The resource is not only provided funding for local production and business but also added to the city’s foreign reserves.
There are currently some 2 million residents in HCM City living overseas.
Last year, the city received US$6.1 billion in remittances, up 15 percent against 2019.
The exchange rate between the VND and the US dollar has been stable in recent times, so recipients tend to sell them to credit institutions.
Several banks use remittance payment technology and offer services to change foreign currencies into VND for savings at a high interest rate.
Over recent years, remittances have come not only in the form of savings but also in securities, real estate, share purchases, or business establishment.
Banks have also enhanced the use of technology and offered promotions to attract more customers. For example, Sacombank has cooperated 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.
Illustrative image (Source: VNA)