Foreign banks expand presence in Vietnam

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VietStock FI English - 64 month(s) ago 3 readings

Many foreign banks have joined up with local partners to expand their presence in Vietnam’s market in addition to opening more branches and introducing new products.

ANZ Vietnam has linked up with the Vietnam Post Corporation (VNPost) and the Bank for Agriculture and Rural Development of Vietnam (Agribank) to enable collection and payment services to be made at their branches nationwide.

Working in conjunction with VNPost and Agribank will help ANZ to offer its banking services at nearly 2,000 of VNPost’s post offices and 2,200 of Agribank’s branches and transaction centres.

Earlier, HSBC Vietnam had signed a cooperation agreement to integrate its banking services with VNPost’s system. HSBC has also recently made an agreement with VNPost to provide a premium collecting service for the Bao Viet Life Insurance Corporation. Ha Tay has been chosen for the pilot run in 2010 and will later be expanded to other localities so Bao Viet Life’s customers can pay their premiums at any post office nationwide.

According to Thomas Tobin, HSBC Vietnam’s General Director, this will help it to provide customers with a more convenient service.

Following their successful liaison with Bao Viet Life Insurance Corporation, more businesses can now collect and pay regular charges or fees such as rents, telephone charges and water bills using the new service, said Tonbin.

Meanwhile, ANZ Vietnam’s General Director Dam Bich Thuy stressed the importance of capital management in businesses that have to collect regular large-scale fees. ANZ Vietnam is developing the service to help firms manage their finances more efficiently.

VNPost’s General Director Do Ngoc Binh said that cooperating with ANZ and HSBC will enable his firm to learn from their partners’ state of the art monetary management, ensuring more effective management when collecting and paying fees.

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