With its foreign trade tradition, Vietcombank is assessed as the most prestigious bank in Vietnam in the fields of foreign exchange, import-export payment and other financial and banking services. Vietcombank’s target is to retain its role in Vietnam and become a leading international bank in the region over the next decade.
Affirming the position
Vietcombank HCM is the largest branch of the Bank for Foreign Trade of Vietnam (Vietcombank), which already has more than 40 years of experience of construction and development. With the advantage of its operational scale and a professional staff with good business sense, Vietcombank always appreciates the importance of information technology and considers the modernisation of the banking sector a basic foundation to reaching the international standard for a modern bank. A brief introduction of Vietcombank’s IT applications in recent years shows its commitment to this goal. Vietcombank joined the Asian Banking Association (ABA) since 1992 and was the first Vietnamese bank to be elected a member of ABA Board of Directors, for four consecutive terms.
Vietcombank has set up correspondent relationships with 1,400 banks in more than 100 countries and is the only bank in Vietnam to be a member of five international credit organisations: Visa, MasterCard, American Express, JCB and Diners Club. Vietcombank has the largest and most widespread ATM network in Vietnam, and is providing practical services for domestic and international debit and credit holders. In 1995, Vietcombank became the first in Vietnam to receive the title “Best Bank in Vietnam” awarded by Asia Money magazine. From 1996 to 2001, Vietcombank received the “Excellent Service Recognition Award” granted by JP Morgan Chase for the six consecutive year period. Vietcombank was also awarded the title “Best Bank in Vietnam” by The Banker magazine of Financial Times for five consecutive years from 2000 to 2004.
The bank was also voted the “Best Bank in Vietnam” by EuroMoney magazine. In 2003, Vietcombank received the “Outstanding Payment Formatting and Straight-Through Rate” from The Bank of New York; the “Global Payments and Cash Management Golden Award” from HSBC USA and “US Dollar STP Excellence Award” by Deutsche Bank. In 2004, Vietcombank was conferred the “Second-class Labour Order” by the State.
Opportunity and Challenge in Economic Integration
Economic integration is driving Vietcombank HCM to reform further and accept all forms of competition under international rules. In addition, Vietcombank HCM will have many opportunities to approach modern banking technologies, products, services and skills, and expand cooperation with foreign banks to narrow the development gap. On the other hand, during economic integration domestic banks must have more flexible responses and adjustments in line with domestic and international market movements to maximise profits and minimise risks.
Coupled with the new opportunity is the challenge to banking operations in general and Vietcombank HCM in particular. First, we have to operate transparently and accept the penetration of foreign banks and international financial institutions in our financial market. Second, foreign banks will pull personnel from domestic banks. Third, Vietnamese banks have to share the market with foreign banks, especially in the fields of modern banking services and products. Fourth, they will attract the best customers in order to ensure safe operations, meaning that the risks will be transferred to Vietnamese banks.
Determining roles, position and responsibility, as well as future orientations and solutions
Expanding business operations to keep market share and reach the two important targets of profit and safety
- Expanding the number and quality of distribution channels
- Regularly renewing technology, increasing products and services
- Expanding and developing the quality of human resources
- Applying professional service behaviours and attitudes
- Applying modern management instruments and international practices
- Utilizing a modern infrastructure system
- Focusing on propaganda programmes
- Broadening business relations
Vietcombank HCM is ready to cooperate and seek opportunities to expand relationships to develop technologies and business operations, while ensuring safety and efficiency, and developing mutual benefits to contribute to national economic and municipal development.
Bich Thuy
Vietnamese
