Overseas remittances through Vietnam Banks soar

Overseas remittance via Vietnam banks is up.

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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.