Sacombank expands cross-border payment operations with China in Lao Cai
19/12/2024
The ceremony was held solemnly at the partner's headquarters.
The agreement was signed by Mr. Bui Nguyen Khanh, Director of Sacombank Lao Cai Branch, and Ms. Wu Li, Chairwoman of the Board of Directors of the Rural Commercial Bank of Hekou, in the presence of Mr. Hoang Xuan Hieu, Business Development Director of Sacombank’s Money Business Center, and Ms. Ruan Wen Yi, Head of Foreign Exchange Management, People’s Bank of China Hekou Branch.
Operating since 2006, the Rural Commercial Bank of Hekou specializes in cross-border interbank payments. It is a leading financial institution in the Hekou border area (adjacent to Lao Cai Province, Vietnam) with international payment volumes of CNY 3.5 billion and USD 150 million in 2023.
As a renowned brand in Vietnam’s financial market, ranked 9th among the most valuable banking brands and 22nd among the most valuable brands in Vietnam by Brand Finance in 2024, Sacombank recognizes our pivotal role in enhancing the quality of cross-border trade payments between Vietnam and China. This partnership aims to create a new economic landscape for the mountainous and highland regions.
Through this cooperation, Sacombank Lao Cai Branch aims to enable Vietnamese import-export businesses to use domestic bank accounts for payments to Chinese partners, offering a faster and more cost-effective alternative to opening accounts abroad or relying on intermediaries. This approach also allows businesses to manage cash flow more efficiently by directly monitoring and controlling cross-border trade transactions.
Representatives of both parties signed the agreement under the witness of Sacombank leaders and officials from the People’s Bank of China, Hekou Branch.
Both parties took commemorative photos after the ceremony.
Despite launching cross-border trade payment services only a year ago, Sacombank Lao Cai Branch has already become one of the two largest cross-border trade payment providers in Lao Cai Province. The successful partnership with a reputable payment institution in the Lao Cai – Hekou border area lays the groundwork for Sacombank to further expand and solidify the position as the leading bank in cross-border trade payments in the region.