Over 2023, Sacombank’s FX division played a crucial role in the bank's strategy, according to its own records, contributing 10%-20% of its pre-tax profit. Despite global economic challenges including high inflation and geopolitical instability, Sacombank focused on supporting businesses affected by the rising USD/VND exchange rate.
With Vietnam’s import-export turnover down 6.9%, Sacombank leveraged its strong interbank position and advanced systems to offer competitive FX solutions, including low-cost forward pricing that often beat spot rates. This approach helped importer clients manage exchange rate risks effectively, potentially saving costs.
During the review period, Sacombank also enhanced its services with professional, multi-format forecasts covering exchange rates and commodity prices. Additionally, a system was implemented to assist clients in monitoring exchange rates and managing cash flows.
Sacombank's digital transformation efforts ensured clients could access these services across multiple platforms, including websites and mobile apps. The bank's 24/7 customer care, including a VIP support line, further emphasized its commitment to high service standards.
Overall,