11:18 | 28/04/2014 Economy
(VEN) - VietinBank is the only Vietnamese bank to win the Asset Triple A award for the Best Trade finance service provider in Vietnam.
A reputable award in the Asian banking industry
The Asset Triple A Transaction Banking - Treasury, Trade & Risk Management Awards ceremony is an important annual event attracting attention of the Asian financial and banking industry. The Asset Triple A Treasury, Trade & Risk Management Awards identify those Asian banking institutions and corporations who have implemented the most effective and innovative treasury, cash management, capital & trade finance and risk management solutions, as well as recognizing those inpiduals, CFOs and treasurers who are creating the industry’s best practices in Asia. As representatives of VietinBank, Pham Huy Thong, Member of the Board of Directors cum Deputy General Director of VietinBank and Phan Thi Hong Hai, Executive Director of VietinBank Main Operation Center attended the ceremony and received the Award for VietinBank.
Being an Asian leading financial and banking magazine, the Asset delivers 17,000 copies per month issue, most of readers of which are financial executive managers and experts. The Triple A’s awards process adopted a rigorous and transparent approach to the selection of the best banks and institutions in each category which have made an actual contribution to the growth of financial and banking sector in a year. The applicants have undergone a thorough process of application document preparation as well as interviews and assessment by the Asset’s board of editors who have three-decade plus experience in evaluating the best practices in Asia.
The “Best trade finance service provider in Vietnam” award was granted to VietinBank based on the remarkable achievements of the bank in trade finance. Being the only Vietnamese bank to have the award this year and at the same time being the first Vietnamese bank to be recognized by the Asset as the best trade finance service provider, VietinBank name was honored among reputable banks of the world operating in Asia such as Bank of Tokyo Mitsubishi UFJ, JP Morgan Chase, Citi Bank, Standard Chartered and HSBC.
The “Best trade finance service provider in Vietnam” award together with many other reputable awards obtained by VietinBank over the last years, including having been listed in Forbes Global 2000 twice, have assured quality and sustainability of VietinBank in all aspects of performance and enhanced the bank’s position in the international market.
Best trade finance bank in Vietnam
With the establishment of VietinBank Main Operation Center in 2008, VietinBank became the only and first commercial bank in Vietnam to put into operation a professional center for centralized processing of trade finance and international payments in accordance with international standards. The bank has recorded steady and sustainable growth in trade finance and international payments over the last years. The turnover of trade finance and international payments increased from US$12.1 billion in 2009 to US$37.09 billion in 2013, an average growth rate of 30 percent per annum.
VietinBank is also a Vietnamese bank pioneering in development and application of all trade finance products of a modern bank such as factoring, forfeiting, risk participation, supply chain financing and UPAS LC. This is one of the bank strengths in the financial and banking sector and is highly evaluated by the Asset.
In addition, VietinBank has substantial advantages in raising short and long term funding from foreign financial institutions to facilitate trade finance business, pioneering in research and application of financial structures for international fund raising for trade finance, having successfully concluded a lot of big deals with the world leading financial institutions, obtaining loans at competitive interest rates and long tenor under the Export Credit Agency of OECD governments such as Sinosure (China), SERV (Switzerland) and Hermes (Germany). These were the first cases the risk of a Vietnamese commercial bank was covered by reputable ECAs without resorting to the government’s guarantee. Especially in 2013 VietinBank successfully closed the deal of borrowing EUR120 million from KFW and Sumitomo Mitsui Banking Corporation under Hermes’ credit cover.
Furthermore, VietinBank is the first Vietnamese bank to have done successful transactions under GSM-102 Program – an export credit guarantee program of the US Ministry of Agriculture and is granted the largest credit line of US$90 million; VietinBank also has a credit line of US$120 million from the Asian Development Bank for the trade finance guarantee program. In June 2013, based on the assessment of performance and risk management capability of VietinBank in Trade finance, IFC granted a guarantee line of US$120 million with tenor of up to three years to VietinBank to finance import and export transactions of Vietnamese private enterprises. VietinBank is the first and only joint stock commercial bank with the state stake majority in Vietnam to have been granted with the credit line by IFC.
With a vision towards 2018 to become a modern multi-functional financial banking group of international standard, VietinBank is making the best efforts to increase growth rate, capture the market share, maintain the leading role in the banking sector, enhance financial capacities and competitiveness while ensuring safety, efficiency and sustainability of growth and actively contributing to the stability and development of the banking sector and national economy./.