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Vietnamese residents send record amount of money home

People of Vietnamese descent resident in the UK and other parts of the diaspora are now sending money home to Vietnam in record amounts, new figures show.

According to data from the State Bank of Vietnam, money sent home from overseas Vietnamese is expected to reach a record high of almost $9 billion (£5.7 billion) this year, reports the Vietnam News Agency.

The figure represents an increase of $1 billion from the amount of remittances sent last year and is expected to contribute to economic growth in Vietnam.

According to figures from the State Bank of Vietnam, money sent home from overseas Vietnamese reached $2.5 billion in the first quarter of this year, $2 billion in the second quarter and $2.5 billion in the third quarter.

There are currently around four million Vietnamese people living in almost 100 countries and territories around the world and about 400,000 people of Vietnamese descent earning a living as guest workers.

According to the Vietnam Academy of Social Sciences, these overseas residents are responsible for sending significant amounts of money back to Vietnam that provides a boost to the local economy.

In 1999, money sent to Vietnam from overseas residents made up just 4.2 per cent of the country's total gross domestic product but rose to 7.8 per cent in 2002 and 7.7 per cent in 2010.

Vietnam is now one of the top ten countries receiving the largest amount of remittances from overseas residents, alongside Nigeria, China, India, the Philippines, Mexico, Bangladesh, Egypt and Lebanon.

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