Customer services for individual customers at VCB thanh xuan branch

I also want to give my kind regards to the director and all staff of the International Payment and Customer Services Department of Vietcombank VCB, Thanh Xuan branch for their kindness a

DECLARATION

I hereby declare that this thesis is my own work and effort and that it has not been submitted anywhere for any award Where other sources of information have been used, they have been acknowledged

Author

I also want to give my kind regards to the director and all staff of the International Payment and Customer Services Department of Vietcombank (VCB), Thanh Xuan branch for their kindness and help in my practicing time

at this bank

LIST OF ABBREVIATIONS

1 ATM: Automatic Teller Machine

2 VCB: Vietcombank

3 POS: Point of Sale

4 HO: Headquarter Office

FIGURES AND TABLES

Figure 1.1 Relationship between service and customer

satisfaction ( Spreng and Mackoy, 1996)

9

Figure 2.1 Organization structure of VCB Thanh Xuan branch

– Hanoi

19

Table 2.1 Retail business performance and growth rate of

VCB Thanh Xuan branch in 2011 and 2012

25

Table 2.2 The comparison of capital mobilization activity

from residential between VCB and VCB Thanh Xuan branch in 2011 and 2012

TABLE OF CONTENT

DECLARATION……… ……… i

ACKNOWLEDGEMENT……… ………ii

LIST OF ABBREVIATIONS……… iii

FIGURES AND TABLES……… …… iv

INTRODUCTION 1

1 Rationale of the study 1

2 Aims of the study 2

3 Scope of the study 2

4 Methods of the study 2

5 Organization of the study 2

6 Significance 3

CHAPTER 1 4

LITERATURE REVIEW 4

1.1 Background knowledge of customer services 4

1.1.1 Customers and customer services 4

1.1.1.1 Customers 4

1.1.1.2 Customer services 5

1.1.2 Service quality and customer satisfaction 6

1.1.2.1 Service quality 6

1.1.2.2 Customer satisfaction 7

1.1.2.3 Relationship between service quality and customer satisfaction 8 1.1.2.4 Decisive factors on the service quality 9

