Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank-CTG) has recently announced its plan to set up VietinBank global remittance transfer company with 100 percent stake held by VietinBank.
The company will have the initial chartered capital of 50 billion dong.
The bank said that its revenue and market share from remittance segment constantly increased year by year. In 2010, the total amount of inbound remittance sent via VietinBank reached $1.2 billion, accounting for 15 percent of the market share.
The bank intends to submit this plan to its coming annual general meeting (AGM) on May 31 at Sofitel Plaza Hotel, No 1 Thanh Nien St, Hanoi.
Reportedly, in Vietnam, currently there are over 40 commercial banks, six joint venture banks and 44 foreign-invested banks and branches providing remittance services.
In addition, there are over 50 private remittance companies and large global money transfer firms such as Western Union and Money Gram joining the remittance transfer service supply.