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Digital services to spur increasing remittances 14:00 | 26/05/2021
Vietnam is one of the largest beneficiaries of remittances in the world. Photo: Le Toan
According to fresh global remittance data compiled by the World Bank, the number of overseas remittances to Vietnam in 2020 was $17.2 billion, instead of $15.7 billion as the initial prediction. Thus, the updated figures in 2020 increased by nearly 3 per cent on-year, making Vietnam one of the top 10 beneficiaries among low and middle-income countries.
With overseas remittances transferred equivalent to 5 per cent of GDP in 2020, Vietnam was one of the top 10 countries in the East Asia-Pacific with the highest proportion of remittances compared to GDP.
Remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42 billion, the World Bank has said.
The decline was âalmost entirely due to a 27.7 per cent decline in remittance flows to Nigeria, which alone accounted for over 40 per cent of remittance flows to the regionââ, the Bretton Woods institution said.
Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 per cent.
Remittance growth was reported in Zambia (37 per cent), Mozambique (16 per cent), Kenya (9 per cent) and Ghana (5 per cent).
In 2021, remittance flows to the region are âprojected to rise by 2.6 per cent, supported by improving prospects for growth in high-income countries. Data on remittance flows to Sub-Saharan Africa are sparse and of uneven quality, with some countries still using the outdated Fourth IMF Balance of Payments Manual rather than the Sixth, while several other countries do not report data at allâ.
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