Vietnam ranks second on ASEAN overseas remittance list

Vietnam, receiving US$10 billion of overseas remittance in 2012 according to a recent report released by the World Bank, ranked second in the Southeast Asia region and ninth in the world.The figures show that the Philippines topped the list of remittances in Southeast Asia with US$24.45 billion and ranked third in the world trailing India (US$69.35 billion) and China (US$60.24 billion).Indonesia, the most populous country in the region, received US$7.2 billion from about 6.5 million overseas migrant workers, equivalent to 1% of the country’s GDP and became the third largest recipient of remittances in Southeast Asia.Indonesia was trailed by Thailand (US$4.12 billion), Malaysia (US$1.27 billion), Myanmar (US$0.56 billion), Cambodia (US$0.25 billion) and Laos (US$0.11 billion).The World Bank reported that migrant workers from developing countries sent a record of US$401 billion to their countries, up 5.3% compared to the last year while global remittances, including those to developed countries, reached a record high of US$541 billion, up 239% compared to US$132 billion in 2000.Remittances sent to Southeast Asian countries in 2012 reached US$47.96 billion, an increase of 8.43% against 2011, but much lower than US$109 billion to South Asian countries in 2012.“Migration and remittances offer a vital lifeline for millions of people and can play a major role in an economy’s takeoff,” World Bank chief economist Kaushik Basu said while launching the Global Knowledge Partnership on Migration and Development (KNOMAD) initiative.Source: VNA/ Translated by Nhan Dan Online