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Banking & Finance

Sacombank supports FDI enterprises

Released at: 15:36, 15/04/2017 What's on

Sacombank supports FDI enterprises

Photo: Sacombank

Bank provides a range of products and services focused specifically on foreign enterprises investing in Vietnam and was a winner of a "Vietnamese Excellent Brand Award 2016".

by Hai Van

Economic zones receiving foreign direct investment (FDI) capital have contributed significantly to the growth of Vietnam’s economy. Preferential policies regarding corporate income taxes, import-export taxes, and priority administrative procedures implemented by the government have also boosted investment.   

Aware of the important role of and the major demands of FDI enterprises, Vietnamese credit institutions have focused on approaching this type of customer. For instance, Sacombank has launched many appropriate products and services that have met the demands of foreign investors investing in Vietnam.

The bank has offered preferential packages relating to fees customized for Japanese enterprises, as well as products for satellite companies of the Samsung Group, LG, and others, and many other products and services for FDI enterprises who are new customers to Sacombank.

The average annual growth of capital flowing into Vietnam stands at over 10 per cent. According to recent figures from the Ministry of Planning and Investment, as at early 2017 there were 116 countries and territories investing in Vietnam through 22,792 projects with total registered capital of $295.6 billion. South Korea leads in total investment (more than $50 billion) and project numbers, followed by Japan, Singapore, and Taiwan. Total import-export turnover of FDI enterprises in 2016 rose 9 per cent compared to 2015, contributing 65 per cent of the total.

Sacombank has also continued to offer preferential programs that facilitate FDI enterprises doing business in Vietnam, such as free or discounted charges for international and domestic money transfers, free account opening and maintenance, and preferential fees on payroll services for up to one year.

The bank has received a great deal of positive feedback on its services from customers. “We are interested in the payroll service offered by Sacombank in terms of its wide transaction network, large ATM network, and low fees for using its cards, which meet our requirements,” said a representative from a HCMC-based FDI enterprise

Moreover, Sacombank has been fostering its multi-lingual employees in order to serve FDI enterprises. It has coordinated with its partner, Japan’s Resona Bank, to found a Japanese customer-focused business development team in order to give Japanese enterprises investing in Vietnam advice on related procedures and policies in their native tongue. This is part of its efforts to boost economic development through attracting foreign investment.

Sacombank picked up a “Vietnamese Excellent Brand Award 2016” from Vietnam Economic Times on April 8, confirming its leading position in the country’s financial sector.

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