HANOI, April 17 ― The World Bank (WB) has announced Vietnam is among the top ten overseas remittance recipients in the world, receiving US$11 billion (RM35.7 billion) last year.

WB said overseas remittances hit US$542 billion globally last year and are expected to rise to US$581 billion this year and US$681 billion in 2016, Vietnam News Agency (VNA) reported citing The Voice of Vietnam (VOV).

India topped the list with US$70 billion followed by China (US$60 billion), the Philippines (US$25 billion) and Mexico (US$22 billion).

Vietnam ranked ninth with US$11 billion.

Top nine countries remained the same compared to the previous year. In 2012, Vietnam came ninth with US$10 billion remitted.

In terms of remittances as a share of gross domestic product, the top recipients were Tajikistan (52 per cent), Kyrgyz Republic (31 per cent), and Nepal and Moldova (both 25 per cent).

Remittances in eastern Asia and Asia-Pacific regions were estimated to have grown by 4.8 per cent to US$112 billion last year. Thailand, Vietnam and the Philippines saw the highest growth thanks to a high number of guest workers.

By 2015, workers can travel freely among Association of Southeast Asian Nations (Asean) countries, driving regional remittances to a projected US$148 billion in 2016.

The WB forecast that global remittances will surge strongly in the short-term. ― Bernama