in overseas remittances this year.

The flows are one of the main sources of foreign currencies for Vietnam. Since 1993, the country has received a total of $70 billion in remittances, or twice the amount of foreign aid from development partners over the same period, officials statistics show.

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