VietinBank recognised for centralised trade finance functions as it wins Best Trade Finance Bank in Vietnam at The Asian Banker Transaction Awards 2019
- Pioneering a centralised model of trade finance helped VietinBank achieve significant growth in its trade business
- Closed mandates with multiple big sellers across steel, plastics, oil, chemicals industries
- Trade digitalisation through implementation of SWIFT gpi and launch of Trade Portal Services
Bangkok, May 30th, 2019 — VietinBank received the award for Best Trade Finance Bank in Vietnam at The Asian Banker Transaction Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
In the picture: Mathew Welch and Bill Chua, International Resource Directors and Siddharth Chandani; Researcher; The Asian Banker with Ms. Le Minh Huong; Director; VietinBank Trade Finance Center and Ms. Tran Thi Minh Duc; Executive Director; Operation Division; VietinBank
Pioneering a centralised model of trade finance helped VietinBank achieve significant growth in its trade business
VietinBank pioneered new to market products and solutions to meet both local and crossborder needs of corporates. Backed by its strong resource capabilities, the bank in an industryfirst initiative, launched a centralised model of trade processing which helps clients grow whilst mitigating risk. Adding to its many firsts, it is the first state-owned bank in Vietnam to launch a Core banking Replacement System in addition to being the first local bank in launching a dedicated Internet Banking Trade Portal. Initiatives like these strengthen the delivery of its competitively priced- trade products and helped the bank achieve stellar performance for its trade business. An increase in trade revenue by 21.5% and business volumes by more than 10% have led to an increasing wallet share of trade services in Vietnam.
Closed mandates with multiple big sellers across steel, plastics, oil, chemicals industries
The bank closed several high-profile and complex structured trade credit mandates in the period under review. The bank implemented a UPAS LC solution to bridge a large steel buyer with its fragmented suppliers across Vietnam. The buyer benefits from reasonable UPAS LC fees leveraging VietinBank’s strong correspondent network. A similar mandate leveraging its strong correspondent network was replicated for an oil refinery company in Vietnam. The bank implemented a LC confirmation deal for an oil exporting company facing challenges from the importer country risk. The bank’s added confirmation to the LC coupled with LC itself being issued by the importer country bank, helped the client mitigate risks from expanding into the new promising market.
Trade digitalisation through implementation of SWIFT gpi and launch of Trade Portal Services
The VietinBank Trade Finance centre has leapfrogged to digitalise the way it serves its trade clients. The bank is one of the first banks in Vietnam and among the first 80 banks worldwide to invest in infrastructure capabilities, compatible with SWIFT and to go live with SWIFT’s gpi service. This benefits corporate partners to achieve greater visibility, transparency and speed in payment transactions. The bank is also first Vietnamese bank to develop an Internet Banking Trade Finance Portal for corporate customers, allowing them to send and receive documents and view transactions, online. The portal benefits customers in terms of time and cost savings as transactions can be performed anytime and anywhere.
The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
To view the Business Achievement Awards 2019 gallery, please visit https://bit.ly/2WcifTO.
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker