Vietnam Post joins international money payment network
Vietnam Post has become a member of Eurogiro, a global network of financial institutions, providing a payment gateway into the country. Nguyen Quoc Vinh, vice president, said the membership provided an opportunity for the company to expand cooperation with postal companies, banks and financial services providers in 50 countries.
Vietnam Post will co-operate with Eurogiro members through bilateral agreements until 2011 before starting multinational cooperation.
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, Vietnam is the 10th largest beneficiary of remittances among developing countries.
The State Bank of Vietnam has forecast inflows of between US$5.8-6 billion this year.
