Overseas remittances – Asia Insider https://asiainsiders.net All about Asia Thu, 15 Dec 2022 08:58:31 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://asiainsiders.net/wp-content/uploads/2020/04/AI_Logo.jpg Overseas remittances – Asia Insider https://asiainsiders.net 32 32 Overseas remittances to Vietnam’s HCMC expected to reach USD 6.8 billion this year https://asiainsiders.net/overseas-remittances-to-vietnams-hcmc-expected-to-reach-usd-6-8-billion-this-year/ Thu, 15 Dec 2022 08:58:31 +0000 https://asiainsiders.net/overseas-remittances-to-vietnams-hcmc-expected-to-reach-usd-6-8-billion-this-year

Amid the capital difficulties, overseas remittance is among the important sources for the city’s socio-economic development, said Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s HCM City Branch.

Last year, HCM City received overseas remittances of roughly USD 6.6 billion despite bad impacts of the Covid-19 pandemic, topping nationwide.

As is typical, the remittances mainly came from the US, Australia, Canada, and the EU.

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Nowadays, you can easily receive remittance through Western Union service free of charge at any local bank in Vietnam, such as at MSB.

“Money is credited fee-free and instant into your MSB account through Internet Banking, you can choose to receive in USD or VND without visiting physical MSB branches”, said Mr. Duong Ngoc Dung, CMO at MSB. “You can also enjoy other features like transfer, online savings, mobile top-up” Duong added.

According to the World Bank and the Global Organisation on Migration and Development, Vietnam was the world’s eighth largest recipient of remittances last year, attracting around USD 12.5 billion.

Source: Vietnam Insider

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