According to Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s branch in HCM City, this is a good signal in the context of ongoing Covid-19 pandemic.
Earlier, experts forecasted that HCM City’s overseas remittances would reach USD6.5 billion this year, up 15% compared to the record high figure of USD6.1 billion last year.
HCM City’s first-half overseas remittances up 22.34% on-year
To date, the city’s overseas remittances equalled around 50% of the year target.
In the first half of the year, HCM City’s overseas remittances through Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) grew by 50% on-year. Asian and American markets made the biggest contribution.
Tran Minh Khoa, general director of Sacombank Remittances said that despite the ongoing Covid-19 situation, vaccinations in many countries have been sped up, so Vietnamese people abroad can return to work. However, due to the pandemic, they have not been able to visit Vietnam.
Over recent years, remittances have come not only in the form of savings but also in securities, real estate, share purchases, or new businesses.
Banks have also enhanced the use of technology and offered promotions to attract more customers. For example, Sacombank has co-operated with partners in the US, Australia, Europe, Japan, and Taiwan (China), and adopted API technology allowing quick payments around the clock. Recipients can receive their remittances in no more than a minute.
