Leading Thai bank places trust on Vietnamese economy

13:00 | 12/07/2020 Cooperation

(VEN) - The Bangkok Bank is sanguine of its unique products and services that will help the bank thrive in a well-managed economy.

leading thai bank places trust on vietnamese economy
Mr. Tharabodee Serng-Adichaiwit, General Manager of BBL in Vietnam

Established in 1944, the Bangkok Bank (BBL) is one of Southeast Asia’s leading regional banks with total assets of more than THB3.416 trillion (US$110.22 billion). The bank is a leading provider of corporate finance and SME lending in Thailand, with approximately 240 business centers and business desks. It also has the largest retail customer base of more than 17 million accounts in Thailand.

BBL’s services include syndicated loans, debt securities underwriting, trade finance, project finance, custodial services, SME and merchant services, and specialist industry advice. The bank services both business and retail customers through its global network, phone banking, and a convenient easy-to-use bilingual internet and mobile-banking platform that enables fast, round-the-clock banking.

BBL’s international network includes 31 overseas branches in 14 economies including Vietnam, as well as relationships with more than 1,000 correspondent banks worldwide.

Strong roots in Vietnam

BBL in Vietnam General Manager Tharabodee Serng-Adichaiwit says BBL’s presence in Vietnam dates way back to 1961, and then 1992. BBL was one of the first foreign banks to open a branch in the country, providing a full range of commercial banking operations. Its two branches, in Ho Chi Minh City (opened in 1992) and Hanoi (opened in 1994), have helped hundreds of companies from Thailand and other countries establish themselves in Vietnam as well as serving Vietnam corporations, he said.

For its efforts, BBL has been recognized by the clients and the Vietnamese government with several certificates of merit. It is also the first foreign bank to have its banking service license in Vietnam extended for 99 years to 2091.

The bank’s Ho Chi Minh City and Hanoi branches provide a wide range of banking products and services, including trade finance, corporate lending, remittance and deposits.

Serng-Adichaiwit noted: “With the support of the headquarters in Bangkok, the branches in Vietnam are able to service investors from Thailand, Vietnam and other countries seeking business opportunities related to regional integration under the ASEAN Economic Community (AEC).”

“We are well-prepared with strong foundations, deep understanding of customer needs and the knowledge of the Vietnamese market. We are confident of our ability to advise, support and connect customers in Vietnam to business networks across the region and vice versa.”

Robust growth

Serng-Adichaiwit said that BBL’s business has grown well due to Vietnam’s well-developed economy. “The Vietnamese government manages the economy very well and this attracts more and more FDI companies to the country. Low inflation and the value of the Vietnamese currency are also stably controlled well.”

“Besides, the key for BBL’s ongoing market leadership in Vietnam is our human resources of more than 100 people, plus the philosophy of developing long-term supportive partnerships with customers. We are focusing on the future by developing secure, digital channels to bank. Our strengths are fast services with solution and good local knowledge. We can share our experience on how to do business effectively and successfully in Vietnam.”

Tackling Covid-19 together

While the Covid-19 pandemic has affected almost industries and businesses, BBL is well placed to help its clients overcome challenges and related difficulties, Serng-Adichaiwit said.

He stressed that as a trusted Thai bank for many years in Vietnam, the pandemic has not shaken its belief in the market and the growth of its customers.

Explaining his optimism, he said: “We can see many positive signals in Vietnam as the Vietnamese government has controlled the Covid-19 pandemic very well and made considerable efforts to recover the economy as well as support local businesses.”

Serng-Adichaiwit added the economy will be given a boost in the coming months because there are many factors to encourage a return to ‘a new normal period’.

“We can see the trend of moving factories to Vietnam among FDI companies in China after the pandemic. Besides, the EVFTA will take effect this August, which is a magnet for more foreign investors coming to dynamic Vietnam. In addition, M&A activities will also continue to happen strongly in the retail, consumption and renewable energy industries,” he said.

“From my point of view, the economy will sizzle in the second half of this year. This gives us optimism about the banking industry in Vietnam for the next 10 years, despite the presence of many players in the market,” Serng-Adichaiwit said.

leading thai bank places trust on vietnamese economy

Long-term strategy

Sharing his experience and knowledge after living and working in the country for more than 20 years, Serng-Adichaiwit said that Vietnam was not an easy market to conquer in short term, but a long-term strategy would pay dividends.

“Thai businesses need to stay here for long time to connect deeply with their customers. They also have to be flexible and adopt to the way of doing business in Vietnam,” he said.

He added that as a bank operating in Vietnam for nearly 30 years, the Bangkok Bank was committed to staying and being a mature player in the country, available to accompany clients and the banking industry in contributing to sustainable growth of the domestic market.

He also said that as a large and trusted bank from Thailand, “BBL will continue supporting clients in a special and timely manner.”

My Phung