Bank beefing up products and services for foreign customer segment.
by Ngoc Lan
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Aware of the important role of and the potential demand for banking services among foreign enterprises, the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has launched a variety of banking products and services targeted at the segment.
Services include escrow accounts, direct/indirect investment capital accounts, preferential service fee packages for Japanese foreign direct investment (FDI) enterprises that also bank with Resona Bank, a special product service bundle for South Korean FDI enterprises that are members of the Korea Chamber of Business in Vietnam (Korcham), and various other promotions for new customers.
In order to provide efficient financial support to FDI customers regarding operating capital and to simplify administrative procedures, Sacombank also offers a range of conventional products such as competitive loans, deposits, payment services, international payments, trade finance, and, especially, digital banking services (internet banking, e-bill payments, e-tax payments, and e-L/Cs).
Moreover, it has paid close attention to developing a professional, multilingual and culturally-diverse sales force to maximize its support to FDI customers. In coordination with its partner, Resona Bank, Sacombank has established a Japanese Desk with Japanese sales representatives. It is also an active member of Korcham and has cooperated with government departments for many years.
Sacombank has also created an “Online Appointment” service, under which customers need only access www.sacombank.com.vn, enter the “Online Appointment” section, and leave their contact details. Companies will benefit greatly from this convenient communication channel.
According to figures from the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment, total newly-registered and additional foreign capital, capital contributions, and share purchases increased stably in the first quarter of the year.
Merger and acquisitions (M&As) have become increasingly popular among foreign investors, with major deals contributing up to 70 per cent of the total deal value last year.
Regulations and administrative procedures, however, remain major challenges for foreign investors. There are many cases in which these have caused long delays in investment, complexities in due diligence, and difficulties for FDI enterprises in transferring capital or profit to their holding companies in foreign countries.