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| Mr Louis Taylor, CEO of Standard Chartered Bank (Vietnam) Limited. |
The UK-Vietnam relationship has intensified rapidly in recent years. Since the signing of the Vietnam-UK strategic partnership in 2010, co-operation across various fields, including economic, trade and investment links, has been strengthened and deepened.
According to the UK’s Statistical & Analysis Directorate, in 2009, UK imports from Vietnam reached £1.059 billion and its exports to Vietnam stood at £209.7 million. This suggests that there is still a long way for exports from the UK to Vietnam to grow.
According to Vietnam’s Ministry of Planning and Investment (MPI), as at February 2010 there were around 79 licences issued to UK investments in Vietnam, valued at approximately $2.51 billion, making it the third largest European investor in the country.
The UK also stands as the Number 1 foreign investor in Vietnam’s financial services sector. This is the strongest proof of the development of the trade and investment relationship between the two countries.
We see many signs of increased cooperation between the UK and Vietnam in trade and investment activities. There have been several key visits and missions from the UK to Vietnam, such as that by the Duke of York in October 2010 on Hanoi’s 1,000th anniversary.
During his visit the Duke opened Standard Chartered Bank’s new Priority Banking branch in Hanoi. In March, our Standard Chartered team also attended a roundtable discussion on the “Development of Hanoi as a Financial and Trade Centre” with the Lord Mayor of the City of London during his visit to Vietnam.
What do you think of the role of British enterprises in these bilateral ties? What has Standard Chartered added to these ties?
British enterprises play an important role in promoting and strengthening the bilateral ties. Without commerce, an important result of collaboration is missing. We, as a British enterprise, commits to sharing our expertise, technology and experience in international markets with our counterparts in Vietnam. Our growth here also proves that Vietnam is a market with great potential, and we can communicate this to others in order to attract more investment flows from the UK to Vietnam.
We are proud to be an active player in the financial and banking field here in Vietnam. With our strengths in the Wholesale Banking segment, Standard Chartered has led a range of innovative and challenging transactions to support Vietnamese enterprises, such as the debut international Syndicated Loan for the PetroVietnam Exploration Production Corporation Ltd. and the funding of Holcim’s new waste heat recovery power plant in early 2011. And our Consumer Banking service quality is setting new standards for the industry here in Vietnam.
What examples could we use for Standard Chartered being a successful British enterprise in Vietnam?
Standard Chartered’s history in Vietnam can be traced back to 1904 when the Bank opened its first branch in Saigon - now Ho Chi Minh City. Following official approval from the State Bank of Vietnam (SBV), effective on August 1, 2009, Standard Chartered commenced operations in its locally incorporated entity - Standard Chartered Bank (Vietnam) Limited (SCBVL).
Local incorporation was an important milestone in Standard Chartered’s development in Vietnam. The Bank provides a full suite of Wholesale Banking products and services to corporate and financial institutions. We also have Consumer Banking to serve individuals and small- and medium-sized enterprises (SMEs).
For us, the most obvious measure of success beyond pure financial measures lies in the quality of the products and services that we offer to clients and customers and the contribution we make to the broad community in which we operate.
In Wholesale Banking, Standard Chartered has led a range of innovative and challenging transactions that demonstrate the range of options open to investors in Vietnam. Most recent is a financing package for an oil field development of PetroVietnam. And I’ve already mentioned the funding of Holcim’s new waste heat recovery power plant, saving 25,300 tons of CO2 per year. We have developed funding and transaction banking products to serve the needs of corporate customers, from the largest multinationals to SMEs.
Standard Chartered Bank was ranked as the top Book-runner of US dollar Syndicated Loans for Vietnamese borrowers - a position we have held for three consecutive years - and also top Book-runner for VND bonds.
These achievements emphasise Standard Chartered’s world-class capability, deep understanding of the market and strong relationship with clients. Transactions were closed successfully despite market turmoil caused by the global crisis and an uncertain macro-economic environment.
In Consumer Banking, Standard Chartered has become the first international bank in Vietnam to join the Smartlink network, which gives our customers access to over 5,000 ATMs nationwide and helps to strengthen the collaboration among Smartlink’s 28 member banks.
