VCB Binh Duong Affirming Backing Role of the Economy

8:31:34 AM | 4/9/2020

In over 20 years of operation and renovation with the whole Vietcombank system, Joint Stock Commercial Bank for Foreign Trade of Vietnam - Binh Duong Branch (Vietcombank Binh Duong) has made many important achievements in all aspects of operation, built up customer trust, affirmed and enhanced Vietcombank's brand position, and positively contributed to local socioeconomic development.

Efficient and sustainable development

On September 1, 1999, Vietcombank Binh Duong started with 20 employees, insufficient facilities, rented working offices and poor equipment. At present, the branch has more than 220 qualified, well-trained, dynamic, creative, enthusiastic employees and spacious working infrastructure. The operational network has been expanded with a head office and four transaction offices to bring Vietcombank's products and services to customers, including Thu Dau Mot Transaction Office, Tan Uyen Transaction Office, VSIP Transaction Office and Bac Tan Uyen Transaction Office. At the same time, Vietcombank Binh Duong also acts as the creator and developer of other Vietcombank branches in Binh Duong like Vietcombank Binh Duong South, Vietcombank Binh Duong North and Vietcombank Binh Duong East.

Revealing Vietcombank Binh Duong's business results, Mr. Nguyen Thai Minh Quang, Branch Director, said that Vietcombank Binh Duong is a fast, efficient and sustainable unit that secures strong confidence among the business community and local people.

“Operating in a dynamic and competitive economic area for over 20 years, Vietcombank Binh Duong has maintained a high deposit and credit growth, and secured an average annual deposit and credit growth of 19% and 15% the last five years, respectively. The branch mobilized nearly VND16 trillion of deposit and VND12 trillion of credit. International payment and forex business always affirmed the leading role in the province, with international payment value reaching US$2.1 billion and forex value amounting to US$2.9 USD in 2019. In the first six months of 2020, the corresponding values were US$910 million and US$1.4 billion, he said.

The customer base of Vietcombank Binh Duong has kept expanding with nearly 6,500 corporate customers and more than 430,000 individual customers. The ATM and POS network covers all areas of the province with over 80 ATMs and 580 POSs with over 580,000 ATM cards in circulation. The branch provides e-banking services for over 520,000 customers. Operating profit from before risk provisioning has grown 22.5% a year on average, reaching VND579 billion in 2019 and VND290 billion in the first six months of 2020. The increasing share of service revenue helps improve business performance and reduce dependence on credit business. This ratio was 31.2% in 2019 and was 32.4% in the first six months of 2020.

Siding with customers

With the mission of a leading bank for the prosperity of Vietnam, Vietcombank always sides with customers, especially corporate customers.

Over the past years, Vietcombank has continuously launched preferential credit programs to meet diverse needs of customers, classified by priority fields regulated by the Government, the State Bank of Vietnam (SBV) and the province’s development orientation. The branch has deployed consistent financial solution packages and policy products for enterprises.

In 2019, Vietcombank Binh Duong applied a lower lending interest rate to outstanding loans of VND7,900 billion, accounting for 62.19% of total outstanding loans. The rate support, worth VND180 billion, has shared hardships with enterprises and assisted them in the tough time. This figure was VND9,603 billion in the first six months of 2020, accounting for 79.5% of total outstanding loans, and the interest support was VND123 billion.

In addition to interest and financing support solutions, Vietcombank Binh Duong also launched many other forms of support to realize Vietcombank's commitment to businesses like cash collection and expenditure at locations requested by customers, placing ATMs in densely populated areas to facilitate wage payment and cash withdrawal of workers, consulting and supplying international payment products, cash payment, guarantee, forex, cash payment and service tariffs for corporate customers.

Quang said, in the current context, as the COVID-19 epidemic is causing a significant impact on the business community, together with the Government and the State Bank of Vietnam, Vietcombank launched a series of support solutions for customers. Vietcombank Binh Duong always closely monitors impacts of the COVID-19 epidemic on customers' activities to develop appropriate, timely, flexible support, coordination and treatment plans; and complies with regulations of the State Bank and Vietcombank. The branch applied preferential interest rates to customers in three phases with a total interest value of VND3.3 billion; restructured loans of VND632 billion for 17 customers (111 loans); and changed debt repayment terms of VND450 billion for four customers. At the same time, it disbursed new loans or adjusted loans to support customers and adjusted longer-term loans for new loans to match working capital turnover due to the impact of COVID-19.

“We actively coordinated with SBV Binh Duong to organize meetings to inform COVID-19 affected customers of support in full and in time, communicate on Vietcombank's support solutions, policies and programs concerning lending rates and service tariffs to share and accompany customers. The branch will continue to support and share with businesses and people with full implementation of policies adopted by the Government, the SBV and Vietcombank, helping stabilize socioeconomic performance of the country in general and of Binh Duong province in particular,” he stressed.

Spreading Vietcombank culture

In addition to business, Vietcombank Binh Duong actively responds to regular social activities that engage its employees.

Many social security activities are regularly launched, including the gratitude fund, the child protection fund, the fund for the poor, the disabled and elderly fund, the fund for flood disaster victims. The bank also takes care of heroic Vietnamese mothers and families with meritorious services to the revolution, presents gifts to poor children, gives gifts to poor students with remarkable study records, and presents charitable houses.

These activities not only build a strong relationship with the locality and illustrate the social responsibility of Vietcombank, but also show Vietcombank's culture and humanity. It has donated over VND18 billion for social security since 2010.

Source: Vietnam Business Forum