Remittances Flow into Vietnam with More Force Than the Mekong
September 30, 2016Article
So what are remittances anyway? A remittance is when a foreign worker transfers money to an individual, usually a relative, in their home country. They compete with international aid as one of the largest sources of external finance for developing countries.
Vietnam is quickly becoming known as a tech haven for entrepreneurial millennials, and perhaps as a result, Vietnamese living overseas are seeing more value in investing in their country’s development through remittances. Ho Chi Minh City is the largest city in Vietnam, and has benefitted greatly from overseas contributions. Over the last five years, remittances to this metropolis have increased roughly 10-12% on average.