Standard Chartered opened its first branch in Ho Chi Minh City in 1904. Following official approval from the State Bank of Vietnam, Standard Chartered commenced operations of its locally incorporated entity – Standard Chartered Bank (Vietnam) Limited on August 1, 2009. Standard Chartered now has three branches and employs over 600 staff in Vietnam. The Bank provides a full suite of wholesale banking products and services to corporate and financial institutions. Its consumer banking business serves individuals and small and medium enterprises.
The Vietnamese financial market has rapidly expanded over the last few years. With rapid market liberalization and privatization, Vietnam has become a preferred destination for an increasing number of international investors, and banking offers great growth potential. Out of a total population of 89 million, less than 20 percent of Vietnamese have a bank account, just 17 million ATM cards are in use and only 2 percent of the population has ever taken a bank loan.
Standard Chartered brings international expertise and experience gained from its operations in other emerging markets to Vietnam, where it actively contributes to the development of the country’s banking and finance sector. Despite recent policy restrictions on foreign banks, Standard Chartered remains well placed to help its clients realize their potential. The bank has built a franchise focused on addressing clients’ needs, not short term trading gains.
Despite market turmoil caused by the global crisis and an uncertain macroeconomic environment, Standard Chartered’s wholesale banking recently concluded several innovative transactions that demonstrate the range of options available to corporations and investors in Vietnam. These include the first international syndicated loan for PetroVietnam Exploration Production Corporation Ltd, and the funding for Holcim’s new waste heat recovery power plant, which will help to save 25,300 tonnes of carbon dioxide per year. Standard Chartered has also developed funding and transaction banking products to serve the needs of corporate clients from the largest multinationals to small and medium enterprises.
Standard Chartered Bank was ranked as the top bookrunner of USD Syndicated Loans for Vietnamese borrowers, a position that the Bank has held for three consecutive years, and also top bookrunner for VND Bonds. These achievements emphasize Standard Chartered’s world-class capability, deep understanding of the market and strong relationships with clients.
The bank holds a positive outlook about 2011 despite the obvious challenges. Sustainability is at the heart of Standard Chartered’s brand promise to be “Here for good.” “Here for good” embodies Standard Chartered’s business philosophy, which is centred on sustainable banking. It reinforces the bank’s strategic intent to be the world’s best international bank by putting the needs of its customers, clients, staff and communities first. Its culture, enhanced by the brand promise, shapes the way it performs day-to-day activities. Standard Chartered’s aspiration is to create long-term value for our shareholders while having a positive social and economic impact on communities. With a strong capital position and highly liquid balance sheet, Standard Chartered is committed to supporting the long-term development of strong and sustainable businesses in Vietnam.
Vietnamese
