VietinBank named fastest-growing SME bank in Vietnam

Customers conduct transactions at VietinBank (Photo: VietnamPlus)

Hanoi (VNA) – The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has issued a range of credit solutions to remove difficulties and support enterprises affected by the COVID-19 pandemic.

Winning the award “Fastest-growing SME bank in Vietnam” for the second time conferred by the Global Banking & Finance Review, VietinBank has affirmed its right development orientations, supply capacity as well as quality and benefits of products and services for small and medium-sized enterprises (SMEs). It was also the recognition by a prestigious international organisation for VietinBank’s operations.

Number of VietinBank’s SME customers grows strongly

With strategic investment orientations and focus on the SME segment, VietinBank not only renovates and provides traditional products and services but also updates digital technology to improve productivity, build and improve specialised products and services for SME customers, thereby expanding markets.

The award given to VietinBank is a recognition and honor based on criteria such as the growing number of SME customers, the number of financial products and services for SMEs and revenue growth rate from the segment.

Talking about the success, Director of the VietinBank’s Corporate Banking Department Le Duy Hai said the SME client segment grew impressively in 2019 with 12.5 percent growth in capital and outstanding loans and service fees rising nearly 20 percent from 2018.

Such a growth rate has brought Vietinbank to the top position in terms of SME market share nationwide. The proportion of SME customers in its asset and income structure also surged. Despite the negative impacts of the COVID-19 pandemic in the first half of this year, outstanding loans in the SME segment still maintained a growth rate of 12.5 percent.

Firmly riding out challenges with businesses

With a desire to accompany and empower SME customers to overcome the crisis caused by COVID-19 and stabilise development in the next stage, VietinBank took new and innovative approaches. A series of credit solutions to remove difficulties and support customers affected by the pandemic have been carried out promptly and effectively through specific campaigns and programmes. As a result, VietinBank won trust of traditional customers and spread a strong message among the SME community.

In particular, the overall and diverse package “VietinBank SME Stronger” offers preferential interest rates and fees such as mid and long-term lending at fixed rates, unlimited money transfer, banking accounts with favourite numbers, promotions for online transactions, and insurance products exclusively designed for SMEs. It also provides specialised products and services for each sector and business mechanism.

VietinBank serves as a bridge for SME clients to have more networking opportunities and expand markets with its extensive network. With a diversified ecosystem of subsidiaries and affiliates and the VietinBank SME Stronger package, the lender offers a number of attractive promotions to clients, contributing to their successes.

In July 2020 in Ho Chi Minh City, VietinBank successfully held the conference “VietinBank SME Stronger - Riding out challenges with SMEs”, affording it a chance to meet and listen to customers’ feedback, offer consultations and introduce products and services to them. Positive response and sharing of business community creates a driving force for VietinBank to keep developing effective financial solutions.

Additionally, VietinBank also actively upgrades its information technology system, develops new features and utilities, and ensures that all transactions are done quickly and smoothly, thus making it easier to conduct online transactions, minimise direct contacts, limit the use of cash and drive back the pandemic.

In the near future, VietinBank will continue expanding its “VietinBank SME Stronger" package, consider offering new incentives and further diversifying products and services. It will also keep improving customer care services and stay ready to collect customers’ feedback to improve product and service quality.

VietinBank plans to offer a total of 100 million bonds to the public in 2020 to raise its working capital and expand credit while ensuring prudential ratios are in line with regulations by the State Bank of Vietnam.

In the first half of this year, the bank reported a 39.6-percent increase in after-tax profit to over 6.01 trillion VND (260.8 million USD)./.