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Banking News (Week 16, 2021)

Banking News (Week 16, 2021)

Friday 23, 04 2021
Following is the news brief on Vietnam’s banking industry for the 16th week of 2021 compiled by VietnamCredit.

+ From April 15, 2021, Agribank has provided a service that would help customers open bank account with the desired account number. Customers can acquire unique account numbers that represent their “trademark”. Additionally, Agribank also supports customers to open bank accounts with account numbers based on birthdays, anniversaries, phone numbers, etc.


+ Citi Vietnam has just been announced “Digital Bank of the Year”  by the acclaimed financial magazine The Asset. This award recognizes the effort to operate effectively, to change flexibly, and the drive to innovate the digital banking service of Citi in Vietnam. In The Asset’s 2021 category of “Digital Bank of the Year”, Citi is also recognized as Digital Bank of the Year in the Asia-Pacific area. Citi in Hong Kong, India, Indonesia, Korea, Thailand, Bahrain, and UAE also receive the title.

+ The credit rating agency Fitch has just revised Standard Chartered Bank (Vietnam) Limited long-term credit rating from “Stable” to “Positive”. The bank’s long-term foreign and local currency issuer default ratings remain at BB and BBB, respectively. These are the highest ratings for an operating bank in Vietnam, compared to the rating of BB (with the outlook being “Positive”) that Fitch gives Vietnam in general.

Standard Chartered Bank

+ The National Payment Corporation of Vietnam (NAPAS) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) held a signing ceremony for cooperating in the deployment of the domestic chip card product called “2Card”. NAPAS and VietinBank have agreed on developing 2Card in accordance with the State Bank's technical standards. This development will simplify the card issuance procedures for customers, and card usage will be more convenient and safe.

+ Sacombank has just cooperated with Vietnam Airlines to introduce the Sacombank Vietnam Airlines Visa Signature credit card and the Sacombank Vietnam Airlines Visa Platinum credit card for individual customers nationwide with special offers and privileges. Specifically, when customers make payments by said cards, the flight miles will be accumulated based on the amount of money paid. Upon reaching the specified payment volume, customers will be upgraded to Lotusmiles card. Customers wishing to redeem miles to Vietnam Airlines flight tickets will be offered a bonus miles discount.


+ UOB Vietnam recently introduced their biggest event in 2021: “Lucky Wheel - Spin and Win”, to encourage customers to use non-cash payment more frequently. The event will be held from April 1 to October 31, 2021, with around 1600 prizes to win. Customers can start their non-cash experience with UOB Vietnam by opening a new account at the bank and receive one turn to spin the lucky wheel.

+ Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just been honored by the prestigious organization The Asian Banker with two major awards categories: "The Best Mortgage Product in Vietnam" and "The Best Investment Product in Vietnam”. The award is a recognition of Techcombank's efforts to deliver optimal financial solutions based on a journey of experience built for each customer segment and each digitization step.

Vietnam Technological and Commercial Joint Stock Bank

+ The Small and medium-sized enterprises digital transformation program (SME Digitrans) has been launched recently by the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). The program aims to support small and medium enterprises in accelerating the digital transformation process, applying modern technology in executive management and financial accounting management. The program is accompanied by the Asian Development Bank (ADB), which provides technical assistance worth more than 1 million USD.

+ Southeast Asia Commercial Joint Stock Bank (SeABank) has just launched the program "Buy foreign currency – Make international transfer – Extremely easy" with attractive incentives: 50% discount on international money transfer fees. Especially, the program applies a preferential fee of only 5.5 USD per international money transfer with a value of at least 100,000 USD/transaction (or other equivalent foreign currencies). This is the lowest fee in the market. The program lasts from now to June 30, 2021.


+ Agribank launched a promotion program called "Jubilant Remittances for Festive Presents" with a total of 4,650 prizes - valuing up to 650 million VND, for customers who receive money from Western Union at Agribank's transaction offices nationwide. Specifically, from April 15 to May 15, 2021, local and foreign individuals in Vietnam going to Agribank's transaction offices to receive money from Western Union will receive a prize code to use for the lucky draw and have the chance to receive attractive awards.

+ Vietcombank has simultaneously deployed attractive interest rate incentive packages for individuals and small and medium enterprises (SME customers) wishing to borrow capital. In particular, the competitive interest rate program, launched on April 1, 2021, offers a preferential lending interest rate from only 6.79% / year in the first 6 months, or 7.29% / year in the first 12 months. With this program, customers can loan from Vietcombank more easily.


Compiled by VietnamCredit

Banking & Finance

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