Remittances to HCM City surge ahead of Tet
Ho Chi Minh City received nearly US$493 million in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.
Cumulatively, remittances to the city from early 2024 until now have reached approximately US$10.04 billion.
Lenh noted that Tet is traditionally the peak season for remittances.
Exceeding US$10 billion in remittances by the end of January is an impressive milestone, he added.
The surge is attributed to Vietnam's stable monetary market, macroeconomic stability, and flexible exchange rate policies. Besides, policies to facilitate the attraction and effective use of remittances as well as efficient, safe and user-friendly remittance payment systems have played a key role.
Banks have invested heavily in technology and launched promotional campaigns to encourage remittance transfers, especially during Tet.
Vietcombank's remittance arm has enhanced its technology and expanded its payment network. Agribank is running a promotion offering chances to win prizes worth over VND1.3 billion for customers receiving.
Western Union transfers at its branches. Similarly, Sacombank is offering up to VND1 million to customers receiving remittances through Sacombank Visa payment cards until March 31.
