Standardizing international payments: Vietcombank's own strength

Despite the difficult economic situation, Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) still maintains a stable growth rate.

As the leading bank in Vietnam in international payments, Vietcombank provides professional and effective payment services for businesses and individuals. Vietcombank has a wide network of partners around the world, helping customers easily and conveniently carry out 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.

Vietcombank is a leader in international payment standardization.

Overcoming difficulties Although it has achieved many achievements in the field of international payments and trade finance, there are still some difficulties and challenges that Vietcombank is facing. 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 its relationships with customers. In addition, the rapid development of technology has posed great challenges to banks, 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 cumbersome, there is no consensus between departments and branches, overlapping regulations cause inconvenience and waste time and costs for importers and exporters. Shaping 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. 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 interconnectivity of international and domestic payment transactions.

Vietcombank is one of the first banks in Vietnam to participate in implementing the 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.

Step by step restructuring 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. In the coming time, Vietcombank will continue to build strategic partnerships to expand its scope of operations and provide more effective trade finance services. Ensure that international payment operations are not separated from other banking operations such as capital mobilization, credit, foreign currency trading, at Vietcombank, with a very diverse customer base. Specifically including correspondent banks, businesses, Vietnamese and foreigners, international organizations, requiring banks to have service pricing policies that are consistent with policies on capital, credit, and foreign currency to support and truly facilitate the development of international payment operations. On the contrary, international payment is an important link connecting the bank's business segments. By shaping the right vision and pioneering the application of innovative initiatives as well as solutions to promote global payment, Vietcombank will have the opportunity to develop strongly and protect its position in the field of international payment and trade finance in the future.

Duc Binh

Source: https://www.baogiaothong.vn/chuan-hoa-thanh-toan-quoc-te-the-manh-rieng-cua-vietcombank-192240626153241635.htm