In response to this development, VietinBank is proud to be granted the award “Best Foreign Exchange Provider” in Vietnam for 02 consecutive years by the prestigious world finance magazine Global Finance.
Top of leading Bank in Foreign Exchange Market
With the orientation promoting the foothold of VietinBank in the Foreign Exchange market as well as applying a lot of synchronous and effective business solutions, the Foreign Exchange operation of VietinBank achieves good results and gains strong growth, being one of the two leading banks in Vietnam Foreign Exchange market.
In terms of Foreign Exchange turnover and market share, for the time being, VietinBank is leading the way in the interbank market as well as being one of the two largest banks about market share in the first market with market share accounting 13 – 15%. By the end of 2018, Foreign Exchange turnover ramped up more than 260% and profit went up by 300% compared to the year 2012. Up to August 2019, Foreign Exchange turnover of VietinBank continued being in the Top 2.
Regarding customers and trading partners, VietinBank is considered as big and prestigious partner of many customers as well as domestic and foreign organizations in the Foreign Exchange business. Customer – based scale of VietinBank obtains the tremendous growth and sustainability year by year. Specifically, the number of new customer annually grow over 10% per year.
Mr. Joseph D. Giarraputo – Director of Publication and Editorial of Global Finance Magazine stated: “With the appearance of new kinds of currency and some countries are likelyhood to use other financial instruments instead of using Green Back in main trade transactions, the future of Foreign Exchange market will confront many obstacles and difficulties. As such, the Financial Institutions being granted this award have shown the great vision in predicting the trend of the market, simultaneously, proved the acumen in supporting customer to accommodate themselves with changes of the Foreign Exchange market”.
“Best Foreign Exchange Provider Vietnam” award provided by Global Finance (based in New York, USA) has entered the 9th year, with the evaluation being surveyed in 114 countries and 7 regions globally. The criteria of the Award are based on the evaluation of transaction volume, market share, global coverage, customer service, competitive pricing and advanced technology. The magazine also reviews and collects information from the typical analysts, CEOs and technology experts. The recognition of the prestigious Global Finance magazine is a crysal evidence for the success of VietinBank in the Foreign Exchange business.
Comprehensive innovation and leading technology
With strategic and synchronous changes, VietinBank’s Foreign Exchange operation has made many spectacular breakthroughs. The correct and radical changes in the business activities of Foreign Exchange operation not only contribute to strengthening the exchange rate hedging, saving capital costs, utilizing Foreign Currency sources in the whole system but also contribute to improving the quality of Foreign Exchange service. VietinBank has been staying focused on promoting consultancy, support to customers, implementing simple transaction procedures, cutting back on transaction processing time…
In common with the innovation of model and human resources, products and services are also focused by VietinBank along with increasing the benefits of traditional Foreign Exchange, such as: Spot, Forward, Swap … simultaneously, diversify the portfolio by providing structure products, interest rate derivatives … to let up risks and bring maximum benefits to customers.
In terms of technology, in order to provide the most accurate information to customers, VietinBank is the leading bank in the market to apply the cutting – edge technologies to Foreign Exchange business. Up to now, VietinBank is the unique Vietnamese bank using Core Treasury Murex system – The most innovative system in the world. This system help VietinBank easily integrates and comprehensively manages Foreign Exchange and Investment activities from Front Office through Middle Office and down to the Support Department (Back Office) with the workflow being built in accordance with the the needs of VietinBank; simultaneously, it also integrated all transactions into the system providing Foreign Exchange position, cash flow with a view to faciliating the analysis of the orientation of Foreign Exchange business.
Escpecially, VietinBank has been using the Vision FX system, making a breakthrough in VietinBank’s Foreign Exchange Operation. The Vision FX system allows to automatically generate the exchange rate from Head Office to Branches, match transaction automatically or semi – automatically, which helps transactions carry out quickly and minimize the risks of exchange rate fluctuation. In particular, this system supports to calculate the profit/ loss for each transaction, each customer, each currency, each product and each transaction staff with a full system of reporting, analysis, evaluation.
In the coming time, VietinBank will deploy the FX-Online system to each customer to improve the quality of Foreign Exchange services, faciliating customers to excecute Foreign Exchange transactions at anytime, anywhere.
With the recognition of international organizations, along with the innovation efforts to lead the way in technology, network, well-sesioned officers, diversified products and services, VietinBank is proving for the right direction to develop sustainable business, as well as satisfying the customer demands.
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