Military Commercial Joint Stock Bank (MB) serves as a critical credit institution, offering comprehensive financial and investment guidance to Vietnamese expatriates living and working abroad.
The Investment Support Forum for Overseas Vietnamese (INVESFOV) has just been formally established by the Association for Liaison of Overseas Vietnamese.
Under the auspices of the State Committee for Overseas Vietnamese, the Vietnam Fatherland Front, and six ministries, including the Ministry of Foreign Affairs, the forum is regarded as a bona fide initiative to support overseas Vietnamese broadening the investment scale in their homeland and proficiently utilise capital resources for further opportunities.
Foreign investors can turn to INVESFOV's major bank, MB, for investment consulting advice and obtain an in-depth understanding of Vietnam’s burgeoning market.
Vu Hong Phu, member of the board of management at MB said, "The partnership will undoubtedly be a primary determinant, contributing to the country’s prosperity in the long run."
|Vu Hong Phu, member of the Board of Management at MB |
MB's international money transfer revenues reached approximately $3 billion in 2021, placing the bank in a leading position in this sector in terms of market share, Phu estimated.
Remittances, accordingly, account for approximately 15 per cent of total international money transfer revenues in 2021, more than double the amount of the previous year.
In the face of the myriad of challenges, remittances through MB still witnessed steady and rapid growth, providing a basis necessary for the bank to implement timely support policies, such as stabilising exchange rates and balancing foreign currencies for its import-export clients.
MB is also a pioneer in offering individual clients an online international money transfer service via the MBBank App. Customers may effortlessly and instantly transfer cash overseas using the MBBank App on their mobile phones, with a maximum limit of around $100,000.
"Thanks to the bank's advanced technological infrastructure, MBBank App is anticipated to enable direct banking services to Vietnamese expatriates living and working overseas," Phu said. "By easily tapping into the MBBank App, customers may now use video chats to register eKYC accounts and make money transfers back to Vietnam straightforwardly.
|MBBank App allows Vietnamese expatriates to access direct financial services |
MB’s international money transfer solutions are diverse and multi-purpose, including sending money for educational purposes, financially supporting relatives, paying medical expenditures, and transferring money to settle down. This is also a distinguishing feature of MB when compared to other banks.
Customers may optimise cross-border money transfers for their companies via online transfers and foreign exchange on the BIZ MBBank. The Hanoi-headquartered bank is also a trailblazer of SWIFT code adoption in the domestic banking landscape. Clients may also track and monitor cross-border money transfers in real-time with no additional expense.
With MB's vast expertise in digital transformation, the INVESFOV is envisaged to become an official channel maximising the benefits of remittance inflows into Vietnam, thereby contributing to the country's prosperity.