In the first eight months of 2014, Vietnam’s total import and export turnover reached approximately US$191.4 billion, a 12.5-per cent year-on-year increase. Import and export turnover saw an increase of 10.7 per cent and 14.4 per cent, respectively, thereby providing the country with a trade balance surplus of more than $3.07 billion.‘Promised land’
The remarkable growth in import and export turnover shows that the country remains a potential market and a promised land for banks. It explains why, in the past few years, commercial banks have been facing fierce competition from foreign banks and large domestic banks in developing and providing commercial finance service.
The product offers the best financial solutions for enterprises to carry out their production, business, import and export operations. The service is considered a strong point of big banks such as Vietcombank, Vietinbank and BIDV, and foreign banks such as HSBC and ANZ, which have great financial resources and are supported by great financial institutions. However, the market for commercial finance service in recent years has become more vibrant with the participation of medium and small commercial banks.
The service has become richer and more diverse, with the variety of payment tools now being offered by medium banks. Lots of banks are willing to cooperate with enterprises to design and bring out appropriate finance solutions to meet the diverse characteristics, business cycles and demands of each company.
Service flexibility makes a difference
Local joint stock banks offer diversity, richness and flexibility, along with reliability in commercial finance activities that have persuaded large corporations and wealthy individuals to choose their service. Recently, the Southeast Asia Joint Stock Commercial Bank (SeABank) lent nearly $61 million to enable Vietnam Airlines, the national flag carrier, to purchase new aircraft. This is the first time a local bank has financed the entire cost of an airplane purchase for the country’s flag carrier. The contract has shown its financial potential, as well as the quality of service and reliability of domestic banks like SeABank. It also shows that this service is no longer the preserve of the big banks.
Đăng ký: VietNam News
