As the leading bank in Vietnam in international payments, Vietcombank provides professional and effective payment services for businesses and individuals.
In the face of economic difficulties, businesses are still concerned about expanding production and business due to existing interest rate risks and geopolitical tensions continuing to erode international trade, Vietcombank has still maintained a stable growth rate.
Specifically, in 2023, the bank's market share in international payments and trade finance will reach 19.2%, while Vietcombank's customer base has continued to expand.
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International payments and trade finance are Vietcombank's strengths in attracting and retaining customers. |
Vietcombank has a wide network of partners around the world, helping customers easily and conveniently make international payment transactions. In the field of trade finance, Vietcombank provides diverse financial solutions such as letters of credit, guarantees, loans and other services to support businesses in developing their business and expanding their operations. Both of these areas are Vietcombank's strengths, helping the bank gain position, prestige and be highly appreciated by customers.
Overcoming difficulties
Despite its achievements in the field of international payments and trade finance, Vietcombank still faces a number of difficulties and challenges. First of all, there is fierce competition. With the emergence of more and more strong competitors, in order to maintain and develop its market share, Vietcombank must continuously improve its services, reduce costs and strengthen customer relationships. Next, the rapid development of technology has posed a great challenge to the bank, especially in the field of international payments.
Vietcombank needs to invest and apply new technology to meet customer needs and increase competitiveness. On the other hand, in the field of trade finance, financial risk management is a big challenge and Vietcombank needs to continuously and carefully adjust its strategy to ensure financial safety in lending and trade finance transactions.
In addition, the State's macroeconomic management policy still has many limitations. The State plays a role in regulating the macro economy, economic policies will affect import and export activities in particular and the activities of the whole economy in general. However, the State's policy mechanism in the field of trade still has many shortcomings. The Government and relevant ministries and branches often make changes to the list of goods allowed for import and export, the tax schedule applied to each item; the time from the decision is made to the time it takes effect is short, leading to businesses not having time to plan and arrange production and business plans. This partly affects the quality of international payments. In addition, the Government does not have a comprehensive strategy and solution to support import and export enterprises, administrative procedures are not really simple, the unity between departments and branches is not clear, there are still overlapping regulations that cause inconvenience and waste time and costs for importers and exporters.
It is impossible not to mention that the legal framework for banking activities in general and international payment activities in particular still has many shortcomings. Currently, the banking industry and each related functional sector do not have their own regulations and legal documents guiding import-export payment transactions, resulting in low efficiency.
...And shape the vision
To develop and affirm its position in the field of international payments and trade finance in the future, Vietcombank will simultaneously deploy solutions.
Firstly, Vietcombank has developed a strategy to apply the international payment standard ISO 20022. The use of the "common operating language" of the banking and finance industry in the world as well as the application of standardization of international payment transaction information globally has contributed to enhancing the connection of international and domestic payment transactions.
Second, gradually restructure international payment operations according to an advanced and modern model. Focus on standardizing and centralizing the payment transaction operation model at the Head Office, thereby helping to shorten transaction processing time and improve customer service quality.
Third, continue to build strategic partnerships to help Vietcombank expand its scope of operations and provide more effective trade finance services.
Fourth, ensure that international payment activities are not separated from other banking activities such as capital mobilization, credit, and foreign currency trading. At Vietcombank, with a very diverse customer base including correspondent banks, businesses, Vietnamese and foreigners, and international organizations, the bank must have a service pricing policy that is consistent with the capital, credit, and foreign currency policies to support and truly facilitate the development of international payment activities. On the contrary, international payment is an important link connecting the bank's business activities.
By shaping the right vision and pioneering in applying innovative initiatives and solutions to promote global payments, Vietcombank will have the opportunity to develop strongly and protect its position in the field of international payments and trade finance in the future.
Vietcombank is one of the first banks in Vietnam to participate in implementing Payment Pre-validation and SWIFT Go solutions with SWIFT in 2022. Applying advanced solutions is a testament to Vietcombank's efforts in always listening to customers' opinions to provide an international payment service that is in line with market trends, optimizes costs, increases utilities and enhances customer experience. |
Source: https://baoquocte.vn/chuan-hoa-thanh-toan-quoc-te-la-the-manh-rieng-cua-vietcombank-de-thu-hut-khach-hang-276385.html
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