Vietnam continues to be one of the biggest beneficiary of remittances in the world and is on track to receive US$12.3 billion this year, according to a new World Bank report.

The “Migration and remittances factbook 2016” ranks Vietnam 11th in terms of amount received this year and third in the Asia-Pacific behind China and the Philippines.

Last year it had received $12 billion.

Around $7 billion has come from the US – the largest remittance source in the world -- making the US-Vietnam the ninth biggest remittance corridor this year.

The report said the number of international migrants is expected to reach an all-time high of more than 250 million this year as people search for economic opportunity.

It is estimated that international emigrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion.

Vietnam was among the top 10 emigration countries in 2013 with nearly 2.6 million people leaving overseas.