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The banks that lead in overseas remittance services
Vietcombank is now leading the market in overseas remittance payment services with $1.5 billion paid by the bank in the 2008 season, an increase of $200 million compared to 2007.
Nguyen Thu Ha, Deputy General Director of the Bank for Foreign Trade of Vietnam (Vietcombank), has said that the bank paid $1.5 billion in overseas remittance to clients in 2008 out of the total estimated $8 billion worth of overseas remittance to Vietnam, becoming the biggest overseas remittance service provider in Vietnam.
The overseas remittance going through Vietcombank came mostly from the US, France, Canada, Australia and familiar markets in the region like Taiwan, South Korea and Malaysia.
The second biggest overseas remittance service provider is East Asia Bank (EAB), which paid $1.2 billion in overseas remittance, in 2008, or 15% of the total overseas remittance to Vietnam in 2008.
The third biggest service provider is Vietinbank with the remittance turnover of $900 million, an increase of 27% over 2007 which made up 11% of total overseas remittance to Vietnam.
According to Vietinbank, the high overseas remittance turnover has been obtained as the bank has been expanding the cooperation with labor export companies in some countries and territories where many Vietnamese people live and work, like the US, Malaysia, South Korea, Taiwan and the Middle East.
The Vietnam Bank for Agriculture and Rural Development, Agribank, has announced the overseas remittance turnover at nearly $870 million, or 10.8% of total overseas remittance.
The figure about the $8 billion in overseas remittance was released by the Committee of Vietnamese Overseas, and this is just an estimate. The Committee’s Deputy Chairman, Nguyen Quoc Dung said that the exact figure about overseas remittance will only come out in mid-2009.
TBKTVN
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