Vietnam among world's top 10 remittance recipients in 2017: World Bank report

HANOI, April 27 (Xinhua) -- Vietnam was listed among the world's top 10 recipients of remittances in 2017, according to the World Bank's latest report.

Vietnam received approximately 13.8 billion U.S. dollars in 2017, up 16 percent on-year, ranking the 8th in the world, Vietnam News Agency reported on Friday, citing the Migration and Remittances report.

Up to 60 percent of the remittances to Vietnam last year came from the United States, while Europe accounted for nearly 20 percent of the sum. Other major sources included China, South Korea and Japan.

Southern Ho Chi Minh City remained the biggest recipient of remittances in Vietnam, with the inflows estimated at 5.2 billion U.S. dollars, up 4.5 percent. In the first quarter of this year alone, the city received over 1.1 billion U.S. dollars, up 4.5 percent.

According to analysts, Vietnam's rapid economic growth and improved business environment have enhanced investors' confidence and attracted remittances into the country.

Remittances to Vietnam hit 13.2 billion U.S. dollars in 2015, but tumbled to 9 billion U.S. dollars in 2016 before bouncing back last year. Enditem