Viet Nam ranks ninth in remittance receiving

Vietnam maintained the ninth country in the top recipients of officially recorded remittances for 2013, said World Bank on October 3.

Vietnam is said to receive record US$11 billion remittances this year. Last year the Southeast Asian nation was ranked ninth on the World Bank's list of the 10 countries that attracted the most overseas remittances, with US$10 billion in 2012.

India received record US$71 billion remittances topping the list of developing countries which are expected to receive a total of US$550 billion this year, the World Bank has informed.

After India, China stands second with US$60 billion, followed by the Philippines with US$26 billion.

WB announced the global average cost for sending remittances is 9 percent. Remittance volumes to developing countries, as a whole, are projected to continue growing strongly over the medium term, averaging an annual growth rate of 9 percent to reach US$540 billion in 2016.

Global remittances, including those to high-income countries, are estimated to touch US$550 billion this year, and reach a record US$707 billion by 2016.

By Bao Minh - Translated by Uyen Phuong

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