Vietnam remittances fall, may take hit from US border policy

HANOI, Vietnam (AP) — Economists say overseas remittances to Vietnam have fallen in the past year and could take a larger hit in the future from tighter U.S. immigration policies.

According to government figures, remittances to the Communist country from Vietnamese working in the U.S. and other countries increased steadily over the past 20 years to a record $13.2 billion in 2015 before falling to $9 billion last year.

Credit Suisse said in a report released this week that tighter border controls imposed by the administration of President Donald Trump could reduce remittances equivalent to 0.4 percent of Vietnam's GDP.