1.2 Roles of customer service 10

1.3 Levels of customer service 12

1.3.1 Level one – Meet customer expectations 12

1.3.2 Level two: Exceed Customer Expectations 13

1.3.4 Level Four: Amaze your customers 14

CHAPTER 2 16

CURRENT SUTUATION AND RESEARCH 16

2.1 Overview of Vietcombank (VCB) 16

2.1.1 Fields of operation 16

2.1.2 Human resources and network 17

2.1.3 Position of VCB in Vietnam banking industry of Vietnam 17

2.2 Overview of VCB, Thanh Xuan branch 18

2.2.1 Organization structure 18

2.2.2 Main activities of VCB Thanh Xuan branch 20

2.2.3 Functions of International Payment and Customer Service Department 20

2.2.4 Products and services for individual customers of VCB Thanh Xuan branch 21

2.2.4.1 Personal loan products 21

2.2.4.2 Deposits – Savings products 22

2.2.4.3 Current account products 23

2.2.4.4 Fund transfer service 23

2.2.4.5 Other products and services 24

2.3 Current situation of customer service for individual customers at VCB Thanh Xuan branch 24

2.3.1 Current situation of retail business activities 24

2.3.1.1 Capital mobilization activity from residential 25

2.3.1.2 Credit activity 27

2.3.2 Current situation of customer service for individual customers at VCB Thanh Xuan branch 30

2.3.2.1 Mechanisms and policies for retail activities 30

2.3.2.2 Human resources 30

2.3.2.3 Customer services for individual customers 31

2.4 A research on the customer services for individual customers at VCB Thanh Xuan branch 32

2.5 Shortcomings of customer services for individual customers at VCB Thanh Xuan branch 34

2.5.1 Shortcomings 34

2.5.2 Reasons 35

CHAPTER 3 37

RECOMMENDATION TO IMPROVE CUSTOMER SERVICES FOR INDIVIDUAL CUSTOMERS AT VCB THANH XUAN BRANCH 37

3.1 VCB's oriented strategy in 2011-2015 and vision to 2020 37

3.2 Recommendations to improve customer service for individual customers at VCB Thanh Xuan branch 40

3.2.1 Recommendation to VCB Thanh Xuan branch 40

3.2.1.1 Improving the service quality 40

3.2.1.2 Improving the qualification of the staff 42

3.2.1.3 Ensuring the competitiveness of the price 43

3.2.1.4 Creating a professional working environment 44

3.2.1.5 Improving the good image of the bank in the customers 44

3.2.2 Some recommendations to VCB Headquarter Office 45

3.2.2.1 Strongly developing the service and exploit differential advantage products and services 45

3.2.2.2 Developing the network 45

3.2.2.3 Developing the human resources 46

3.2.2.4 Improving the work of management 46

CONCLUSION 47

REFERENCES v APPENDIX

INTRODUCTION

1 Rationale of the study

Vietnam is switching to market economy socialist oriented, and especially after being an official member of WTO, it has been known

as fast developing country in Asia The field of monetary, credit and banking industry plays an important role in stimulating the economy of our country Activities of commercial banks help to regulate, attract and provide capital and banking service for the development of the country

The development of banking service is an inevitable trend in the process of integration of the commercial banking system in Vietnam

To survive and develop in this competitive market, it is required that beside investing in technological innovation, improving management practices and modernizing payment systems, commercial banks have to pay special attention to customer services The provision of high quality and beneficial services to customers is the fundamental to strengthen the relationship between banks and customers It is one of the most important factors to determine the profitability, risk diversification, position, prestige and the success of banks Therefore, constantly improving, expanding the quality of service is always the top concern of most commercial banks

It is obvious that Vietcombank (VCB) is a big commercial bank

in Vietnam Previously, the main activity of the bank is foreign trade Nowadays, it becomes a multifunctional bank, providing customers with many financial services such as credit, capital mobilization, capital business, etc It also orients to develop individual customers in order to become the most developed retail bank in Vietnam So, my

research here is an investigation to “Customer services for individual customers at VCB Thanh Xuan branch” I wish this study would

provide effective suggestions for VCB Thanh Xuan branch to improve customer services

2 Aims of the study

As mentioned above, this study will provide knowledge about customer services in bank’s daily running activities, focus on analyzing the current situation at VCB Thanh Xuan branch, and suggest some recommendations to improve customer services for individual customers in this bank

3 Scope of the study

The scope of this study is limited in VCB Thanh Xuan branch,

448 Nguyen Trai, Hanoi Moreover, the research focuses on analyzing the current situation and improving customer services for individual customers at International Payment and Customer Service department

in this branch

4 Methods of the study

The data methods are used to collect and analyze the information about customer service theory and the current situation at VCB, Thanh Xuan branch The data used in this study are mainly secondary data: data from the directors and staff of VCB, Thanh Xuan branch, from internet and books

5 Organization of the study

Beside introduction and conclusion, my thesis consists of three main chapters as follow:

The first part: the introduction dealing with the rationale, aims, scope,

methods, organization and significance of the study

The second part: is the main part of the paper with 3 chapters

Chapter 1: Literature review This chapter gives the definition of

customer services and its roles in the developments of the corporation

Chapter 2: Current situation of customer services at VCB, Thanh Xuan

CHAPTER 1 LITERATURE REVIEW 1.1 Background knowledge of customer services

1.1.1 Customers and customer services

1.1.1.1 Customers

Customers are the most important factor for any businesses They are the resources on which the success or failure of the business depends They use the products or services of the company and judge the quality of those products or services

There are many different definitions of customers But, in general, customers can be defined as parties that receive or consume products (goods

or services) and has the ability to choose between different products and supplier

