In contrast to the large size and advanced level of development of the U.S.-Mexico remittances corridor, examined in the first case study, the Canada-Vietnam corridor is small in absolute terms and still at a nascent stage of shifting from informal to formal systems.
For purposes of discussion, 'The Canada-Vietnam Remittance Corridor' breaks down the remittance process into three stages:
• the First Mile, when decisions are in the hands of the remittance sender;
• the Intermediary Stage, comprising the systems that facilitate the cross-border transfer of funds, and;
• the Last Mile, where the funds reach the hands of the remittance recipient.
By analyzing the objectives, obstacles, incentives, and changes occurring at each of these stages in the Canada-Vietnam corridor, lessons are drawn for other remittance sending and receiving countries that seek to encourage formalization of the flows.