Financial education is an activity to which Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has always paid great attention during the course of actualizing of “integrating society into business”. Besides, as a member of World Savings and Retail Banking Institute (WSBI), LienVietPostBank not only proactively responds to financial education programs and activities hosted by WSBI but also wants to share a bright example of its relevant projects in order to receive feedback and learn best practices from other WSBI members.
Regarding the project “Vi Viet – An innovative payment solution for Vietnamese women” which was granted the sponsorship amounting to USD 325,000 from the United Nations Capital Development Fund (UNCDF), LienVietPostBank has coordinated with Vietnam Women’s Union to organize financial training courses integrating gender awareness to provide its members with knowledge of financial management and a variety of formal banking services. Since June 2017, five courses have successfully been conducted with 150 participants from cities/provinces in different areas of Vietnam namely Hai Phong, Binh Duong, Ho Chi Minh, Bac Ninh and Can Tho.
During these courses, participants are provided with basic financial knowledge by trainers from Vietnam Women’s Union and LienVietPostBank to improve their skills on family expenditure management. In addition, these courses also introduce formal banking products and services such as savings, consumer loans and small loans as well as services on Vi Viet e-wallet, including mobile top-up, money transfer, utilities bill payment, etc. Furthermore, participants have the opportunity to participate in many useful activities such as sharing experiences, raising questions relating to financial management, playing games with prizes to improve their financial knowledge and skills.
Over 5 months of implementation, the training courses co-organized by LienVietPostBank and Vietnam Women’s Union have received positive feedback from participants. Most participants believe that the courses provide a wealth of useful knowledge, help them become more confident and independent in financial management and know how to make savings and spend money for their families more efficiently. Many of them share their knowledge with friends, colleagues and family members. These courses act as the premise for LienVietPostBank to continuously implement financial education projects as well as conduct more research to develop new products in line with the needs of customers in the future.
Successful courses evidently show that the deployment of financial education requires collaboration and cooperation between different entities including financial institutions as LienVietPostBank and State-controlled organizations as Vietnam Women’s Union.
Established in 28 March 2008 as the first and only post-bank in Vietnam, LienVietPostBank has gradually affirmed its position in the domestic financial market thanks to many advantages. After 9 years of operation, LienVietPostBank has positioned itself in the Top 100 Strong Brands over four consecutive years and got closer the target of being in the Top 10 biggest private banks in Vietnam. In terms of network coverage, the Bank ranks the second compared to 35 largest commercial banks in Vietnam. At the end of 30 September 2017, LienVietPostBank has total 205 branches and transaction offices across 63 cities/provinces, more than 1,000 Postal Transaction Offices (PTOs) and over 10,000 nationwide post offices to be upgraded to PTOs. For the next 10 years, the Bank shall continue to pursue its business model as a “retail and universal bank” with the vision of being “The leading retail bank in Vietnam – a bank for everyone”. Besides that, LienVietPostBank also focuses on cooperation enhancement with a variety of international organizations, especially WSBI. Being its member since 2011, LienVietPostBank is always willing to share its best practices with others and proactively participates in all group works to contribute a part in the development of the whole society as well as to seek more cooperation opportunities with global financial institutions.
About Vi Viet
The year of 2016 has witnessed a remarkable milestone of LienVietPostBank with the official launch of Vi Viet. This is the first e-wallet solely developed in-house by a bank, offering non-cash payment solution and other banking services on Internet-connected devices. As of 30 September 2017, Vi Viet successfully attracted about 1.5 million users and 12,198 Vi Viet merchants across the country. Given more than 200 services, customers now can easily make payment for utilities bills, shop online, pay for goods/services purchased, top up mobile subscription, transfer/receive money, or cash in/cash out safely and conveniently anytime, anywhere. To fully take advantages of nation-wide network coverage and initial success of Vi Viet, LienVietPostBank in the near future shall focus more on R&D activities then provide the market with micro-finance services on Vi Viet such as online savings, lending, overdraft, etc. at favorable interest rates with time-saving processes, aiming to bring the Bank’s services and products closer to everyone.