It is important for an organization to retain customers or make new customers and flourish business To manage customers, organizations should follow some sort of approaches like segmentation or division of customers into groups because each customer has to be considered valuable and profitable Customers can be divided into 5 main types:

Loyal customers

These customers revisit the organization over times hence, it is crucial

to interact, keep in touch with them on a regular basis, invest much time and effort with them Loyal customers want individual attention and that demands polite and respectful responses from their suppliers

Discount customers

They shop frequently, but make their decisions based on the size of the organizations’ mark downs The more the discount is, the more they tend towards buying Focusing on this type of customers is also important as they also promote distinguished part of profit into business

1.1.1.2 Customer services

Customer service is often seen as an activity, performance

measurement and a philosophy It is difficult to define an exact concept of customer service That is why “customer service” has been defined by many

scholars and conveys different meanings Geogre D Wagenheim, Michigan

State University and John H.Reurink, Michigan Department of Commerce, (1991) Public Administration Review, considered customer service as

“Customer service is a management strategy that focuses on meeting customer expectations”

According to Turban Efraim (2002) Electronic Commerce: A Managerial Perspective, Prentice Hall, customer service is “a series of activities designed to enhance the level of customer satisfaction – that is, the feeling that a product or service has met the customer expectation”

Moreover, “Customer service is the provision of service to customers

before, during and after a purchase” (Wikipedia.org)

In banking industry, any person or business using any or all of the services offered by a bank is a customer of the bank Customer service is one

of the most important ways to keep customers coming back It includes responding to customers’ questions and complaints in a thorough and timely manner and interacting with customers through face-to-face meetings, telephone, mail, fax and email Most, if not all, bank employees are involved

in some aspects of customer service

1.1.2 Service quality and customer satisfaction

1.1.2.1 Service quality

Service quality involves a comparison of expectations with

performance According to Lewis and Booms (1983), service quality is a measure of how well a delivered service matches the customers’ expectations Parasuraman and Berry (1985) viewed quality as “the degree and direction

of discrepancy between customers’ service perception and expectations”

Generally, the customer is requesting a service at the service interface where the service encounter is being realized, and then the service is being provided by the provider and at the same time delivered to or consumed by the customer The main reason to focus on quality is to meet customers’ needs while remaining economically competitive at the same time This means that satisfying customers’ needs is very important for the enterprises to survive

1.1.2.2 Customer satisfaction

In recent years, most of enterprises have understood the importance of customer satisfaction First, it is necessary to define what customer satisfaction is

According to Richard L Oliver – “Satisfaction is a customer’s fulfillment response It is a judgment that a product or service feature, or the product or service itself, provides a pleasurable level of consumption related fulfillment” While Philip Kotler claims that– “Satisfaction is a person’s feeling of pleasure or disappointment resulting from comparing a product’s perceived performance (or outcome) in relation to his experience”

In Customer Satisfaction: the Customer Experience through the Customer’s eyes, customer satisfaction is defined as “customer satisfaction,

or dissatisfaction, is the feeling of a customer has about the extent to which their experiences with an organization have met their needs” It can be

understood that satisfaction is a function of perceived performance and expectations If the performance falls short of expectation, the customer is dissatisfied If the performance matches the expectations, the customer is satisfied And if the performance exceeds expectations, the customer is delighted

In today’s competitive environment, every business is trying to attract the customers by assuring highest degree of satisfaction Satisfied customers are the main determinants of success or failure of an organization’s business

1.1.2.3 Relationship between service quality and customer satisfaction

“Service quality is the most important factor which impacts to customer satisfaction” (Cronin and Taylor, 1992; Yavas et al, 1997; Ahmad and Kamal, 2002) If the service provider gives customers the high quality

products to satisfy their demands, the enterprise initially makes customer satisfaction

