Remittances massively returned to Ho Chi Minh City at the end of the year, setting a record of $ 6.1 billion

This is information said by Mr. Nguyen Hoang Minh, Deputy Director of the State Bank branch in Ho Chi Minh City on February 10.

“The amount of remittances transferred to Ho Chi Minh City in the past year hit 6.1 billion USD is a record number, up 12% compared to last year. This is an impressive growth in the context of the outbreak of Covid-19, causing revenue. Imports of workers abroad are also affected “- said Nguyen Hoang Minh.

According to the remittance companies, one of the reasons for this year the number of remittances transferred to the Tet holiday has increased rapidly, because overseas Vietnamese cannot return to their homeland for Tet due to Covid-19 translation, so they transfer money.

Remittances to Ho Chi Minh City hit a record level in 2020.

Representative of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) said that in 2020, the amount of remittances coming to Vietnam through Sacombank will grow steadily. The Covid-19 epidemic did not have a significant impact because the governments of other countries have very well supported the people, including overseas Vietnamese who are studying to live and work in the host country.

“The source of money, the market, the number of deposits continue to grow compared to the previous years, especially in 2020, Sacombank has increased by more than 40% compared to 2019. In addition to traditional services, banking has been strong. Boldly invest in technology, deploy fast remittance services within 1 minute, 24/7 (any time of the year, including holidays) to meet the needs of customers, limit direct transactions to prevent epidemics ” – said Sacombank’s representative.

According to banks, remittances to Vietnam are mainly subsidized in two forms, Vietnamese people in traditional markets such as the US, Australia, Canada … send money to support their relatives as ever. Labor export markets, mainly from Asian countries such as Japan, Taiwan, Malaysia, Korea, .. by labor export workers transfer money back home to support their families.

Data from the World Bank (WB) shows that the amount of global remittances in 2020 will decrease by about 7%. In which, remittances to Vietnam are still estimated at about 15.7 billion USD, in the group of 10 countries receiving the most remittances in the world.

Recently, MoneyGram International, Inc., a global company for cross-border remittances and P2P (peer-to-peer) payments, has cooperated with Visa, an electronic payment technology company to deploy fast P2P money transfers in Vietnam. Male. Accordingly, users can use the MoneyGram website or mobile application to immediately transfer money to Visa cardholders in Vietnam (Visa cardholders open at Sacombank and many other commercial banks).

Through this channel, users can transfer money up to 2,500 USD per transaction and 10,000 USD per day. From now until the end of June 30, 2021, customers can transfer money to Visa debit card in Vietnam without any transfer fee …

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