The first quarter of the year witnessed overseas remittances to Ho Chi Minh City increase by 10% year on year to U$S1.45 billion, according to figures released by the municipal Committee for Overseas Vietnamese Affairs.
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.