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BUSINESS SPOTLIGHT

Global Finance names VietinBank 'Best Foreign Exchange Provider in Vietnam'

Released at: 16:26, 03/10/2019 BUSINESS SPOTLIGHT

Global Finance names VietinBank 'Best Foreign Exchange Provider in Vietnam'

Photo: VietinBank

Bank picks up award from world finance magazine for second year in succession.

by Thanh Thanh

Having identified the golden opportunity international trade and investment activities provides to promoting its foreign exchange operations, in recent years the foreign exchange service of VietinBank has been growing strongly with greater capacity and outstanding service quality. For its efforts, the company is proud to have received the “Best Foreign Exchange Provider in Vietnam” award from the prestigious world finance magazine Global Finance for two consecutive years.

Leading bank in Foreign Exchange Market

With an orientation towards promoting VietinBank’s foothold in the foreign exchange market as well as applying a host of synchronous and effective business solutions, the bank’s foreign exchange operations have posted good results and recorded strong growth, becoming one of the two leading banks in Vietnam’s foreign exchange market.

In terms of foreign exchange turnover and market share, the bank is leading the way in the interbank market and is one of the two largest banks in market share, with 13-15 per cent. As at the end of 2018, foreign exchange turnover had ramped up more than 260 per cent compared to 2012 and profit 300 per cent. As at August, its foreign exchange turnover was again among the Top 2.

The bank is considered a major partner of many customers as well as domestic and foreign organizations in the foreign exchange business. Customer numbers have increased year after year, at an average of more than 10 per cent.

“With the appearance of new kinds of currency and some countries being likely to use other financial instruments instead of the greenback in main trade transactions, the future of the foreign exchange market will confront many obstacles and difficulties,” said Mr. Joseph D. Giarraputo, Director of Publication and Editorial at Global Finance magazine. “As such, financial institutions granted this award have shown great vision in predicting the trends in the market and proven their acumen in supporting customers to accommodate themselves with changes in the foreign exchange market.”

The “Best Foreign Exchange Provider Vietnam” award from Global Finance (based in New York) entered its ninth year this time around, with evaluations being conducted in 114 countries and territories and seven regions globally. Criteria are based on transaction volumes, market share, global coverage, customer service, competitive pricing, and advanced technology. The magazine also reviews and collects information from analysts, CEOs, and technology experts. The award is clear evidence of VietinBank’s success in the foreign exchange business.

Comprehensive innovation and leading technology

With strategic and synchronous changes, VietinBank’s foreign exchange operations have made many spectacular breakthroughs. The proper, radical changes in foreign exchange activities not only contributed to strengthening exchange rate hedging, saving capital costs, and utilizing foreign currency sources in the whole system, but also contributed to improving the quality of the foreign exchange service. The bank has remained focused on promoting consultancy and customer support and introducing simple transaction procedures, cutting back on transaction processing times.

Human resources and products and services have also been focal points of the bank, along with increasing the benefits of traditional foreign exchange, such as spot, forward, and swap, diversifying the portfolio by providing structured products and interest rate derivatives to ease risks and bring maximum benefits to customers.

In terms of technology, in order to provide the most accurate information to customers, the bank is leading in the market in applying cutting-edge technologies in its foreign exchange business. It is the only Vietnamese bank using the Core Treasury Murex system - the most innovative system in the world.

The system helps the bank easily integrate and comprehensively manage foreign exchange and investment activities from the Front Office through to the Middle Office and down to the Support Department (Back Office), with a workflow being built in accordance with needs. It also integrates all transactions into the system, providing a foreign exchange position and cash flow, with a view to facilitating an analysis of any orientations in foreign exchange.

In particular, VietinBank has been using the Vision FX system, making a breakthrough in its foreign exchange operations. The system allows the automatic generation of exchange rates from Head Office to Branches and matches transactions automatically or semi-automatically, which helps transactions be carried out quickly and minimizes the risks of exchange rate fluctuations. It also provides support in calculating the profit / loss on each transaction and for each customer, each currency, each product, and each transaction staff, with a full system of reporting, analysis, and evaluation.

The bank plans to deploy the FX-Online system to each customer to improve the quality of its foreign exchange services, facilitating customers to execute foreign exchange transactions anytime, anywhere.  

With recognition from international organizations along with innovative efforts to lead the way in technology, network, staff, and diversified products and services, the bank is heading in the right direction towards developing sustainable business and satisfying customer demands.

Global Finance is a monthly magazine founded in 1987 by publishing entrepreneurs Joseph Giarraputo and Carl Burgen. Mr. Giarraputo continues as Publisher and Editorial Director. Its mission is to help corporate leaders, bankers, and investors chart the course of global business and finance.

It has a circulation of 50,050, is audited by BPA, and has readers in 163 countries and territories. Its headquarters are in New York, with offices in London and Milan. Readers includes Chairmen and women, Presidents, CEOs, CFOs, Treasurers, and other senior financial officers responsible for making investment and strategic business decisions at multinational companies and financial institutions.

Each year Global Finance selects the best financial institutions around the world, and these awards have become a recognized and trusted standard of excellence.

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