Emigration from Vietnam and Remittances Management

Abstract

The migration of Vietnamese people abroad to live and do business there is associated with the transfer of money back home to relatives and family members, which is commonly known as remittances. Over the past 100 years, Vietnam has witnessed many waves of population migration abroad with many different causes and conditions. As a result of Vietnamese migration abroad, remittances increased. Remittances make up a considerable part of Vietnam’s GDP, and they are not only an important source of income for many families but also an important source of foreign currency capital to ensure the balance of payments. In general, remittances contribute significantly to promoting the economic and socio-economic growth of developing countries like Vietnam. In the context of the current trend of economic integration and globalization, the fact that Vietnamese people migrate abroad, live and do business there transferring money back home is a positive point for the country. Taking into account the important role of remittances, accurate identification of their sources is extremely important for appropriate management solutions. The article builds some general theoretical bases on migration and remittances, analyzes the major trends in Vietnamese migration abroad over the past 50 years, and clarifies the current situation with the money transfers from migrants. Also, the author makes some recommendations on managing migration on remittances.