kude.punny

Banks focus on services to improve competitiveness

Ha Noi (VNA) – Viet Nam’s commercial banks have given top priority to the development of services in an effort to sharpen their competitive edge.

In line with this, many banks in collaboration with their own partners have introduced their typical services based on advantages in customers, trading network and modern technology.

Experts said cooperating with potential partners is an appropriate way for domestic banks’ development and the method is considered to be better than concentrating only on savings mobilisation, lending, card issuance and trade finance that are strong points of foreign banks.

Recently, the Viet Nam Export Import Commercial Joint Stock Bank (Vietnam Eximbank) signed agreements with 16 strategic partners through which the bank can develop services such as money collection, payment, co-signed loan provision, project finance and card issuance.

The strategic partners include the Bien Viet Securities Company, the Saigon Trade Corporation, the PetroVietnam Finance Company, the Saigon Post and Telecommunications Service Corporation and the Kinh Do Group.

The Technological and Commercial Joint Stock Bank (Techcombank) has signed a series of cooperation agreements with local corporations to offer different modes of payment services. For example, is has joined hands with the Corporation for Financing and Promoting Technology (FPT) to supply payment services for Internet ADSL fees.

It also works with the VTC Intecom to supply mobile phone banking services, allowing handset users to make payments for games and goods by sending short messages to the bank after opening an account, and cooperates with the Ho Chi Minh City Insurance Corporation to provide insurance payment services.

Earlier, Techcombank has become the first financial institution in Viet Nam to introduce the Internet Banking to the market, enabling the bank's clients to make transactions and check accounts via the Internet.

Meanwhile, the Viet Nam Joint Stock Commercial Bank for Private Enterprises (VP Bank) has improved its competitive edge by entering an ATM card alliance with 18 other local commercial banks, which is presided over by the Bank for Foreign Trade of Viet Nam (Vietcombank). Accounting for more than 70 percent of the market share, this card alliance is considered the most effective model among the four alliances currently operating in Viet Nam.

For its part, the East Asia Bank - the leading card provider in Viet Nam - has launched payment services for electricity and running water through its ATM system or branches in Ho Chi Minh City and southern Binh Duong province.

Other commercial banks like the Saigon Thuong Tin Commercial Bank (Sacombank), the An Binh Commercial Bank (AB Bank), the Asia Commercial Bank (ACB) meanwhile have established companies specialising in finance leasing services, gold and securities trading or offered a series of high interest rate services in a move to improve their competitive edge.-Enditem

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