Vietcombank: 60-Year Proud Mission for Business Community Development
Thu, 27 Apr 2023 22:10:00 | Print | Email Share:
Since its inception, Vietcombank has always accompanied and supported the business community. With its comprehensive and excellent achievements, Vietcombank has been awarded many noble titles, including the Second-class Labor Order (1993), the Third-class Independence Order (2003), Ho Chi Minh City Order (2008), the First-class Independence Order (2013), the First-class Labor Order (2018), and especially the Labor Hero (2023). Vietcombank has also proved its leadership and outstanding reputation with many awards from domestic and international organizations such as Forbes, The Banker, The Asian Banker, Euromoney, Global Finance and Anphabe. Vietcombank's brand and reputation have been increasingly enhanced and its position and role have been increasingly asserted in the business community.
On February 15, 2023, Vietcombank was honorably awarded the Labor Hero title by the Party and the State of Vietnam. This momentous event marked a historic milestone in Vietcombank's proud 60-year development history (April 1, 1963 - April 1, 2023) and proved its leading position and important contributions to the common achievements of the banking industry and the nation’s socioeconomic development.
Throughout its 60-year development history, whether it was serving the struggle for national reunification, contributing to the Doi Moi (renovation) process or creating resources for economic development in the integration period, Vietcombank's operations have always been closely associated with the development of the country in general and the Vietnamese business community in particular.
First, Vietcombank is an important credit provider for businesses and the national economy. Not only helping millions of personal customers and hundreds of thousands of corporate customers access credit for production and business activities, Vietcombank also importantly funds many large-scale key national projects such as Lan Tay (Orchid West) and Lan Do (Red Orchid) gas field in Block 06.1, Nam Con Son gas pipeline, Phu My fertilizer plant, Ca Mau power plant, Dung Quat oil refinery, Son La hydropower plant, Vinasat 1 satellite investment project, Quang Trach 1 thermal power plant, and Hoa Phat Dung Quat 2 iron and steel production complex. Currently, Vietcombank's credit scale has exceeded VND1,200 trillion (US$52 billion). National leading brands such as BSR, EVN, Hoa Phat, PVN, PV Gas, Petrolimex and VNPT are traditional and close customers of Vietcombank.
Second, Vietcombank enables people and businesses to access professional and modern banking services, thus helping them reduce costs, enhance competitiveness and strengthen integration in the international market.
In foreign trade, with a broad network of correspondent banks and a qualified and experienced workforce, Vietcombank effectively supports Vietnamese businesses to access international markets, minimize risks and make full use of commercial advantages.
Domestically, besides the Digibank application for personal customers, Vietcombank developed VCB DigiBiz digital banking application for SMEs, enabling them to conduct transactions anytime and anywhere, conveniently, quickly and securely on both mobile applications and web-based platforms and optimizing costs as a result. Specially, Vietcombank invested in building VCB CashUp - the first comprehensive and modern payment and cash flow management system in Vietnam, designed for companies with complex operations and large transaction volumes. With Omni-channel banking, VCB CashUp is set up with a smart interface on all techdevices, provides a consistent experience for customers, and at the same time, meets the demand for multi-layer and multilateral transaction management. It therefore serves the entire business service ecosystem. In addition, Vietcombank has taken the lead in providing online trade finance services through its VBCC Program for corporate customers.
With outstanding capacity and payment services powered by modern advanced technologies, Vietcombank is the first bank to be selected by the Government to provide online payment services on the National Public Service Portal. Currently, Vietcombank's system processes tens of millions of transactions per day and makes payment transactions of people and businesses secure and smooth at low cost.
Third, Vietcombank has made an important and positive contribution to improving the business environment and fostering the development of the business and entrepreneur community.
As a national flag bank, Vietcombank has acted for a better business climate for enterprises, researched and proposed policies for the development of the business community, especially in finance, monetary and banking fields.
Vietcombank was the official sponsor of the APEC Business Advisory Council Meeting (ABAC) and one of the five official domestic sponsors for the APEC CEO Summit 2006. Vietcombank successfully hosted the first Asian Bankers Association (ABA) Annual Meeting in Vietnam in 2004. Thanks to its positive contributions to the association's activities, it gained the trust of the Asian commercial banker community, and Vietcombank's representative was honorably elected Vice President of ABA for the 2006-2008 term. The 31st ABA Annual Meeting (November 2014) elected Chairman of the Board of Directors of Vietcombank as Vice Chairman of ABA for the 2015-2016 term. Vietcombank successfully hosted the 33rd ABA Annual Meeting in 2016, affirming its special position in the external affairs of the Vietnamese commercial banking system. Vietcombank has actively joined activities launched by international organizations such as the Asian Bankers Association (ABA), the ASEAN Bankers Association, the Vietnam-EU Business Forum (VEUBF), and the Institute of International Finance (IIF).
Together with the Vietnam Chamber of Commerce and Industry (VCCI), Vietcombank has taken an active part in building institutions, policies and laws for a better business investment environment, promoting economic administrative procedures, and facilitating operations of the business community.
In the new period of development, upholding its glorious historical tradition, Vietcombank aims to keep its position as the No. 1 bank in Vietnam, gradually reach out to the region and the world, and make greater contributions to the sustainable development of Vietnam. Vietcombank is committed to continuing its partnership with the business community to effectively carry out Vietnam's socioeconomic development strategy for the 2021-2030 period, and build a resilient business community and entrepreneur force into a strong driving force to realize the aspirations to be a powerful and prosperous country. |
By: Vietnam Business Forum
Source: https://vccinews.com/news/49135/vietcombank-60-year-proud-mission-for-business-community-development.html
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