Therefore, to improve customer satisfaction, service providers have to improve service quality In other words, service quality and customer satisfaction are closely correlated with each other (positive relationship), in which service quality is what is created first and then decide to the satisfaction of customers In the study of the relationship between these two

factors, Spreng and Mackoy (1996) also showed that service quality is the

premise of customer satisfaction

Figure 1.1: Relationship between service and customer satisfaction

(Spreng and Mackoy, 1996)

1.1.2.4 Decisive factors on the service quality

Actually, service quality is measured by many factors Accurate identification of these factors depends on the nature of the service and the research environment

Many authors have researched this problem but the most popular study

is the criteria for evaluating service quality of Parasuraman et al In 1985, Parasuraman et al gave ten determinants of service quality They are: access, communication, competence, courtesy, credibility, reliability, responsiveness, security, tangibles and understanding the customer Then in 1988, he generalized into 5 factors: reliability, responsiveness, tangibles, assurance and empathy

Quality expectation

nnnnnnnnn

n Perceived

quality

Quality expectation

nn

Needs being met

Needs not being met

Service quality

Customer satisfaction

Based on the research on service quality and inherited the theory of Parasuraman et al, Johnston and Silvestro (1990) also summarized five factors

of service quality include: helpfulness, care, commitment, functionality and integrity Also in 1990, Gronroos had carried out a research and gave six factors that measure the quality of service as follow: professionalism and skills, attitudes and behavior, accessibility and flexibility, reliability and trustworthiness, reputation and credibility, and recovery

In 2001, Sureshchandar et al also gave five factors affecting the quality

of services including: core service, human element, non-human element, tangibles and social responsibility

1.2 Roles of customer service

Your customers are the reason why you are in business Without customers you really cannot have a business Thus, if you do not have enough customers, you will always try to attract more That is why customer service plays an important role in business activities nowadays It can literally make

or break you

Customers today are interested in not only the product they are being offered but also all the additional elements of service that they receive from the greeting and promising Customer service refers to all aspects of interaction with a customer and the organization’s image in the mind of a customer Beside product or service quality, customer service also makes your customers satisfied or dissatisfied and affects to their decision of coming back

or not Keeping your customers happy is the key to keep your customers with you Therefore, high quality customer service helps to create customer loyalty Repeat customers are the source of all profit, and profit allows a business to grow

Moreover, a customer is an organization’s most valuable advertising tool He or she will offer your business an advertising tool that is beyond words – word of mouth advertising A word of mouth testimonial from a friend can be trusted, and it is more likely to produce higher results than other advertising tools Magazine, television, radio and Internet ads can be expensive, but word of mouth advertising is usually free The less money the business has to spend on advertising, the more profit they can make Anytime someone hears about a company and what they buy from a friend or from a news story, word of mouth advertising is helping the company become more familiar with people Especially, with any internet business transactions, product reviews are quite common Whether it is positive or negative feedback about a product and service, people are writing freely about their shopping experiences Good customer service will bring the good image of your company to the customers through word of mouth advertising and vice versa Therefore, every enterprise has to understand this point to create a good customer service plan

Customer service also acts as a morale booster for staff It is not just customers who benefit from good customer service Staff, too, will be more motivated to work for a professional company which prides itself on excellent customer service It will give them a much deeper sense of job satisfaction They can come home from work each day and know that they have helped customers and have been able to resolve issues satisfactorily so that customers will continue to shop with them

Good customer service is the foundation of any business It leads to many benefits, provides a platform for continued growth and helps to build your business reputation Not only will you gain trust with your current clients, they’ll also become a wonderful referral system as they spread the

word about your business to other prospects Excellent customer service also makes your competitive advantage, sets you aside from your competitors even when they may sell the same products In the long run, treating people fairly and with respect will bring success to your company today and in the future

1.3 Levels of customer service

Customer satisfaction is the key to building the clientele of any business The more you satisfy your customers, the more your business can grow According to Brian Tracy, one of America’s leading authorities on the development of the human potential, customer service can be identified to four levels which are achieved by providing corresponding levels of customer service The higher the level you achieve, the more customer loyalty you will build and the greater your success will be

