News and Event
Vietnam – A potential market for retail banking sector
- Parent Category: News
- >> Banking and finance news
In the concept of challenging economic sector, many banks meet difficulties, on the other hand, ANZ considers Vietnam being a potential market for retail banking sector. Talking with Mr. Duong Duc Hung, Head of Retail Banking, ANZ Vietnam after ANZ was awarded “Best Retail Bank in Vietnam” by The Asian Bankers International in the end of March.
What does the “Best retail Banking” award have meaning to ANZ in recent time?
This prestigious award will help ANZ to confirm our position in Retail Bank sector in Vietnam, as well as to show our differences with the competitors by having a clear and focused strategy and execution of achieving plan targeting to executive and potential customers with diversified demands for highly qualified services.
In 2012, ANZ focused to reinforce its leading position in the wealth management in Vietnam, as well as provided its services in order to compete with traditional products serving to customers in home mortgage loan and credit card.
We doubled number of senior customers involving in the wealth management. HSBC is a foreign bank which holding greatest loan outstanding balance and running on top in issuing Visa Platinum.
“Best Retail Bank in Vietnam” award helped us to believe in strategies and importantly to executive these strategies in an effective manner, aiming to commit its long-term operation in Vietnam.
Wealth Management service is quite new in banking sector, could you please share your ideas on this service?
In the developing economy, people will have more money and variety demands on finance. To customers who want to be safe with their principals and interest rate, economic products are suitable for them. On the other hand, there are customer who accept risk on interest rate and principle because of high profit, or want to have a stable financial plan to protect them and their relatives.
These demands will be satisfied by investment product group and protected in the wealth management, the personality of this solution is an important character. In Singapore and Hongkong, these services are quite public, but just as a start in Vietnam.
What are strong points of ANZ in comparison with other banks?
Firstly, I mentioned to banking network around Asia (about 28 countries and its territories) which helped us not only to satisfy demands of customers in an open economy, but also take advantages of experiences and knowledge of more developed markets to improve skills for local staffs and officers. It is support from group in risk management, human resource and products to help ANZ Vietnam to develop as recent.
In addition, well-knowledge on market is also an advantage which help us to launch overall highly personal finance solution with expected profit and risk of each customer.
Till now, ANZ has operated in Vietnam for 20 years, we desire to combine standards of a foreign bank with local market knowledge for our great development in Vietnam.
It is said that loan interest rate in foreign bank was lower than Vietnamese bank, but it is hard to access due to complicated procedures and only huge amount loan accepted. Could you describe this “low rate”?
Our strategy in lending field is to meet the needs of customers’ demands with competitive interest rate and transparent procedures. The transparency could make you feel hard to catch the loan, but in real it brings convenient and safe for customer in long term. Customers do not have to pay any extra money for their loan. In addition, the interest rate are publicize which help them to easily count.
In ANZ, the minimum amount for an unsecured loan is 25 million dongs, a mortgage loan/ secured loan is 200 million dongs. At this time, we are running a program for a mortgage loan/ secured loan with supportive interest rate up to 4% in 3 first months, for an unsecured loan with the most minimum interest rate of 1,5%/ month on descending outstanding.
What are ANZ targets and strategies to be performed in near future?
In Retail Banking sector, ANZ desires to become a main bank of luxury customers and potential customers whose income are from 8 million dongs per month.
Our goals are bringing overall solution to satisfy our customers demand on finance, transactions, savings, loan, investment or protection. That are reasons why we always concentrate on maintaining our leading position in wealth management and development in secured loan and credit services.
(Source: ANZ)
Phuong Thuy
Phuong Thuy
