Overseas remittances to HCM City enjoys Q1 surge
- Vietnam responds to US accusation of currency manipulation
- Mobile phones, spare parts lead billion-USD foreign currency earners
- Mobile phones, electronic products - largest foreign currency earners
The southern metropolis received a total of US$6.1 billion in remittances last year, a rise of 15% compared to 2019. This sum not only provided funding for local production and business, but also served to boost the city’s foreign reserves.
Whilst the exchange rate between VND and US$ has been stable in recent times, recipients have been able to sell them to credit institutions.
Furthermore, several banks use remittance payment technology whilst offering services in order to change foreign currencies into VND for the purpose of enjoying savings at a high interest rate.
Recent years has seen remittances come not only in the form of savings, but also in terms of securities, real estate, share purchases, and the establishment of businesses.
Banks have also strived to enhance the use of technology whilst offering promotions in a bid to attract more customers. For example, Sacombank has co-operated alongside partners in the United States, Australia, Europe, Japan, and Taiwan (China).
In addition, they have adopted API technology which allows quick payments around the clock, thereby making it easier for recipients to get their remittances as swiftly as possible.
