Financial remittances — better known as money being sent back to the home country — have dramatically changed the economic landscape of Vietnam in terms of poverty levels and development over the years.
The aftermath of the war had left Vietnam among the five poorest countries in the world, with 75 percent of the population living in poverty in 1984. With the help of financial remittances over the years, the poverty level had dramatically decreased to 37 percent in 1998 and later to 29 percent in 2002, according to the World Bank.
The support of financial remittances has had a heavy hand in the improved conditions in Vietnam, and the gradual increase in those remittances over the years has been attributed to a combination of key events, which include but are not limited to: the Vietnamese government launch of a renovation process (Đời Mới) in 1986, the U.S. lifting of the embargo against Vietnam in 1994, and Vietnam’s membership into the World Trade Organization in 2007. Read more
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