Numerous international payment incentives provide year-end assistance to import and export enterprises.

DNHN - National Commercial Joint Stock Bank (NCB), which assists businesses in a volatile market environment, has introduced numerous incentives for customers to transfer funds internationally, thereby assisting in the optimization of costs

Indicator of development

The Global Economic and Market Research Department of UOB bank has released a recent report indicating that Vietnam's business activities and production have exhibited more favorable indications during the third quarter of 2023. September saw a 4.6% increase in exports compared to the same month the previous year, following six consecutive months of decline. September marked a 2.6% year-over-year increase in imports, following a decline of 10 consecutive months.

Experts predict that export activities will continue to flourish during the final two months of the year, given that inflation is trending downward in major economies such as the United States and Europe and inventories are gradually declining in other nations. Furthermore, the surge in demand for goods observed during the end-of-year festivals served as a favorable indication for export enterprises in Vietnam.

According to some exporters of seafood, global markets are beginning to recover from a period of difficulty.

"The company exports approximately twenty containers of goods per month on average." "To meet demand at the end of the year, factories are progressively expanding capacity," disclosed Mr. Trung Quan, director of sales for a seafood export company.

In the interim, Ms. Thu Thao, the manager of an enterprise that specializes in the exportation of fruits to China, reported that recent durian exports have been quite successful. At present, her organization is expediting and promoting export procedures for novel fruits to this prospective market.

In addition to the prospect of recuperating and expanding in the wake of the COVID-19 pandemic and economic downturn, enterprises are concurrently elevating their demand for expeditious, cost-effective global transactions to streamline operations and alleviate resource strain. generate motivation and operational force to promote the business.

At present, the mean fee for international money transfers conducted through banks is approximately 0.2–0.3 percent of the transferred sum, with a range of 5–300 USD (excluding telegraph charges).

Complete assistance for businesses

National Commercial Joint Stock Bank (NCB), which is dedicated to supporting Vietnamese businesses, particularly in the import and export sectors, has introduced numerous incentives for business clients transferring funds internationally. These incentives cater to a range of requirements and assist in cost optimization.

As a result, NCB has introduced the incentive program "Relaxed money transfer – Same price everywhere," which offers three unique incentive packages to accommodate the diverse needs of businesses.

NCB provides a flat fee structure for international money transfers totaling less than 50,000 USD per transaction: 30 USD per transaction plus SHA fee and 40 USD per transaction plus OUR fee. The bank will maintain its 40% fee schedule-compliant discount for businesses that finalize 20 transactions and maintain an average account balance of 100 million VND within two months.

The NCB provides a flat fee schedule for international money transfers under USD 200,000 per transaction, with SHA fees set at USD 40 and OUR fees at USD 50 per transaction. The bank will maintain its 40% fee schedule-compliant discount for commercial accounts with an average monthly volume of 100 million VND and ten transactions within two months.

NCB provides businesses engaged in international transactions exceeding 200,000 USD per transaction with a flat-rate package priced at USD 200 per transaction.

In addition, the bank introduced the "Open gold incentives - Open thousands of payments" promotion, which featured three primary incentive packages and combos: incentives for international money transfers based on transaction value; incentives for international money transfers based on the number of transactions in a combo; and money transfer fee coupons for individual transactions. Customers receive a maximum 80% discount for each additional transfer of funds.

The programs listed above are a continuation of NCB's ongoing initiative to assist organizations with international payment activities with associated fees. In the past, the bank had also initiated a program whereby it would donate one hundred percent of international money transfer fees, including telegram fees, to organizations engaged in international trade.

During the preceding period, NCB underwent a significant transformation to "bring banking to each customer" by continuously investing heavily in technology and enhancing the quality of its products and services. In addition to upgrading the core banking system (Core Banking) T24 to the most recent version R21 in Vietnam today, NCB has introduced the NCB iziBankbiz application, which features a contemporary, user-friendly, and uniform interface, catering to business clients. Managing customers at any time and in any location.

Thanh Hang