16:27 | 16/05/2017 Companies
(VEN) - Standard Chartered Bank Vietnam and LOTTE Mart Vietnam, the operator of Lotte Mart supermarket chain announced their cooperation for the Vendor Prepay Program, an innovative solution which will provide significant financial benefits to the retailer’s suppliers and deliver a more efficient and secure process to support its supply chain.
Nirukt Sapru, CEO of Standard Chartered Bank Vietnam, said: “We are committed to providing innovative and tailor made solutions to help businesses in Vietnam achieve their business aspirations. The partnership with LOTTE Mart Vietnam is testament to that. We believe that we will grow with the development and successes of our clients.”
Standard Chartered Vietnam has worked with LOTTE Mart Vietnam to customise a program for its suppliers, which allows them to improve liquidity by obtaining early payment for all invoices approved by the buyer; reduce collection-related work and cost; and improve Day Sales Outstanding. Vendor Prepay Program will also help LOTTE Mart to increase business efficiency by reducing transactional cost related to supplier payments, offering suppliers lower financing cost, minimizing manual processes and enhancing process transparency with real-time reporting.
Hong Won Sik, CEO of LOTTE Mart Vietnam, said: “It is our great pleasure to partner with Standard Chartered Bank Vietnam to offer suppliers an innovative and cost-effective financing solution. We consider this partnership as a boost to our businesses by delivering efficiencies in the end-to-end process of our supplier to buyer operating model. In addition, I’m positive that it will create substantial collaboration with LOTTE Mart and suppliers as well as provide more and more products with better price for customers”.
LOTTE Mart is an affiliate of LOTTE Group – the fifth largest retailer in South Korea. Since its establishment in 2008, LOTTE Mart is currently operating 13 supermarkets located in big cities all over Vietnam such as: Ho Chi Minh City, Dong Nai, Binh Duong, Vung Tau, Can Tho, Binh Thuan, Da Nang, Hanoi, Khanh Hoa. In an attempt to ensure the benefits of customers, LOTTE Mart prioritizes purchasing products that achieve the highest quality standard with certificates of origin.
Standard Chartered is a leading international bank in Vietnam, which has been recognised the Best Foreign Bank in Vietnam by prestigious international publications for three consecutive years (2014 - 2015 - 2016).