Banking sector to maintain the lifeblood of the economy
Banking sector to maintain the lifeblood of the economy
This year is crucial for the implementation of targets set in five-year socioeconomic development plan for 2021 - 2025. Opportunities and challenges are intertwined, placing responsibility on the banking system to continue to promote the lifeline mission of the economy.
Top bank leaders discussed with the VIR their development trajectories in the new year in order to successfully complete all set goals and plans for stable development of the country.
Perfectly performing the role of banking operation management, Nguyen Thi Hong- State Bank Governor
With the deep concern of the Party, the state, the National Assembly, and close guidance from the government and the prime minister, the banking sector has been encouraged and motivated to overcome myriad difficulties and challenges. At the same time, focusing on handling outstanding issues, thereby making important contributions to controlling inflation, stabilising the macro-economy, the monetary and foreign exchange markets.
In the forthcoming time, the banking sector will continue promoting the spirit of solidarity and creativity; operating with the highest responsibility; bringing forth achievements; overcoming difficulties and challenges, striving to well accomplish all assigned tasks for successful completion of national construction and development cause.
Simultaneously, leaders of member units under the State Bank always uphold the sense of responsibility, the role as heads of the units in implementing the assigned task, keeping tabs of macro developments at home and abroad to proactively advise and propose to SBV’s leaders timely measures to ensure achievement of the set goals.
At the same time, efforts gear towards effectively performing the role and functions as central bank in banking operation management.
Other crucual tasks are actively implementing solutions to remove difficulties for people and businesses affected by COVID-19 pandemic, continuing to join hands with the whole country to ensure social security. Units and individuals in the system, regardless of position or task, need to try their best to perform their tasks excellently and contribute to the achievements of the banking sector, with burgeoning contributions to national development.
Affirming the position of No. 1 bank in Vietnam, Pham Quang Dung- Vietcombank chairman
In 2021, the COVID-19 pandemic continues to wreak havoc globally with many dangerous mutations. In Vietnam, many localities were under lockdown and prolonged social distancing, the supply chain was broken. To adapt and overcome difficulties, Vietcombank soon implemented drastic, synchronous and effective many measures and solutions to ensure the safety of officers and employees and maintain business continuity, contributing to maintaining the lifeblood of the economy. In particular, Vietcombank has strongly implemented digital transformation initiatives, providing quick, convenient, and contactless banking service solutions for customers.
Joining the government's anti-epidemic efforts, Vietcombank has donated nearly VND430 billion ($18.69 million) to the health sector and frontline forces. The bank has pioneered in exempting and reducing interest and fees for people and businesses with a scale of more than VND7.1 trillion ($308.69 million). Besides, the bank continues to be an important source of capital for the economy, actively contributing to production expansion and macroeconomic stability.
Entering new year 2022, amid vulnerabilities both in global and domestic market, and as opportunities and challenges are intertwined, the historical traditions, cultural identities, d high-quality human resources, the spirit of readiness for innovation and determination of the SBV’s leaders and that of the whole system will be the foundation for Vietcombank to continue to develop rapidly and sustainably, affirming its position as the No. 1 bank in Vietnam, step by step reaching out to the region and the world over.
Ready for the journey ahead, Pham Duc An- chairman of Agribank
In 2021, in the context the economy facing multiple hardships due to impact of COVID-19 pandemic, Agribank always strives to ensure safe and effective operations, comprehensively fulfilling set targets, and going pilot in implementing diverse policies and solutions to support the customers, particularly aiding pandemic prevention and control cause.
With the spirit of safe and flexible adaptation in new normal, this year Agribank identifies major issues that need to be implemented as follows:
First, drastically implement key tasks from the beginning of the year, striving to achieve all tasks and targets at highest possible level; continuing to affirm the role as a major state lender in the financial market, especially in agriculture and rural areas, ensuring most effective implementation of the role as the lifeblood of the economy.
Second, together with the banking sector actively implement solutions to support economic rebound, people and businesses affected by COVID-19 pandemic, joining hands with the whole country to ensure social security.
Third, focus on dealing with inadequacies, modernising governance and administration, improving the quality of human resources, ramping up investment and technology application, paired with renovating and simplifying processes and procedures, developing digital banking, contributing to promoting non-cash payments and effectively implementing the National Financial Inclusion Strategy.
Entering its 34th year of operation, with the spirit of solidarity and strong commitment to overcome difficulties and challenges of all employees, along with trust and strong attachment of customers and partners, Agribank is confident for the successful journey ahead.
Internal strength - future prospects, Truong Khanh Hoang- acting CEO of SCB
In 2022, in addition to focusing resources on implementing restructuring project approved by the central bank (SBV), SCB has proactively implemented solutions to improve financial capacity, focusing on restructuring the balance sheet, improving the performance indicators, profitability indexes towards listing on the stock exchange.
To achieve the above goal, SCB focuses on rebuilding the customer base in a more specialised direction such as enhancing customer experience, ensuring optimal service quality. In terms of business development, SCB will complete the restructuring of competitive products to further expand customer base and follow the rejuvenation trend to towards being a dynamic and comprehensive retail bank.
Regarding the operation process, SCB will complete the implementation of large-scale digitisation and build an advanced customer analysis technology platform in 2022, focusing on establishing the fundaments towards reaching the goal of turning digital bank into an important business channel.
Regarding the organisational and personnel structure, SCB will adjust the salary structure and performance management system, aiming to improve business productivity and motivate employees. At the same time, promoting training by completing internal training programmes as well as external training to bolster team capacity.
Promoting retail banking strategy, Nguyen Dinh Tung- CEO of OCB
Shifting the goal of "zero COVID-19" into "safe and flexible adaption, and effective control of COVID-19 pandemic" is the smart move of the government to protect people's lives and health in the best possible way and achieve socioeconomic rebound.
This decision also creates a premise for Vietnam's economy to resume growth in 2022. As the banking system is a particular type of business, if economy recovers well, banking activities will be good and develop stronger. 2022 will be a period of blooming innovative research in the sector, especially the digitalisation in internal operations, with the great support of the State Bank.
As the business environment expected to be better amid economic recovery, OCB will continue its key goal to apply strict standards like Basel 2, Basel 3, IFRS 9 in management and control of organisational activities. At the same time, promoting the retail banking strategy in the segment OCB is aiming for, with the desire that customers have the feeling and experience that OCB is truly their bank.
Innovation and diversification of revenue sources, Tran Ngoc Tam- CEO of Nam A Bank
In 2022, economic rebound programmes would have a positive impact on Vietnam economy in general and the banking system in particular. Accordingly, the market would entail numerous opportunities for businesses and organisations being capable with early and quick measures to adapt to new market conditions. At the same time, each business and organisation needs to have apropriate solutions to best avail of strong investment wave into Vietnam, especially in finance and insurance.
In fact, the trend of deepening integration requires all fields to be more professional with stronger digital transformation. For the financial - banking industry, in parallel with promoting the digitisation of banking operations and activities, banks are continuing to improve their financial capacity towards Basel III standards. At Nam A Bank, we aim for sustainable development, diversifying revenue sources from developing services and cross-selling products.
The year 2022 marks an important milestone to celebrate Nam A Bank’s 30th foundation anniversary. Putting on a new look, we are ready to innovate to match dynamic integration trend. Along with strengthening internal resources and developing business in a sustainable way, digitalisation remains a key strategy in the bank's activities.