To help improve the quality of the services provided to customers, SCBVL has implemented the Eight-minute service pledge, in which the Bank will make a contribution to charity for every customer not served within eight minutes at a counter. The pledge embeds a strong service culture among employees to ensure they provide friendly, fast and accurate service to our customers.
Just this October the Bank launched a Platinum Debit Card, which provides cardholders with a wide range of benefits and privileges, including travel and golf. This is a strong testament to Standard Chartered Bank’s commitment to grow the Priority Banking customer segment in Vietnam and to give our customers their desired lifestyle.
Most importantly, Standard Chartered understands that our success is measured by our impact on and contribution to the community in which we operate. Through our global “Seeing is Believing” campaign, we are addressing the problem of avoidable blindness across our footprint, including in Vietnam. Hundreds of thousands of children in Hanoi and Ho Chi Minh City have benefited from the Vietnam Urban Childhood Blindness Prevention Project, under the “Seeing is Believing” campaign.
In Hanoi, over 200,000 children have been provided with free eye screening and nearly 2,000 pairs of spectacles were given to children in need. With the help of doctors from the Hanoi Eye Hospital, over 15,933 children have been diagnosed with refraction errors. More than 200 surgeries have been carried out and Standard Chartered is looking forward to bringing back the light to more children.
At the end of October, during his visit to Vietnam, Mr Peter Sands, Standard Chartered Group’s Chief Executive, opened a media training conference for the SBV. The three-day training course, sponsored by Standard Chartered Bank, benefited nearly 60 staff working for the SBV and other local banks by providing them with essential skills to improve communication capabilities at a strategic level.
I recently delivered a lecture on the role of international finance in Vietnam to 200 young Vietnamese professionals working in the financial and banking sector. It was the first of six UK-branded training seminars initiated by UK Trade & Investment, aiming to promote UK financial expertise. Standard Chartered is proud to be part of such an initiative.
Through these activities and others, Standard Chartered expresses our commitment to supporting the growth of the banking and finance segment in Vietnam. They also demonstrate clearly the realisation of the Bank’s brand promise, to be “Here for Good”, meaning Here for people, Here for progress, Here for the long run. Standard Chartered is proud that we have been able to build a sustainable business in Vietnam. In the future we look forward to expanding our presence further in Vietnam and to contributing more to long-term development here.
How do you view the future of UK-Vietnam co-operation in terms of economic, trade and investment links over the next decade?
We are optimistic about the future of the UK-Vietnam bilateral relationship, especially in economic, trade and investment flows. To take one example, Vietnam is in the process of developing the infrastructure its economy will need to realise its growth potential. There are many UK companies that offer world-class capabilities in the design, engineering and operation of large infrastructure projects.
These will be highly relevant to the future of Vietnam’s infrastructure. I can see a rising interest from UK companies, advisors and investors in this market. At the same time, UK businesses that already operate in Vietnam, like Standard Chartered, will have more opportunities to expand further and contribute to the local community.
How will Standard Chartered support British companies doing business in Vietnam?
Although our business is primarily across Asia, Africa and the Middle East, Standard Chartered is a UK bank. At the same time, having had operations in Vietnam since the early 1900s, Standard Chartered Bank is confident that we have the local experience to help the new pioneers to enter the market. We certainly have the answers to the questions and guidelines that new businesses coming into Vietnam may face.
With over 150 years operating in some of the world’s most dynamic markets and a network covering more than 70 countries, Standard Chartered has the right resources, experience and insight to support not only UK companies but also other international enterprises to do business in Vietnam.
Our broad geographic footprint, proven long-term relationships and decades of experience help business growth globally while making a real difference to local economies. With a network that covers Asia, Africa and the Middle East, we help advance trade flows and create new business opportunities all around the world.
How can Standard Chartered help Vietnamese firms to expand their business in the UK market?
As an international bank, Standard Chartered Bank can connect Vietnamese firms to its global network. With our headquarters in London, Standard Chartered is in an even better position to help our Vietnamese clients to enter the UK market.
In addition to the many Group functions based in the UK, London is a global financial centre and a key hub for Standard Chartered’s Wholesale Banking business. It also hosts significant Private Banking and International Banking operations. Through one integrated business, our clients are able to operate through Standard Chartered in multiple countries and have access to offshore capital.
In short, Standard Chartered, with a rich history in the UK and in Vietnam, is an ideal partner for businesses and individuals thinking of undertaking trade between the two countries.
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