Remittances to Vietnam - What can we see after the conference on the afternoon of May 22 in Ho Chi Minh City?

Remittances to Vietnam - What can we see after the conference on the afternoon of May 22 in Ho Chi Minh City?

Remittances are very important to Vietnam, they help not only to upgrade our poverty lives but also can affect Vietnam’s economy.

Yesterday afternoon, a workshop to consult experts in the financial industry from major institutes, universities, banks, domestic and international financial funds on developing a policy scheme to attract and promote remittance resources in the locality took place and once again confirmed the above point.

What are the issues surrounding the conference? And what can we see after the conference, let's find out more about FinFan through the following article.

What are the issues surrounding the conference?

During the conference, the members discussed with each other the number of remittances sent to Vietnam (especially Ho Chi Minh) which has continuously increased in recent years, especially right after the COVID-19 pandemic.

In 2018, remittances to Ho Chi Minh City were 4.7 billion USD; in 2019 were 5.5 billion USD; in 2020 were 6.1 billion USD. Particularly, 2021 reached the highest level, up to 7.1 billion USD (up 16%).

In 2022, Ho Chi Minh City is still the leading locality in remittances with 6.6 billion USD and in the first quarter of 2023, remittances to the city continue to grow positively with nearly 2.2 billion USD increased by 19.41% over the same period in 2022.

Also, yesterday afternoon, the members also showed how the importance of labor export affects the increase in foreign exchange of Vietnam (a typical case is the problem of 50,000 workers in Korea).

Finally, the members discussed the issue of expatriates who want through remittances to invest in real estate and other assets in Vietnam.

What can we see after the conference on the afternoon of May 22nd in Ho Chi Minh City?

Firstly, we can reaffirm once again the importance of remittances for the development of the country and the people of Vietnam.

With the continuous increase of remittances to Vietnam in recent years, Vietnam has reached the top 10 countries with the largest remittances in the world.

After taking care of their loved ones in Vietnam, they have a greater desire to invest in real estate and other assets in the country.

Vietnam is a potential market, so it is necessary to have policies to facilitate and attract foreign enterprises to invest.

Without appropriate policies, these workers will invest in the host country and the money cannot flow to Vietnam as strongly as before.

Currently, the digitization process is shortening the transaction time from a few days to just a few seconds, the development of fintech makes the demand for remittances quite diverse not only between individuals but also between individuals and businesses or businesses - businesses...

Therefore, experts suggest that the State should create favorable conditions, build a new legal corridor to catch up with the trend and attract Vietnamese people living and working abroad to return to investment and business development in Vietnam.

FinFan is one of the NEOBanks which can support the remittance companies in the process of bringing foreign exchange remittance services to end users, helping them to transfer money faster and with less cost.

FinFan, a Neobank specializing in cross-border payment and money transfer in Vietnam, had a License of Foreign Currencies Acceptance and Payment approved by the Central Bank of Vietnam in 2014, licensing from our Strategy Bank to do Banking services, and was the first entity in Vietnam allowed to disburse money into E-wallet.

We operate based on the values of transparency and trustworthiness to provide products as a Neo-bank, such as CASH – IN & CASH –OUT (Payroll, e-Commerce, Import-Export, etc., Cross - Border Payment (Over 150 countries + currencies), Remittances (strong currencies like GBP, AUD, EUR, USD, CNY with competitive FX rate), Virtual Cards.

We are proud that we not only became the first Vietnamese non-bank partnered and integrated with Ripple Net but also partnered with over 20 top global brands as MoneyGram, Thunes, Remitly, Ria, Terrapay, PaySend, etc.