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Online banking growing in Vietnam   2009-10-27 - VietNamNet/VnMedia

Initial responses gained from online banking services have been so positive bankers believe this will be a future key product.


Currently, most Vietnamese people have to visit banks to carry out transactions. Whereas VIP clients, or those with large sums have staff to sent to them.


Either way, Vietnamese banks are coming to the same conclusion as those in the west – that it’s more convenient and cheaper all around if people are allowed to carry out their own transactions – online.


Therefore, online banking, which has been provided by some banks on a trial basis, has brought a new solution. With a mouse click, busy office workers just have to spend five minutes only to wrap up a transaction at any time they want.


Techcombank says its online banking has attracted 1,000 accounts just two weeks after launching the service. One third of the accounts have the balance of 50 million dong or higher.


Rahn Wood, a senior executive of Techcombank, said currently, online baking remains unfamiliar in Vietnam, but will be welcomed by Vietnamese people.


“This will be the key product of banks in mobilising capital ,” he said, adding that the percentage of Internet users in Vietnam has been increasing, while Vietnamese people have higher income and of course, higher deposits


Surveys conducted worldwide have showed clients who make deposits through Internet Banking services maintain deposit balances higher than those who make traditional deposits.


Therefore, he has revealed that Techcombank has decided to develop online activities as part of their plan to become the leading retail bank in Vietnam.


Nguyet Oanh also thinks that Internet banking will be indispensable in Vietnam. She points out that not only developed countries in the US and Europe, but ASEAN countries like Thailand and the Philippines have developed the services year ahead of Vietnam.


Not only ‘old banks’, new comers in the market, including Lien Viet Bank and Saigon-Hanoi Bank have also announced the plan to develop new online products.

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