In past years, inward remittances have made remarkable
contributions to Vietnam's economic growth. Philip Ziter, a
lawyer in the Ho Chi Minh City office of US-backed consulting firm
Russin & Vecchi, provides analysis on investment opportunities
related to blockchain remittances for the nation, as well as policy
recommendations.
Most legal cross-border payments are made via a network of
correspondent and intermediary banks or money transfer operators
(MTO). There is no central clearing system, and these transactions
can only occur during regular banking hours. Transactions are
subject to processing fees from multiple intermediary banks. MTOs
such as Western Union are a faster but more expensive alternative,
often used by the unbanked.
