Remittances to Vietnam exceed $71 bln

By Anh Ngoc   November 25, 2020 | 05:00 am PT
Remittances to Vietnam exceed $71 bln
An employee of a bank counts US dollar notes at a branch in Hanoi. Photo by Reuters/Kham.
The number of overseas Vietnamese has increased by 800,000 in the past five years, contributing remittances worth over $71 billion.

"As Vietnam continues to improve its position and prestige in the international arena, the overseas Vietnamese community is also growing both in size and scale," said Dang Minh Khoi, Deputy Minister of Foreign Affairs and chairman of the State Committee for Overseas Vietnamese.

Total remittances to Vietnam have surpassed $71 billion in the 2015-2020 period at an average annual growth of 6 percent, helping improve Vietnam’s balance of payment and increase its foreign exchange reserves, he said in a Tuesday statement marking five years of implementing a directive aimed at supporting the Vietnamese diaspora.

As of October, the diaspora had invested in 362 FDI projects in with a total registered capital of $1.6 billion. Overseas Vietnamese returning to the country have also established many large businesses, creating jobs, transferring technology and contributing to the socio-economic development of the nation, he added.

Khoi noted that from 4.5 million people in 109 countries and territories in 2015, the community now includes 5.3 million people across 130 countries and territories.

There are around 500,000 Vietnamese professionals working overseas, accounting for 10 percent of the overseas Vietnamese community.

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