Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year. (Photo: https://doanhnhansaigon.vn)

Cumulatively, remittances to the city from early 2024 until now have reached approximately 10.04 billion USD.

Lenh noted that Tet is traditionally the peak season for remittances.

Exceeding 10 billion USD in remittances by the end of January is an impressive milestone, he added.

The surge is attributed to Vietnam's stable monetary market, macroeconomic stability, and flexible exchange rate policies. Besides, policies to facilitate the attraction and effective use of remittances as well as efficient, safe and user-friendly remittance payment systems have played a key role.

Banks have invested heavily in technology and launched promotional campaigns to encourage remittance transfers, especially during Tet.

Vietcombank's remittance arm has enhanced its technology and expanded its payment network. Agribank is running a promotion offering chances to win prizes worth over 1.3 billion VND for customers receiving.

Western Union transfers at its branches. Similarly, Sacombank is offering up to 1 million VND to customers receiving remittances through Sacombank Visa payment cards until March 31./.