ABBANK Supports Businesses to Overcome Hardships and Sustain Development

An Binh Commercial Joint Stock Bank (ABBANK) aims to become a leading joint stock commercial bank in Vietnam that focuses on retail banking with a customer-centric strategy. ABBANK has always put a premium on supporting the effective and sustainable development of businesses and the economy.

ABBANK has launched many preferential programs for corporate customers and reaffirmed its commitment to supporting companies for effective and sustainable development

Facilitating businesses and assisting economic recovery in 2021-2022

During the 2021-2022 COVID-19 pandemic-induced global recession, Vietnam was no exception. The Government, together with the State Bank of Vietnam (SBV), introduced policies aimed at economic restoration and development. During this period, ABBANK actively launched preferential programs for corporate customers and reaffirmed its commitment to supporting companies nationwide for effective and sustainable development. To offer maximal support to customers during the pandemic outbreak, ABBANK took measures to extend loan maturity terms, restructure debts, reduce interest rates and guide customers on payment procedures via email. ABBANK issued special credit appraisal and approval processes to adapt to the social distancing policy while ensuring compliance with SBV regulations. ABBANK encouraged its customers to perform transactions via electronic forms and digital banking applications such as AB Ditizen and Internet Banking and to contact the bank via email, telephone or fax in order to limit direct physical contact and reduce infection risks in the community.

In 2022, ABBANK identified post-pandemic economic recovery as the central task of the banking industry. The bank introduced credit solutions and specialized products for production and business fields. To implement Decree 31/2022/ND-CP and Circular 03/2022/TT-NHNN on interest rate support for people and businesses severely affected by the COVID-19 pandemic, ABBANK promptly planned policy enforcement. The bank screened and filtered eligible customers for interest rate support, notified and guided them to prepare documents and procedures for interest rate support, and established a hotline for timely customer support. By the end of May 2023, the bank had provided 167 supported loans worth more than VND323 billion.

From October 25, 2022, ABBANK started lending to SMEs in need of short-term VND loans for priority-assigned production and business activities. Beneficiaries included agricultural and rural development, export-oriented manufacturing and trading, supporting industries and high-tech enterprises. The loans carried an interest rate of at most 4% per annum and a maturity term of at most 12 months. The policy will last till December 31, 2023 with a total limit of VND350 billion. By the end of May 2023, the bank lent VND108 billion.

With its specific actions and practical and timely corporate customer support programs, ABBANK helped corporate customers ease their post-pandemic difficulties and revive and develop their business activities. This move also supported Vietnam’s overall economic development.

ABBANK provided 167 supported loans worth more than VND323 billion as of May 2023

Further supporting businesses to address challenges

The effects of the global economic recession caused by the COVID-19 pandemic are lingering, combined with global political tensions and high inflation. Companies in Vietnam are also facing many challenges and difficulties in business recovery and expansion. Understanding what corporate customers need, in 2023, ABBANK launched many preferential programs on interest rates and streamlined procedures to facilitate their quicker and more effective access to cheaper loans.

To offer more utilities and services to customers and better serve their money transfer of corporate customers, ABBANK is carrying out the Zero Fee Money Transfer Program from now till the end of December 2023. During this program, corporate customers will be completely exempted from money transfer fees: Money transfer within the ABBANK system, money transfer out of the ABBANK system, inter-banking instant money transfer, online power bill payment, batch transfer and future transfer.

Along with this program, ABBANK is simultaneously applying international payment incentive programs for corporate customers such as international money transfer fee packages, international payment fee discount vouchers and preferential fee and foreign currency policy for corporate customers.

Accordingly, the “International money transfer fee package” is applied to corporate customers using the international money transfer service from now until the end of September 30, 2023. Taking part in the program, customers only need to pay a one-time fee for the package at the beginning of the period, with a flexible payment amount of VND300,000 - 5,000,000 and a shelf life of up to 12 months. In particular, the package price will be discounted up to 50-60% compared to the normal fee rates.

In addition, ABBANK is launching the “Voucher for International Payment Fees for New Importing and Exporting SMEs in 2023” Program from now until the end of December 2023. During this program, customers will receive up to a 50% discount on international payment fees for the first five transactions with a total incentive for one customer up to VND15 million. The voucher will be used within three months from the date of the first transaction.

Together with the above two programs, ABBANK is applying the “Preferential Fee and Foreign Currency for Corporate Customers” Program to SMEs until the end of December this year. Accordingly, customers will receive such incentives as a 100% discount on international payment fees and attractive preferential rates on foreign exchange for up to six months.

ABBANK Deputy General Director Nguyen Thi Huong said: “ABBANK’s customer incentive programs in recent years demonstrate the bank’s unwavering commitment to supporting the development of businesses across the country. These programs have helped businesses gradually overcome difficult periods and move toward sustainable and long-term growth. Additionally, they have contributed to the realization of goals of stabilizing the macro-economy and financial markets”.

Source: Vietnam Business Forum