Published on
May 27, 2024

Wallex Expands VND Transaction Capabilities!

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We’re excited to share that Wallex has made a series of updates that will give our customers in Singapore an unmatched VND payments experience!  

Customers can now enjoy savings of up to 50% in fees compared to other providers when making and receiving payments in VND from our platform.

Read on to find out what this means for you and your business!

VND Collections: Officially Enabled!

Wallex customers can now accept payments in VND! This will make it much easier and cost-efficient for businesses who have customers or partners based in Vietnam.

Vietnam-based customers or partners of Wallex customers can now skip the hassle of making frequent VND to SGD conversions and avoid the associated costs, offering them a much easier and cheaper way of making payments.  

This also greatly expands the horizons for our Wallex users looking to enter the Vietnamese market, who can now offer potential customers an easier way to transact.

How can I start collecting VND?

You can open a VND collection account directly from the Collections section in your Wallex dashboard!

If you’re looking collect VND but are not a Wallex user? Fret not! Signing up is easy and onboarding is a simple and seamless process.  

Click here to sign up for an account and we’ll take care of the rest!

VND Payments: Upgraded!

Today, Wallex customers can make VND payments to both Individual and Corporate accounts! Previously, it was only possible to make VND payments to Individual beneficiaries.  

The best part? Our powerful VND payment solution that gives you much better value and savings with:  

  • Real-time transactions for transfers up to VND 500 million
  • Competitive, near mid-market FX pay rates when making SGD to VND, USD to VND, IDR to VND, and HKD to VND payments
  • No transfer limits – so you can make large payments to corporate beneficiaries at high frequency  
  • Collections will be converted from VND to SGD within one working day

With our new VND capabilities, Wallex customers are better positioned to make inroads within the Vietnamese market and have an easier time procuring new equipment or services, hiring employees, or engaging freelancers.

How can I start making VND payments?

You can now select Individual or Company beneficiaries in the Send Money module on your Wallex dashboard. This is reflected in our new platform UI that makes navigating a breeze.

Do you want to make VND payments but are not currently a Wallex user? Not to worry. We’ll help you get set up after a simple signing up and onboarding process.  

Click here to get started with the sign up process!

Expanded VND capabilities: Ushering in new opportunities amid stronger Singapore-Vietnam economic ties

Business opportunities are blooming as trade links between Singapore and Vietnam reach new highs.  

In January 2024, Vietnam became Singapore’s 10th largest trading partner as two-way trade grew 18% over the previous year to reach SGD 2.9 billion. These links are set to deepen as imports and exports between both countries reach new highs.

For instance, Vietnam's exports of iron and steel to Singapore increased by over 30 times in January alone. Machinery, equipment, mobile phones, components and spare parts exports grew over 50% to SGD 255.2 million as well.

The largest segment of Vietnam's imports from Singapore, which was also machinery, equipment, mobile phones, components and spare parts, recorded growth of 19.82% year-on-year. Other segments such as steam, machine tools and equipment and spare parts of machines increased by nearly 32%.

Venture into Vietnam with Wallex today

Wallex's enhanced VND transaction capabilities put our customers right at the crossroads of Singapore-Vietnam economic corridor. Regardless of whether they’re looking to establish a Vietnamese branch, hire Vietnamese professionals, or source for Vietnamese suppliers – our expanded VND transaction capabilities will support them in their objectives.

Interested to start expanding your footprint in Vietnam? Reach out to your Account Manager, or click here to sign up today!

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