An emblem of trust on Sacombank's enduring 32-year voyage of continuous development

Mr. Le Duc Thinh (on the right) - Deputy CEO of Sacombank, receiving the prestigious "Excellent Asian Enterprise" award in 2023.

ELEVATING POSITION AND PRESTIGE

Over more than three decades of relentless innovation and alignment with evolving trends, Sacombank has earned the trust of millions on its steadfast journey. As of November 2023, Sacombank proudly serves an extensive clientele of 18 million customers, spanning diverse segments, from ordinary to high-end, and across generations, from the elderly to the Gen Z cohort.

The continuous influx of new customers attests to Sacombank's tireless efforts and long-term strategies. These efforts focus on the comprehensive enhancement of the product-service system, elevating service quality to provide optimal value for each customer.

From its inception as one of the pioneering Joint Stock Commercial Banks in HCMC, with a modest charter capital of VND 3 billion, Sacombank has evolved into a formidable institution. Its scale, stature, and the robustness of its brand, trust, and prestige have surged both domestically and internationally.

In 2020, Sacombank secured a place in the Top 500 largest global banking brands, as recognized by Brand Finance (UK). Consistent efforts in restructuring, improving managerial and operational capabilities, and driving digital transformation catapulted Sacombank's global ranking to 355 by 2023—a remarkable climb of 47 positions. Notably, Moody's, the international credit rating agency, upgraded Sacombank's credit rating from "stable" to "positive" in acknowledgment of sustained improvements in credit capacity through effective bad debt and backlog asset management.

The Asia Pacific Enterprise Awards (APEA) 2023 further added to Sacombank's accolades, presenting the bank with both the Corporate Excellence Award and the Inspirational Brand Award. These honors underscore Sacombank's exceptional achievements in business and its positive impact on the community and society.

The continuous accumulation of prestigious domestic and international awards reaffirms Sacombank's unwavering commitment to consolidating internal value, enhancing competitiveness, and solidifying its position as a leading commercial joint-stock bank in Vietnam. Sacombank's positive contributions extend beyond its own success, fostering stability and sustainable development within the banking industry and the broader national economy.

ESTABLISHING TRUST THROUGH COMMITTED CONTRIBUTIONS

Sacombank has not only bolstered its brand reputation but has also garnered the affection and trust of millions of customers through a commitment to understanding, companionship, and dedicated support.

In addition to introducing innovative products and services to cater to the diverse financial needs of the market, Sacombank has been a trailblazer in empathizing with customers during challenging economic periods. The bank has undertaken debt restructuring for individual and corporate customers, implemented various promotional programs, supported interest rates, and waived or reduced transaction fees. These measures aim to promptly alleviate the financial burden and provide robust support for customers to successfully weather the storm.

Aligned with the mission of "Accompanying Development," Sacombank has, since its inception, initiated and sustained numerous annual programs benefiting the community. A prime example is the "Sacombank - Nurturing Dreams" Scholarship fund, which, over 20 years, has awarded more than 42,000 scholarships to students nationwide.

Sacombank employees actively participating in voluntary blood donation.

Over the past two decades, Sacombank has dedicated over VND 85.3 billion to initiatives like the "Spring Warmth" program, ensuring support and joy during Tet holidays.

The bank has also demonstrated its commitment through an 11-year-long humanitarian blood donation program, "Sacombank - Sharing from the Heart," with thousands of blood units donated by its employees. Additionally, Sacombank has actively contributed to building schools, cultural houses, bridges, roads, high-quality public toilets, and programs providing electricity, street lights, clean water, and drilled wells in challenging areas.

All these actions have contributed to shaping the unique corporate identity and culture of Sacombank over the past 32 years.

ELEVATING DIGITAL EXPERIENCE - CREATING DISTINCTIVE VALUE

To solidify its position and leave an indelible mark on customers' hearts, Sacombank has been a pioneer in providing new and unique experiences to its 18 million customers, with nearly 70% of them engaging digitally.

