Vietnam's overseas workers are expected to remit some USD12 billion this year, a national economic outlook report compiled by the Central Institute for Economic Management (CIEM) and Western Union has said.

2013 statistics showed some five million Vietnamese worked, lived or studied abroad.

Dr. Vo Tri Thanh, deputy director of the CIEM said Vietnam was a major recipient of remittances and was likely to maintain a level of USD11-12 billion for the next two years, accounting for eight percent of gross domestic product.

The report, released December 17, revealed that 35 percent of Vietnam’s overseas remittances to the families of overseas workers was spent on daily household expenses and 16 percent for business purposes, with 20 percent directed towards gold speculation and 16 percent on property investments. The balance went to retail spending, debt repayment and healthcare.

Economic experts expressed concern that the amount of remittances directed towards gold indicated a lack of trust in the Vietnam's overall economic stability and effectively deprived the national economy of much-needed capital.

Between 2010 and 2012, some 57 percent of remittances came from the United States, 8.4 percent from Canada, six percent from Germany, four percent from Cambodia and four percent from France.

Remittances in 2014 were up from USD11 billion in 2013, and USD10 billion in 2012.

The Consular Department of the Ministry of Foreign Affairs said that 2013 statistics showed some five million Vietnamese worked, lived or studied abroad, spread across 104 countries and territories.