1.3.1 Level one – Meet customer expectations

At level one, a business meets its customers’ expectations This is the minimum requirement to simply stay in business in order to survive At this level, your customers have no complaints about your products or services They are satisfied for the moment But they are not loyal If a competitor demonstrates that it can and will do more than merely meet their expectations, your customers will very quickly not use your products or service anymore They will become your ex-customers

Moreover, finding another company sell the similar products with a good customer service is not difficult in the current competitive environment

If someone comes into your store expecting to purchase something, you must provide the staff and expertise to help assist in the purchase in a reasonable amount of time, or the customer will get frustrated and leave If you fail to meet their expectations, perhaps only one time, they will leave and find

someone else who will promise to offer them a better service Knowing what the customer expects is the first and possibly most critical step in delivering good quality service Being wrong about what customers want can mean losing a customer’s business when another company hits the target exactly Being wrong can also mean expending money, time and other resources on things that do not count to the customers Being wrong can even mean not surviving in a fiercely competitive market Therefore, at this level, customers easily come to your company but they also easily go

1.3.2 Level two: Exceed Customer Expectations

The higher level of customer satisfaction is exceeding customer expectations That means surprising your customers, going beyond what they expected Fast, friendly service, followed up by a phone call to make sure everything is alright, might you put into this category Once your customers understand your company’s customer service standards, they’ll judge your performance based on those standards When you exceed those standards, they will understand that your company has gone above and beyond its standard practices

Good customer service can set your company aside from competitors This level is where you start to build customer loyalty When service happens faster than expected, or is better than expected, customers leave your store pleased and are much more likely to return They may even be willing to pay

a little bit higher prices The second level of customer service moves you beyond survival, building a measure of customer loyalty and giving you an edge over your competitors It can also increase your profitability Customers who experience the kind of service that exceeds their expectations are often

willing to pay for it, enabling the supplier to raise prices and thus improve profit margins

1.3.3 Level Three: Delight the Customers

This level is where you show customers that you really care about them Putting you in touch with the spirit of what the clients want to accomplish is the key of the value and principle of “customer delight”

Customers who are served at this level are truly delighted Not only have the customers’ basic needs been met, or even exceeded, but also they have truly been touched on an emotional level And once customers have enjoyed this experience, it will be very difficult for a competitor to attract them When you delight your customers, you are on the way to create an exceptional and highly profitable business The most successful businesses have discovered a formula that goes beyond products and services Their business is providing delight to their customers by understanding their specific personal interests, anticipating their needs, exceeding their expectations, and making every moment and aspect of the relationship a pleasant

To delight your customers is to show that how you care about them It will bring a smile to their face The greater your services delights your customers, the greater success you will enjoy in your business

1.3.4 Level Four: Amaze your customers

“Amaze your customers” is the fourth level of customer service It is what will push your business into an expert level Expending the effort to amaze customers can propel your business to new heights By amazing them, you give customers a compelling reason to patronize your business and

customers’ expectations, not to simply delight them, but to truly amaze them The highest level of customer service is when you develop the habit of amazing your customers: when you do something for them that is so extraordinary, they want to run around and tell everybody they know When you are able to accomplish this on a regular basis, you will be in a position to dominate the marketplace and achieve remarkable rates of revenue growth and profitability

In conclusion, chapter 1 gives a basic knowledge of customer service, including the knowledge of customer, customer service, service quality, and customer satisfaction, the role of customer service and levels of customer service This chapter is the premise to analyze deeply about the current situation of customer service in the following chapter

CHAPTER 2 CURRENT SUTUATION AND RESEARCH 2.1 Overview of Vietcombank (VCB)