Over several years, Sacombank has executed a comprehensive digitalization strategy, integrating technology into products, services, and operational processes. The strategy encompasses four pillars: Technology Infrastructure, Comprehensive Digital Solutions, Digital Products and Services, and Digital People and Thinking. This approach serves two primary goals: optimizing customer experience and enhancing the management capacity and labor productivity of employees.

Customers accessing Sacombank's digital ecosystem can enjoy seamless and consistent experiences, with all their financial needs promptly addressed.

Sacombank has introduced cutting-edge technologies, such as the Sacombank Pay digital banking application, eKYC technology for instant account opening, and contactless card payments through Apple Pay, Google Pay, Samsung Pay, easily scan QR codes for swift payments, money transfers, and withdrawals. The innovative Tap to Phone technology empowers card merchants to utilize Android mobile devices as portable POS machines, facilitating hassle-free contactless payments. NFC technology enables Android smartphone users to install Sacombank Pay for convenient contactless payments on both POS and mPOS machines.

Business customers also benefit from services like eKYC technology for account opening and the Business eCombo account service, tailored to meet diverse financial needs. The digital platform encompasses contactless card payment technology, Tap to Phone functionality, and a comprehensive digital banking application. This application integrates specialized financial services, including foreign currency sales, online international payments, and the Swift GPI service for real-time tracking of money transfer orders. Further, a Swift Pre-validation service ensures accuracy before payments are processed.

Sacombank also offers tailored cash flow management services designed for specific customer systems. These include the Bill Collection service, a Collection service with automatic control, and an API payment service. These services aim to automate and streamline debt management processes, reducing system management costs while maintaining transparency, accuracy, and timeliness in financial operations.

The ambiance at Sacombank Branches and Transaction Offices is continuously evolving to provide a more modern and customer-friendly experience.

Sacombank has introduced the STM (Smart Teller Machine) with voice transactions, touch interaction, and a modern, user-friendly interface. At the STM, customers can open a payment account, deposit/withdraw cash using card/ID; initiate/withdraw/finalize savings online; withdraw money seamlessly through QR code; expedite the issuance and printing of payment cards. The STM is an integral component of the Digital Experience Space - Digizone, part of the Smart Branch Project developed by Sacombank. This initiative is aimed at providing customers with firsthand exposure to cutting-edge financial technologies in a modern setting.

In the near future, Sacombank is set to launch a state-of-the-art Contact Center platform with AI integration; 24/7 multi-channel operations ensuring rapid customer service; Omnichannel digital banking is geared towards delivering a consistent and seamless customer experience across various communication channels; data quality governance, Microservices architecture system, and APIs ecosystem will be launched to enhance customers' digital transaction experience. 

PREPARED FOR NEW DEVELOPMENT GOALS

In 2023, Sacombank actively pursues strategic goals amidst difficulties and challenges from macroeconomic impacts. Demonstrating dynamism and creativity, Sacombank is enhancing business efficiency, targeting impressive financial growth, increased safety indicators, and compliance with international standards.

Over the past seven years, Sacombank has resolved most existing problems, achieving key goals outlined in the Project. By the end of November 2023, the bank has recovered and processed more than VND 92,600 billion, with over VND 72,000 billion in debt under the Project, reaching 84% of the overall plan until 2025. This has led to a significant reduction in bad debts and outstanding assets under the Project, decreasing the proportion of total assets from 28.1% in 2016 to 3.5%.

Despite the ongoing restructuring phase, Sacombank's total assets have surged by nearly 98%, with asset quality improving substantially. Profitable assets have increased by more than 168%, constituting 91.7% of total assets, a 24-percentage-point increase.

"With these business results and effective resolution of outstanding issues, Sacombank is confident in achieving the Restructuring Project's target in the first half of 2024. Subsequently, with a long-term vision towards sustainable development, Sacombank will embark on a new stage of development with loftier goals," shared a Sacombank representative.

Sacombank, at 32 years old, stands as a superior version of its initial self, upholding a consistent strategy that aligns the bank's success with increased benefits for the community and society. Trust and companionship from customers, partners, and shareholders remain pivotal in shaping Sacombank's brilliant success over the past 31 years.

As Sacombank enters a bright new future, it does so with confidence, envisioning greater values and prouder achievements.