VN Post joins international money payment network, Eurogiro

Viet Nam Post (VNPost) has become a member of Eurogiro, a global network of financial institutions, providing a payment gateway into the country, the company said on Tuesday.

Nguyen Quoc Vinh, its vice president, said the membership provided an opportunity for the company to expand co-operation with postal companies, banks and financial services providers in 50 countries.

The decision to join Eurogiro was based on the benefits to be realised from the Eurogiro community and network whose core business had been offering quality international payments services for over 15 years and connectivity to postal and banking agencies in nearly 50 countries, he said.

VNPost will co-operate with Eurogiro members through bilateral agreements until 2011 before starting multinational co-operation.

It is scheduled to link up with the network next month and in the initial phase will provide cash receipts for international fund transfers at some 1,200 designated branches.

According to a World Bank report, Viet Nam is the 10th largest beneficiary of remittances among developing countries.

The State Bank of Viet Nam has forecast inflows of between US$5.8-6 billion this year.

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