Bank for Foreign Trade of Vietnam was founded and officially went into operation on 01/04/01963, the former organization is known as Foreign Trade Bureau (under the State Bank of Vietnam) As the first commercial bank chosen to pilot equitization by the Government, Bank for Foreign Trade

of Vietnam has been operating as a joint-stock commercial bank on 02/06/2008 after successful equitization plan through issuing shares to the public for the first time

2.1.1 Fields of operation

Business operation of VCB includes the following areas:

Bank: VCB functions as a leading experienced bank of finance

services, brokerage, loan syndication and advisory, modern, convenient banking products

Insurance: VCB provides products for non-life insurance designed to

match the overall package to customers of VCB

Stock: VCB provides a wide range of brokerage services, investment

and investment consultant with the ability of quickly developing a system of agents to receive orders nationwide

Financial investment: VCB includes financial leasing, security trading

and capital contribution with the aim at establishing investment companies to the projects It has 3 subsidiaries: Vietcombank leasing, Vietcombank fund management and Vietcombank Stock

2.1.2 Human resources and network

After nearly 50 years of operation and development, with 13,560 officers, employees and financial consultants who are well-qualified and well-trained with full experience and have been accumulated and transferred for over half of a century, VCB always brings its customers the benefits and reliability

Up to the time of 30/09/2012, VCB has a network as follows:

Banking Networks: VCB has nearly 400 branches, transaction offices,

representative offices, including the Head Office in Hanoi, 1 Exchange office,

1 Training center, 78 branches and over 300 transaction offices nationwide In addition, Vietcombank has developed an Autobank system with approximately 1,835 ATMs and 32,178 POS in 63 provinces and cities nationwide

Non-banking Networks: consists of Vietcombank Leasing (VCB

Leasing), Vietcombank Fund Management (VCBF) and Vietcombank Stock (VCBS)

2.1.3 Position of VCB in Vietnam banking industry of Vietnam

Establishing in 1963, VCB has a long operation history and a pioneer role in the market with a high competitive effort In the period 2006-2010, VCB hold the 3rd place in market share of credit and capital mobilization with the growth rate on average 23-24% per year, 3rd place in the size of equity and had a total value of assets ranking 3rd place in the banking industry in 2010, after VBARD and Vietinbank About business performance, profit before tax

in 2010 ranked no.2 in this sector and had the average increase of 43% per year

2.2 Overview of VCB, Thanh Xuan branch

2.2.1 Organization structure

VCB Thanh Xuan branch has 25 units, over 350 officers and employees The organization structure of the branch is arranged under the TA2 model including: directors and blocks, departments The blocks include customer relations block, risk management block operation block, internal management block and blocks directly under

The figure below shows the organization structure of VCB Thanh Xuan branch:

Figure 2.1: Organization structure of VCB Thanh Xuan branch –

448-450 Nguyen Trai- Ha Noi

Customer relations block

Customer relations department 1 - 2 - 3 Individual customer relations department

Risk management block

Risk management department

Operation block

Credit management department Individual customer service department Business customer service department International payment department Service and funds management department

Internal management block

Financial and accounting department

Computing department General planning department Human resources department

Blocks directly under

Transaction offices 1, 2, 6, 10, 11,12, 17, 18,

Dong Xuan Bureau

Board of directors

Saving funds 5

2.2.2 Main activities of VCB Thanh Xuan branch

As a commercial bank, VCB Thanh Xuan branch also has main activities such as raising capital in Vietnam dong and foreign currencies from residents and all organizations, economic elements in various forms, lending short, medium and long-term in Vietnam dong and foreign currencies, investing in the form of contributing capital, joint venture, associated with the domestic and foreign economic organization, finance and credit institutions

In addition, it also implements quick money transfer services, domestic payment via computer networks and international payment via SWIFT global network VCB is a payment agent of international credit cards: Visa, MasterCard, JCB Card, traveler’s check, ATM It implements service funds: foreign currencies exchange, payment check exchange, remittance payment, providing cash at your door

