Vietcombank Binh Duong: 20-year Companionship with Local Economy

10:57:46 AM | 5/8/2019

2019 marked the 20-year development journey of Vietcombank Binh Duong Branch. In the past 20 years, despite starting from a low point and growing up in a volatile, fiercely competitive economy, Vietcombank Binh Duong has constantly developed to become a Top 3 commercial lender in the province and Top 5 Vietcombank Branch system, thus contributing positively to the provincial economy.

Vietcombank Binh Duong was established under Decision 225/1998/QD.NHNN5 dated July 8, 1998 of the Governor of the State Bank of Vietnam and officially started operations from September 1, 1999. Mr. Nguyen Thai Minh Quang, Director of Vietcombank Binh Duong, said that, in the first days of operation, the branch had only 20 employees and hired working offices.

However, with the ongoing efforts of executives and employees, Vietcombank Binh Duong’s operational scale has been continuously expanded. The workforce increased to 200 employees who are well-trained, professional, highly qualified, enthusiastic and very active.

In spite of starting with a low level, the 20-year growth of Vietcombank Binh Duong enabled Vietcombank to scale up its business network in Binh Duong province and laid the groundwork for Vietcombank to establish three more branches - Vietcombank North Binh Duong, Vietcombank South Binh Duong and Vietcombank East Binh Duong – to cover its brand name almost throughout the province. Vietcombank Binh Duong is headquartered at the heart of Thu Dau Mot City and five affiliated transaction offices - Thu Dau Mot, Tan Uyen, Nam Tan Uyen, Bac Tan Uyen and VSIP.

Through many times of separation, the branch’s operation area was narrowed but its scale has kept expanding. Its credit growth, deposit value and customer base increase year after year. Its deposit value and the credit value increased from VND5.8 billion and VND14 billion to nearly VND15,000 billion and more than VND12,600 billion in 2018, respectively (after Vietcombank East Binh Duong Branch was split). The branch currently has more than 6,200 corporate customers and more than 450,000 individual customers.

Mr. Nguyen Thai Minh Quang said, in 2018, Vietcombank Binh Duong was assigned by Vietcombank to establish Vietcombank East Binh Duong Branch from the upgrade of Phu Chanh Transaction Office (formerly affiliated with Vietcombank Binh Duong Branch). Despite having its resources shared with the new entity, the branch continued to fulfil all assigned tasks, with high performing credit growth, deposit mobilization, customer development, retail product development and operating profit.

“Particularly, in the first six months of 2019, the branch’s deposit mobilization rose 6% and its credit growth was 3% from the same period of 2018. On average, in the five years from 2015 to 2019, deposit growth was 19% annually and credit growth was 17%,” he added.

Quang added that, in recent years, other products and services such as international payment, foreign currency trading, retailing, payment card and electronic banking expanded. At present, Vietcombank Binh Duong has issued more than 420,000 credit cards and ATM cards and nearly 300,000 customers are using electronic banking services.

Not only keeping the growth rate, Vietcombank Binh Duong also played a good supporting role in the economy, especially in the business community. With its flexibility, the branch has helped many businesses, particularly small and medium-sized enterprises and well-performing companies, to get soft loans. In 2018 alone, outstanding soft loans valued at over VND8,000 billion, accounting for 65% of the branch’s total outstanding loan, with preferential interest rates of VND181 billion. In 2019, the branch continued to apply preferential business support packages through guaranteed interest, competitive interest and negotiated interest for businesses to invest in production and business development and contribute to local socioeconomic development.

Thai attributed the 20-year growth of Vietcombank Binh Duong to Vietcombank’s advantages of diverse products and services, utilities and security. Besides, technological application and electronic product development have brought customers with convenience and ease of mind as they spend less time and cost for banking affairs. At the same time, low input costs make lending interest rates more competitive.

“In addition to promoting advantages of brand name, products and technology, we always follow directions of Vietcombank and development orientations of Binh Duong province. In particular, the branch leaders thoroughly improve the service quality and working manner of employees. Accordingly, all efforts for product and service improvement must be customer-centered. Therefore, the branch has been increasingly trusted and chosen by customers.”

Speaking of the branch’s development orientation, Mr. Quang said, Vietcombank Binh Duong will continue to make efforts and apply technology to bring Vietcombank's best products and services to customers to meet their development requirements and support local development in the future.

Quoc Hung