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Vietnam Remains Among Top 10 Recipients of Remittances in 2013: WB
Source: http://news.xinhuanet.com
Source Date: Friday, October 04, 2013
Focus: Electronic and Mobile Government, ICT for MDGs, Thematic Website, Knowledge Management in Government, Citizen Engagement
Country: Viet Nam
Created: Oct 08, 2013

Vietnam continues to be among the world's Top 10 recipients of remittances in 2013, with an estimated amount of 10.6 billion U.S. dollars, up 6.5 percent over 2012, according to the World Bank (WB).

 

In its report on the prospect of global remittances in 2013, the WB predicted total global remittances would reach 540 billion U.S. dollars in 2013, which will hit 707 billion dollars by 2016, reported local online VNExpress on Thursday.

 

Of the amount, developing countries will contribute 414 billion dollars in 2013, from which India and China will account for one- third.

 

Vietnam is forecast to rank ninth among ten largest remittance recipients this year, with India taking the lead with about 71 billion dollars, China with 60 billion dollars and the Philippines with 26 billion dollars, said the WB.

 

According to the WB, the average global fee for remittance transfer is nine percent of the transfer amount, unchanged since 2012.

 

The service fee for remittance transfer to Vietnam is rather low compared to those in other countries, at 0.05 percent of the transferred amount, and at the maximum of 200 U.S. dollars. The fee may be free of charge in case the transfer is made between affiliates of the same bank, said the WB. 

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