The Vietnam Bank for Agriculture and Rural Development (Agribank) on February 25 signed a cooperation agreement with the Republic of Korea (RoK)’s NongHuyp Bank, in order to help Vietnamese guest workers transfer money back home.

Under the agreement, NongHuyp Bank will provide money transfer services in a safe, fast and convenient manner for the Vietnamese labourers, and encourage them to send money back through Agribank.

The two banks will team up to introduce and instruct Vietnamese workers in the RoK to open and maintain a separate bank account at NongHuyp Bank until they clear their loans from Agribank.

According to Dao Cong Hai, Deputy Director of the Ministry of Labour, Invalids and Social Affairs’ Overseas Labour Management Department, Vietnam has around 500,000 guest workers. Of which, 75,000 working in the RoK send home an annual average sum of 650-700 million USD.

Both Agribank and NongHuyp Bank operate in agriculture and rural fields and play a key role in promoting the growth of the two economies.-VNA