2.2.3 Functions of International Payment and Customer Service Department

Individual customer relation is the main factor mentioned in this study, therefore this study only focus on the functions of International Payment and Customer Service Department It has some functions as below:

Creating, maintaining and improving customer relations

It maintains serving current customers and building relationships with potential customers in the target market in order to extend customers

Marketing and selling products to customers

It implements directly marketing, receives and guides customers, maintains and develops the relationship between branch and customers

2.2.4 Products and services for individual customers of VCB Thanh

Xuan branch

2.2.4.1 Personal loan products

VCB Thanh Xuan branch supplies individual customers with various kind of personal loan, including:

Home loan: “Home loan” is a product that VCB lend money to

customers to buy land and house, build, repair, buy and decorate furniture for their houses

Car loan: “Car loan” meets the demands to buy cars of individual

customers and households through capital support

T-day securities loan: This product is the form that VCB meets

customers’ demand by paying in advance the sale money of listed securities at Security companies linked with VCB

Consumption installment loans: It is the form of lending without

security properties for individuals having a stable income and working in organizations which are in the same city/province with the lending branch location, in order to meet the diverse demands of individuals and households

Loan secured by the mortgage of Valuable Papers/Certificate of fixed deposit: VCB quickly meets the capital demands of customers when their

Valuable Papers/Certificate of fixed deposit are undue through lending them money with the mortgage of valuable papers, certificate of fixed deposit These papers of certificates must have been issued by Government, VCB and other credit organizations

Discount of Valuable Papers: VCB buy undue valuable papers of

customers to meet their urgent needs of money

Unsecured overdraft: VCB lets their customers spend in excess of their

money on their deposit accounts opened at VCB

2.2.4.2 Deposits – Savings products

There are 2 types of deposits – savings products: Product release frequently and products release in batches

Products release frequently includes:

- Term deposit accounts: With various deposit terms (week, month, year), customers can choose term to deposit their savings and interest payment in accordance with their purposes and needs Customers can only withdraw money after a certain deposit term as they agreed with the bank if they choose this product

- Savings for children – Bao An Thanh Tai (BATT): BATT is a type of long term savings deposit accounts (from 2 to 15 years) that members of

families or relatives (grandparents, parents, brothers, sisters, relatives…) can deposit an amount of money to their children’s account This aims to accumulate for children a huge amount of money to help them meet their demands in the future, such as studying, traveling, shopping, consuming, etc…

Products release in batches: These are products mobilizing deposits

normally, in addition, customers will enjoy the added benefits in accordance with the stipulation of VCB, such as participating in saving programs, receiving the scratch cards with a chance to win immediately (saving programs offered scratch cards), receiving more valuable and attractive gifts

if deposit (promotion savings programs)

2.2.4.3 Current account products

There are 3 current account products: VND/foreign currency payment deposit account, securities trading deposit and commission accumulation deposit

VND/foreign currency payment deposit account: It is the VND/foreign

payment deposit current account opened by customers who use the payment service at VCB for the purpose of depositing, saving or implementing payment transactions via bank by means of payment

Securities trading deposit: securities trading deposit helps securities

trading companies settle of securities trading orders quickly, accurately and safely It helps securities investors open trading account at the securities company which appointed those customers to open deposit accounts at VCB through using online payment program VCB@Securities

Commission accumulation deposit: This product is payment deposit

account for individual customers that the interest rate increases based on the deposit balance of customers (the more money customer deposit, the higher interest rate is)

2.2.4.4 Fund transfer service

Fund transfer services include:

Domestic remittance: VCB execute the fund transfer order of customers

to the beneficiaries in the territory of Vietnam and receive money which is transferred to customers of VCB by reporting credited to their accounts if the beneficiaries have account at VCB; pay in cash or transfer to the bank which

is assigned in case customers do not have accounts at VCB

Overseas remittance: This is a service to transfer money abroad or

receive money from abroad for the purpose of one-way transfers, for current