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SHB accompanies foreign-invested enterprises with separate policies
Saigon-Hanoi Commercial Joint-Stock Bank (SHB) is committed to creating the ideal environment for foreign-invested enterprises to scale up their operations in Vietnam.
According to data from the Ministry of Planning and Investment, Vietnam welcomed over $18 billion in foreign direct investment (FDI) in the first seven months of 2024, with realised capital of $12.5 billion, up 8.4 per cent on-year, marking the highest level in the past five years.
FDI inflows into Vietnam will continue to grow in 2024 in light of supply chain diversification by multinational corporations, stable socio-political economic foundations, and a skilled workforce. A survey revealed that 70 per cent of foreign-invested companies operating in Vietnam have plans to expand their production and business activities. This, coupled with the arrival of new foreign-invested companies in Vietnam, is paving the way for Vietnamese banks to offer more financial solutions and services.
Previously, foreign banks were preferred by foreign-invested companies to serve their expansion in Vietnam. However, this trend is changing. With a local understanding and wide network, local banks can become trusted partners of these companies in Vietnam. This local alternative is also more beneficial for small- and medium-sized companies with operations spanning across the country.
SHB is one of the banks that foreign-invested enterprises are opting for in Vietnam. With 571 transaction offices/branches across the country, along with a deep understanding of the economic and cultural connections across the provinces, SHB can support enterprises in terms of capital and business network.
Currently, the bank is providing products and services to FDI customers from many countries and territories, such as Japan, South Korea, and China. Among them are corporate customers operating in processing and manufacturing, industrial equipment, and transportation.
SHB's leadership representative said, “With a customer-centric approach, SHB always understands and accompanies foreign-invested enterprises throughout their operations in Vietnam. At each stage of development, the bank designs tailored products and solutions to meet the needs and operating models of enterprises. SHB also has a group of qualified employees who are multilingual and possess expertise in finance to better comprehend and assist customers. SHB is ready to advise and provide banking and financial solutions, as well as support legal problems throughout businesses' investment processes in Vietnam.”
SHB is providing a product package with a series of service fee incentives, such as free domestic payments, a 90 per cent discount for outgoing international wire transfers, and a 75 per cent discount for letter of credit transactions, along with exemptions or reductions on certain international payment fees. These incentives help businesses optimise costs and manage cash flow.
SHB also supports businesses by providing working capital financing at preferential interest rates, as well as salary payment services with fee incentives. At the same time, the SHB Corporate Online platform and SHB's digital solutions are effective tools to help customers manage cash flow, business operations, and foreign exchange trading conveniently, quickly, and at any time.
In addition, SHB offers preferential interest rate credit packages with flexible mechanisms and incentives suitable for businesses, such as a VND10 trillion ($400 billion) package for manufacturing and trading enterprises with competitive interest rates and a VND1 trillion ($40 million) credit package for businesses with car loan needs. Enterprises operating in the import-export sector can borrow $50 million with interest rates from 4.5 per cent per year, while enjoying exemptions or reductions on 66 types of service fees.
For employees of foreign-invested companies, SHB also offers a slew of attractive promotions. They can open credit cards with a limit of up to VND500 million ($19,640) and secure unsecured loans with a limit of up to 20 times their incomes, alongside free SMS service and ATM withdrawals.
Accompanying sustainable development, leading green capital flow
Vietnam is an attractive destination for foreign-invested companies in the ASEAN region. The country is attracting special attention from major European investors amidst the rising trend of green transition. It is forecast that green FDI capital from European countries will continue to grow. EuroCham's Business Confidence Index survey confirmed this upward trend, with 31 per cent of its members ranking Vietnam among their top three global investment destinations.
Accompanying the government in the National Strategy on Green Growth, SHB is cooperating with the world's leading financial institutions, such as the World Bank, International Finance Corporation, Asian Development Bank, and KfW to allocate capital to green energy and clean agriculture projects, while supporting businesses in green transformation and greening the economy. In addition, SHB is promoting cooperation between domestic and foreign-invested enterprises, creating linkages and supply chains for production and business.
In light of its 2024-2028 transformation strategy, SHB is aiming to become a top-performing bank, the most popular digital bank, the leading retail bank, and the top bank for capital, financial products, and services to strategic private and state enterprises, with a green supply chain, value chain, and ecosystem towards sustainable development.
SHB is channelling its resources into a comprehensive transformation based on four pillars: institutional and mechanism reform; people as the subject; taking customers and the market as the centre; and modernising IT and digital transformation. The bank firmly follows six core cultural values: "Heart - Faith – Trustworthiness – Knowledge – Wisdom - Vision.”
After more than 30 years of accompanying the people and the country, SHB is gradually developing, growing sustainably, consolidating its foundation, improving service quality, and modernising technology to best meet the needs of customers with the best financial solutions.
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