Standard Chartered Bank commits to long-term business in Vietnam

10:16 | 20/12/2016 Economy

(VEN) - Two months following Standard Chartered Bank Chief Executive Bill Winters’ visit to Vietnam in September, Group Chief Financial Officer Andy Halford visited the country on November 23-24. Along with the development of its products and services, these activities showed the bank’s great interest in the Vietnamese market and its commitment to long-term business here.  

Standard Chartered has been named the “Best Foreign Bank in Vietnam” for the third consecutive year,
in 2014 & 2015, by Global Banking & Finance Review, and in 2016 by Global Business Outlook

Vietnam is considered an attractive market for retail sectors, including finance and banking. The percentage of Vietnamese people using financial products and services remains low, especially in rural areas. This context offers retail banks opportunities to expand their services in Vietnam. Moreover, the establishment of the ASEAN Economic Community in late 2015 has made the banking service markets of member countries more attractive. Free trade agreements which Vietnam has signed in recent times have contributed to the growth of foreign direct investment (FDI) in the country, bringing about the demand for international standard financial services. Products and services from foreign banks are preferable to FDI businesses.

Andy Halford, Group CFO and Group Executive Director of Standard Chartered Bank (fourth from the left, third row), and Nirukt Sapru, CEO of Standard Chartered Bank Vietnam (third from the left, third row), host a financial literacy session for girls of Ba Chieu Home, the home for homeless and disadvantaged girls in Ho Chi Minh City. The session is part of Standard Chartered’s Goal project which aims to provide financial education, life skills and employability training to adolescent girls, to empower them to play a more active role in their communities and the Vietnamese economy. The project has been deployed in Vietnam since 2014

High interest rates and the wide range of interest rates in Vietnam have encouraged foreign banks to increase their share on the Vietnamese loan market, as these banks have abundant foreign currency capital resources.

Aware of the potential of the Vietnamese market, Standard Chartered Bank in recent years has broadened its products and services in various areas, from agriculture, food and business support to retail banking. The visit to Vietnam by Standard Chartered Bank’s senior leaders in September and November showed the bank’s willingness to further expand business in the country.

During his two-day visit to Vietnam, Andy Halford said, “We have been impressed by business opportunities in Vietnam and are expanding our operations here to better serve our customers, partners, and the local community. As one of the most experienced international banks in Vietnam, we are confident of our successful long-term operations in this market and pledge to support the sustainable growth of the Vietnamese economy. We will continue bringing into play the advantages of a leading international bank with strong expertise and a worldwide operation network to promote trade, investment, and contribute to prosperity in Vietnam.”

Consistent with their strategy and perspectives, Standard Chartered Bank has constantly taken actions for investment expansion and market promotion, along with dynamic community activities in Vietnam over the past years. Most recently, Standard Chartered Private Equity, Standard Chartered Bank’s private equity arm, has invested US$40 million into N Kid Corporation, which is the leading integrated children’s lifestyle platform in Vietnam.

The bank has also launched credit card in Vietnam and a VND330-billion credit package to support small and medium enterprises in Ho Chi Minh City. Notably, Standard Chartered Bank has been appointed the sole sovereign credit ratings advisor to the Government of Vietnam since 2012. On corporate social responsibility front, they have rolled out two projects of totally US$2 million which are dedicated to the blind and visually impaired across the country under global “Seeing is Believing’ initiative.

Nga Huong