VPBank meeting the needs of foreign customers
VPBank meeting the needs of foreign customers
VPBank, together with strategic partner SMBC of Japan, aims to provide foreign customers with more comprehensive corporate financial services while taking care of their staff’s financial demands, thus contributing to their efforts to retain talented people and create high growth value in the long term.
Foreign customers of VPBank can now enjoy more corporate financial services, at the same time being indirectly supported to retain talent through specialised financial products and solutions which are designed to bring their staff the best financial service experience and satisfaction.
At VIR’s investment conference last week, Mochizuki Masashi, head of the FDI Centre at VPBank, said that in an effort to expand the foreign customer segment, banks not only provide capital or cash flow management services, as well as revenue and expenditure management for foreign-invested enterprises (FIEs) operating in Vietnam, but also have to meet the financial needs of their employees at different levels.
As per Masashi’s account, these needs are diverse, from setting up accounts and opening credit cards to using overdraft services and unsecured loans with preferential interest rates; and from home loans and car purchases to signing labour contracts to protect employee rights.
Intensive care for employees’ financial needs in the business, as such, will create synergistic values to help companies retain talents and enable them to continue to devote themselves in the long term. In this process, banks can become a companion to help eliminate worries related to the financial management of each individual.
Comprehensive support
As for FIEs, VPBank has been meeting a variety of financial needs from credit extension, cash flow management, and regular business operations management to trade finance and foreign exchange transactions.
The supply chain financial service package for FIEs is an example. With this service, businesses operating in the supply chain can access VPBank’s supply chain financial system, thereby performing many specialised tasks such as requesting disbursement for suppliers, requesting automatic disbursement for FIEs, or searching for updated sales information on the system.
Through this system, FIEs can improve sales, check payment status of orders, and reduce risks such as missing receivables from customers. Along with that, businesses in the supply ecosystem can improve cash flow and cut borrowing costs as banks provide loans with preferential interest rates exclusively for active customers in FIEs’ supply chains.
In addition, for payroll services, VPBank can support businesses by shortening the time for salary transfer, thereby reducing related costs. For customers in industrial zones, VPBank may consider installing ATMs at suitable locations at the customers’ premises to make it more convenient for employees to withdraw money.
To be able to offer in-depth and comprehensive financial products, services and solutions to the overarching ecosystem of FIEs, VPBank and SMBC have been building a strong relationship to promote each other’s strengths, towards the goal of promoting the development of FIEs in Vietnam in the future.
Ready to serve
The pair, via the capital sale deal signed in March, are supplementing each other’s missing pieces in order to optimise opportunities that the market has to offer – including the enormous growth potential of FIEs in Vietnam in the shifting trends of global supply chains.
The Japanese partner brings to the bilateral relationship years of experience and expertise in the banking-finance sector in Japan and beyond, along with competitive advantages in terms of network and a wide range of over 200,000 customers, including multinational corporations.
What is more, through VPBank, SMBC will strengthen its presence and open up opportunities to provide capital for large domestic ventures that the corporation is currently interested in, especially in areas such as infrastructure construction and business projects with green growth, environmental friendliness and sustainable development.
Meanwhile, VPBank has strengths in retail banking and a profound understanding of the domestic market. With a comprehensive set of financial products, services and solutions for different customer segments, the bank can fully meet the diverse needs of the individual customer groups, which includes employees of many existing and potential FIEs exploited from SMBC’s customer files.
“Foreign direct investment is an important growth engine of the Vietnamese economy, and we have a responsibility to serve our foreign clients to build lasting relationships and create a two-way benefit through products and solutions to support international businesses operating in Vietnam,” Masashi said at last week’s conference.
