Ho Chi Minh City received 1.45 billion USD of overseas remittances in the first three months of this year, up 10 percent over the same period last year, reported the city Committee for Overseas Vietnamese Affairs.
There are currently some 2 million residents in HCM City living overseas.
Last year, the city received 6.1 billion USD in remittances, up 15 percent against 2019.
Several banks use remittance payment technology and offer services to change foreign currencies into VND for savings at a high interest rate.
Over recent years, remittances have come not only in the form of savings but also in securities, real estate, share purchases, or business establishment.
Banks have also enhanced the use of technology and offered promotions to attract more customers. For example, Sacombank has cooperated with partners in the US, Australia, Europe, Japan, and Taiwan (China), and adopted API technology allowing quick payments around the clock. Recipients can receive their remittances in no more than a minute.