To support businesses in resuming their production and business activities, the Vietnam Public Joint Stock Commercial Bank (PVcomBank) is offering a range of financial solutions. This includes incentive programmes for international money transfer services, which will be available until mid-2024.
According to data released by the General Statistics Office, Vietnam’s total import-export turnover is expected to decline by nearly 7% in 2023, amounting to just under 700 billion USD. While the last quarter of the year showed some positive signs of recovery, domestic businesses, especially those involved in import-export, continue to face significant challenges due to fluctuations in global macroeconomic conditions. These challenges include fluctuating exchange rates, increased costs of importing raw materials, and difficulties in accessing loans due to higher interest rates.
PVcomBank is a financial institution that supports businesses by offering preferential loan packages to provide timely additional capital. In addition, they have many fee exemption and reduction policies, such as an incentive programme for international money transfer services. This programme is available until June 30, 2024, for institutional customers in the fields of trade finance, import, and export.
PVcomBank is offering a promotional deal for businesses engaged in import and export transactions using international payment services. For the first three international money transfer transactions, businesses will not have to pay any money transfer fees. After the initial three transactions, they will receive a 50% discount on the fees for subsequent transactions. For domestic payment services, PVcomBank is reducing cash transaction fees, domestic money transfer fees, and tally fees by up to 50%. This offer is also available for new customers who do not have a CIF at PVcomBank. These customers can open an account and make at least one international payment transaction during the promotional period to enjoy the same benefits. Moreover, businesses will receive a free customised digital payment account (VND or USD) from PVcomBank.
For institutional clients of trade finance, PVcomBank reduces service fees for Letters of Credit, Collections, CAD, and international money transfers by 50% on “golden days” Wednesdays, both for new and existing clients.
Ms. Lien is the owner of a company that sells spare parts and components for cars and motorbikes in District 7, Ho Chi Minh City. Due to the high frequency of her international transactions, she decided to opt for PVcomBank’s value-based combo package (BizBlock) after estimating the total value of sales she would be transacting during the period.
PVcomBank has implemented a financial solution to enhance operational efficiency and meet the needs of its institutional customers. Through the prepaid “combo” package, businesses like Ms. Lien’s can make unlimited international money transfers within a given period and receive discounts of up to 60% compared to regular fee schedules. This results in significant savings of up to tens of millions of VND per month and helps optimise business costs.
Similar to Ms. Lien, Mr. Duc from Hanoi’s Dong Da also chose PVcomBank’s international money transfer service with a time combo package (BizMax3612).
“Entering 2024, my company also plans to import more goods to diversify products for customers and the market. I chose the BizMax6 combo package, which is unlimited in both the number of times and the amount of transfer within 6 months, both saving costs and making fast and convenient transactions whenever I need to make international payments,” Mr. Duc said.
PVcomBank offers a range of policies and incentives that are flexible and customisable to meet the unique needs of its organisational customers. These policies and incentives are designed to help businesses optimise their operating costs in the field of international payments. The Bank has simplified procedures for records and documents, making it easier for businesses to complete international transactions quickly and efficiently. With PVcomBank, businesses can take advantage of tailor-made products and services that are specifically designed to meet their needs.