VietNamNet Bridge – Banks in HCMC are putting on a variety of promotional programs to attract overseas remittances flowing into the city ahead of the Lunar New Year holiday, or Tet, said the news site baohaiquan.vn.

Illustrative image -- File photo

Saigon Commercial Bank (SCB) is in cooperation with Western Union to launch a promotion program for money transfer transactions between now and February 16. Customers who use Western Union money transfer services at SBC branches and offices nationwide will get Tet gifts and bonus cash of VND100,000.

The Bank for Investment and Development of Vietnam (BIDV) gives VND30,000 to customers receiving from US$200 via the Western Union network. The program will run till February 20.

Meanwhile, customers receiving remittances with BIDV accounts will join a lucky draw with prizes like home appliances and cash gifts up to VND5 million each.

Other banks such as Nam A Bank, PG Bank, Construction Bank, SHB and Maritime Bank have also launched promotional activities to lure customers.

Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch, said the city reported over US$5 billion in incoming remittances last year, accounting for 58% of the country’s total. In December alone, over US$700 million was sent to the city, mostly from the U.S. and Europe.

Of the figure, 72% were invested in business and production, 22% into real estate and the remainder into family spending such as shopping and medical treatment, Minh said.

The nation now has a convenient money transfer mechanism in place. Meanwhile, recipients do not have to pay a fee or personal income tax. Last year, 35% of incoming remittances in the city were converted into Vietnam dong, the official added.

Source: SGT