Annual value of outgoing and incoming remittance flow in Vietnam 2021, by country
Money transfers to Vietnam were nearly 10 times higher in 2021 than money sent from the country. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Vietnam, the top five recipient countries for remittances in 2021 included Thailand, Bangladesh, Indonesia, China, and Japan. Vietnam's five main sources for remittances were the United States, Japan, Australia, China, and Canada.