Internet banking, touted by many banks as a solution for high money demand during the Lunar New Year holiday (Tet), repeatedly showed errors on Friday, the last working day of the old Lunar Year. Tu, a resident of Hanoi’s Hoang Mai District, had to wait from 3 p.m. till 9 p.m. for her online transaction to be successful, as opposed to less than five minutes on a normal day. "It’s a struggle to transfer money online these days. The system keeps saying it is overload, and even informed me that my account has zero Vietnamese dong," she said. Hoang of Thanh Xuan District had to repeat his transaction many times. "I needed to transfer VND3 million ($129.17) but it didn’t go through the whole afternoon." Internet banking of Techcombank, Vietcombank and Agribank was repeatedly showing errors. Some customers got to the last step of entering the one-time password (OTP), but transactions failed even at that stage. Many customers also had trouble just … [Read more...] about Bank services falter, overwhelmed by Tet demand
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has just launched its BIDV iBank, a modern electronic banking service for corporate clients. BIDV iBank is an e-banking product operating on a multi-channel platform including web and mobile devices for corporate clients, financial institutions, and other credit institutions. With BIDV iBank, clients can conduct many types of banking transactions. BIDV iBank will greatly benefit corporate clients The transactions include making deposits and loans, and guarantee account queries; performing domestic and international money transfers and salary payments; and sending documents with a digital signature through the programme for processing with the same legal value as the original document. Besides, the transactions also include querying information for merchants; effectively managing cash flows between main and subsidiary accounts; viewing transaction summaries and checking transaction status by time and … [Read more...] about BIDV launches e banking service for corporate clients
Several Vietnamese banks were gearing up expansions to foreign markets to tap increasing overseas investment by Vietnamese businesses. Most recently, the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) opened its wholly-owned Vietcombank Laos in Vientiane early this week. Six Vietnamese banks have established a presence in Laos, including Military Bank (MB), Vietcombank, Saigon-Hanoi Bank (SHB), Bank for Investment and Development of Viet Nam (BIDV), Vietnam Bank for Industry and Trade (Vietinbank) and Saigon Thuong Tin Bank (Sacombank). According to Pham Manh Thang, deputy director of Vietcombank, Vietcombank Laos will provide services for Vietnamese businesses looking to invest in Laos, those already operating in the country, as well as others. Vietcombank also has offices and branches in Paris (France), Moscow (Russia) and Singapore, as well as the Vietnam Finance Company Limited (Vinafico) in Hong Kong. Vietcombank plans to open a branch in Australia and … [Read more...] about Vietnamese banks have eye on foreign markets
VietNamNet Bridge - Commercial banks will find it hard to maintain a high profit growth rate in 2019 as credit and retail banking services will still be the major driving force for bank growth. Bank shares has been leading the market over many years. FiinPro has reported a stable 3-digit growth rate of this share in the last five years with a growth rate of 154.1 percent, much higher than the 96.5 percent growth rate of the VN Index. It is highly possible that the credit growth rate ‘quota’ for 2019 would be decreasing, while the State bank doesn’t intend to maintain the average high credit growth. Moreover, once applying Basel II, some commercial banks would have to restructure their business fields. They won’t be able to rely on credit growth and will have to increase the proportion of revenue from banking services. Impetus for economic growth RELATED NEWS Large banks rush to divest shares to clear cross-ownership status VN bank shares … [Read more...] about Are bank shares still attractive to investors?
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recently opened its first overseas subsidiary in Vientiane, Laos. (Photo: VNA) Hanoi (VNA) – Vietnamese commercial banks are racing to develop their networks by opening representative offices and subsidiaries in foreign nations, paving the way for them to expand their overseas operations, according to market watchers. The most lucrative destinations are Laos and Cambodia which attracted 32 percent of the banks’ total overseas investment of 105.8 million USD in the first nine months of the year. This is understandable as Vietnamese businesses there have proven prospering with billion-USD projects in the fields of accommodation, hydropower, telecommunications, agriculture, mining and real estate. Recently, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiary in Vientiane, Laos. Located on Lane Xang Avenue, a finance-banking hub in … [Read more...] about Commercial banks race to expand foreign investments