Overseas remittances to Vietnam increase as Tet approaches

Illustrative photo (Source: VNA)

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.

To attract money sent home by overseas Vietnamese, Sacombank, ACB and Eximbank have launched programmes targeting customers using their remittance receipt services since the first day of 2022. These programmes are offering valuable gifts 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 Bank of Vietnam (SBV) Dao Minh Tu.

About 28 percent of the remittances was delivered through international money transfer companies, 70 percent via credit institutions and 2 percent by post, he said.

In Ho Chi Minh City alone, data from the SBV's branch showed that the city attracted 6.5-6.6 billion USD worth of remittances in 2021.

More remittances are coming to the southern largest economic hub ahead of Tet, mostly for supporting families affected by the COVID-19 pandemic and for investing in different channels, including the stock market, said Nguyen Hoang Minh, head of the Vietnam Banks Association's office in HCM City.

In 2022, the volume of remittances to Vietnam is projected to grow about 2.6 percent./.