The retail banking market in Vietnam has been extremely competitiveamong more than 100 credit institutions. Therefore, banks must providecustomers with the highest value and service from the heart will help toachieve customers’ goals and aspirations.
Head of RetailBanking at Vietnam International Bank (VIB) Rahn Wood spoke with TheSaigon Times Daily about retail banking market trend in the country.
Development of the local retail banks in Vietnam is an ongoing trend.As a developing country, Vietnam has low average income, moderateadoption of banking services, whilst its people’s financial needs anddemands for payment services have increased extremely fast. Therefore,it is sure that the retail banks of Vietnam will develop strongly overthe next decade.
The retail banking market in Vietnam has beenextremely competitive among more than 100 credit institutions,especially 48 commercial banks and 53 branches of foreign banks, 28non-bank credit institutions, two micro-finance institutions and asystem of people’s credit funds including one cooperative bank and 1,414grassroots funds.
Consumer loans (home, auto consumers) andhousehold business loans (personal business) will continue to beboosted. Banks will also focus on promoting the service of payments viacard by linking with merchant systems such as game companies, onlinepurchases, electricity/telecom bill payment and supermarkets.
Ofcourse in recent times there have been some economic challenges and weare hopeful that there will be further progress to improve the health ofsome of the banks that have faced the most difficulties and thatconsumer confidence in the banking system will return to its usuallevels.
In 2015, the retail market is also considered anattractive market for foreign banks who may seek opportunities toparticipate effectively in Vietnam. In short, the retail banking inVietnam is not only a challenge, but also an opportunity for those whoare willing to invest.-VNA
Head of RetailBanking at Vietnam International Bank (VIB) Rahn Wood spoke with TheSaigon Times Daily about retail banking market trend in the country.
Development of the local retail banks in Vietnam is an ongoing trend.As a developing country, Vietnam has low average income, moderateadoption of banking services, whilst its people’s financial needs anddemands for payment services have increased extremely fast. Therefore,it is sure that the retail banks of Vietnam will develop strongly overthe next decade.
The retail banking market in Vietnam has beenextremely competitive among more than 100 credit institutions,especially 48 commercial banks and 53 branches of foreign banks, 28non-bank credit institutions, two micro-finance institutions and asystem of people’s credit funds including one cooperative bank and 1,414grassroots funds.
Consumer loans (home, auto consumers) andhousehold business loans (personal business) will continue to beboosted. Banks will also focus on promoting the service of payments viacard by linking with merchant systems such as game companies, onlinepurchases, electricity/telecom bill payment and supermarkets.
Ofcourse in recent times there have been some economic challenges and weare hopeful that there will be further progress to improve the health ofsome of the banks that have faced the most difficulties and thatconsumer confidence in the banking system will return to its usuallevels.
In 2015, the retail market is also considered anattractive market for foreign banks who may seek opportunities toparticipate effectively in Vietnam. In short, the retail banking inVietnam is not only a challenge, but also an opportunity for those whoare willing to invest.-VNA
