After six years of a stable increase, in 2016, the figure on remittances to Vietnam suddenly dropped by US$1.3 billion (10%) over the previous year, reaching US$11.88 billion.
In 2017, Vietnam replaced the position of Bangladesh in the Top 10 countries and territories having the most substantial remittances in the world.
Ranking second to none is India with US$65.38 billion, which has secured this position in nine straight years. It is followed by China with US$62.85 billion. These two countries with the largest population in the world far outnumber the rest.
Only two developed countries, France and Germany, are in the Top 10, while the rest are developing countries, half of which are Asian countries.
With such developing countries as the Philippines and Vietnam, remittances are an important source of income, contributing significantly to expenditure and investment in their home country. In Vietnam, with the 0% interest rate policy for the US dollar, the State Bank has greatly helped convert remittances into foreign exchange reserves. This has become a powerful tool to regulate exchange rates and ensure the financial security.