The State Bank of Vietnam’s HCM City branch estimates that total overseas remittance this year may reach US$1.85bil, up around 11% compared to 2003.

Specifically, foreign currencies transferred to Vietnam by overseas Vietnamese via the East Asia Commercial Joint Stock Bank this year is estimated at $550mil, $450mil via the Saigon Thuong Tin Commercial Joint Stock Bank and $250-280mil through the Vietnam Import Export Joint Stock Bank.

Those banks revealed that the volumes of overseas remittance to Vietnam increased monthly, particularly in the last months of the year. The tendency to transfer funds via personal accounts is increasing.

Pham Van Tan, Chairman of the East Asia Overseas Remittance Company Executive Board under the East Asia Commercial Joint Stock Bank said that the encouragement policies have created a competitive environment in overseas remittance-related services among banks, which benefits money transferors.

(Source: Tuoi Tre)