Overseas remittances to Vietnam increase as Tet approaches
In the run-up to Tet (Lunar New Year), the biggest traditional festival of Vietnam, the inflow of remittances sent by overseas Vietnamese to the homeland has been on the rise, fueled further by local banks’ preferential programmes.
Hanoi (VNA) – In the run-up to Tet (LunarNew Year), the biggest traditional festival of Vietnam, the inflow of remittances sent by overseas Vietnamese to the homeland has been on the rise, fueled further by local banks’ preferential programmes.
To attract money sent home by overseas Vietnamese, Sacombank,ACB and Eximbank have launched programmes targeting customers using their remittancereceipt services since the first day of 2022. These programmes are offering valuablegifts and lucky draws to the customers.
Vietnamese abroad sent home some 12.5 billion USD last year,up 10 percent on-year, according to Standing Deputy Governor of the State Bankof Vietnam (SBV) Dao Minh Tu.
About 28 percent of the remittances was delivered throughinternational money transfer companies, 70 percent via credit institutions and 2percent by post, he said.
In Ho Chi Minh City alone, data from the SBV's branch showed that the city attracted 6.5-6.6billion USD worth of remittances in 2021.
More remittances are coming to thesouthern largest economic hub ahead of Tet, mostly for supporting families affected bythe COVID-19 pandemic and for investing in different channels, including the stock market,said Nguyen Hoang Minh, head of the Vietnam BanksAssociation's office in HCM City.
In 2022, the volume of remittances to Vietnam is projected to grow about 2.6percent./.
The flow of overseas remittances to Ho Chi Minh City reached 5.1 billion USD in the first nine months of 2021, up 22 percent year on year, the State Bank of Vietnam’s Branch in the city has reported.
The World Bank (WB) and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that the amount of remittances to Vietnam in 2021 could reach 18.1 billion USD, continuing to increase compared to 2020.
Vietnamese abroad sent home some 12.5 billion USD this year, a year-on-year increase of 10 percent, Standing Deputy Governor of the State Bank of Vietnam Dao Minh Tu told the Vietnam News Agency in a press conference on December 28.
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Illustrative photo (Source: VNA) 
