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CARDS & PAYMENTS | Cesar Tordesillas, Vietnam

Overseas remittances through Vietnam Banks soar

Overseas remittance via Vietnam banks is up.


Online newspaper Dau Tu reported that overseas remittance via Sacomrex, Sacombank’s subsidiary, was estimated at $800 million in the first six months of the year, up 30% on year.

According to Tran Xuan Huy, the lender’s CEO, Sacomrex targets to achieve VND10billion profit from overseas remittance in 2011 compared to VND3-4billion in the previous years.

Meanwhile, Jan-Jun overseas remittance via Western Union under Asian Commercial Bank edged up 8% on year compared to growth target of 10% in 2011.

“It is likely that overseas remittance to Vietnam will be more abundant in the remaining months on year-end peak season”, said Tran Cong Binh, Western Union’s manager, adding that the company targeted to boost up overseas remittance revenue by 20% from last year.

Nguyen Van Giau, the State Bank of Vietnam’s Governor said that Vietnam currently has about 55,000 workers overseas with annual revenue of $1.8-2billion, helping to generate overseas remittance of about $6.5 billion each year.

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