Annually, overseas remittance to Khanh Hoa Province is about USD100 million. Commercial banks in the province are trying to maintain the amount in overseas national currency exchange.
Annually, overseas remittance to Khanh Hoa Province is about USD100 million. Commercial banks in the province are trying to maintain the amount in overseas national currency exchange.
In 2015, overseas remittance of Vietcombank Khanh Hoa was USD41.2 million, rising by USD1.2 million over 2014. This was the bank branch attracting the most overseas remittance in the province. Meanwhile, overseas currency exchange in BIDV Khanh Hoa, Vietinbank Khanh Hoa and Agribank Khanh Hoa saw a slight decrease. The figure of Vietinbank Khanh Hoa in 2015 was about USD4.8 million. In BIDV Khanh Hoa, overseas remittances by Swift editor and Western Union were nearly USD1.5 million and over USD1.7 million, respectively.
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The difficult world economy influenced income of overseas Vietnamese, which slashed overseas national currency exchange in Vietinbank Khanh Hoa, the bank representative accounted for the decrease. According to Pham Thi Kim Cuc, an official of BIDV Khanh Hoa, the number of overseas remittance beneficiaries was kept stably, even made a rise in the bank’s head office. However, its turnover still saw a fall.
Similar to previous years, most of the overseas remittances were from overseas Vietnamese, sent to their relatives; few were from labor export. The US was the biggest remitter and USD was the main foreign currency. For example, in Vietinbank Khanh Hoa, the US and USD made up 80% of the total overseas remittances.
To attract clients, commercial banks have improved their service quality as well as have offered promotions and gifts. Vietcombank Khanh Hoa has expanded services such as SWIFT, MONEYGRAM, UNITELLER and TN MONEX. Vietinbank Khanh Hoa pays overseas remittance at all its transaction offices with simply procedures and low fees. In BIDV Khanh Hoa, most overseas national currency exchanges are made through Western Union and SWIFT. BIDV has relationship with many big financial institutions in the world, therefore, its international payment network is stable and convenient for senders as well as receivers…
In recent years, on an average, more than USD100 million of overseas remittance is sent to the province a year. According to Doan Vinh Tuong, director of the State Bank – Khanh Hoa Branch, the year-by-year increase of overseas remittance is thanks to encouragement policies of the State Bank and commercial banks. Wide transfer and payment network in the province also has facilitated overseas remittance. Besides, the stable marcoeconomic administration policies and the firm development of currency market as well as banks in the province have partly attracted the overseas remittance to the province.
N.D
Translated by T.T
