Vietnam Technological and Commercial Joint Stock Bank (Techcombank) was notified by Asian Banker that it is the only Vietnamese bank to receive two awards namely Best Trade Finance Bank in Vietnam 2013 and Leading Counterparty Bank in Vietnam 2013 for pioneering in robust investment, improved trade finance services, and contribution to the development of Vietnamese business community. This is the second year in a row Techcombank is awarded the “Best Trade Finance Bank in Vietnam” by Asian Banker.
In addition, Techcombank also received trade finance awards from prestigious international financial organizations such as Asian Banking & Finance, Global Trade Review, Finance Asia, Global Banking & Finance, Alpha Southeast Asia, etc. Since early this year, Techcombank has received 15 awards from prestigious international newspapers and organizations, including 4 trade finance awards from Corporate Treasurer, Global Finance, Asian Banking & Finance Review, etc. This showcases the bank’s strong commitment to customer service quality, especially trade finance products and services.
In the notice addressed to Techcombank, Asian Banker remarked, “Techcombank’s business indicators in the year (2013) improved significantly against the previous year, specifically: trade finance is up 125%, and revenue from this operation always stands at double digit. The bank successfully launched usance payable at sight letter of credit (UPAS L/C), and Enterprise Content Management system (ECM) that will help improve document processing efficiency.
The bank also extended partnership with International Finance Corporation (IFC). Currently, Techcombank is the most active and biggest customer of IFC to join Global Trade Finance Program (GTFP). Techcombank is also the first Vietnamese bank to provide international payment services known as usance letter of credit service to customers who have foreign trade transactions”.
Currently, Techcombank established a wide network of international correspondent banks (12,000 correspondent banks and branches in 140 countries), and has constantly “refreshed” its trade finance service. Techcombank finances up to 16 key sectors across the country. The Bank offers a variety of products and services ranging from packages for agricultural product export to import of steel products, animal feed, and export credit guarantees under the U.S. GSM-102 Program. New trade finance services are continuously added such as usance payable at sight letter of credit (UPAS), or assignment of letter of credit, export factoring, etc.
The two awards are the recognition by the international community for the bank’s prestige, stature, and product and service quality in general and trade finance service quality in particular. This is also a driver for the bank to continue improving its products and services.
