Vietnam International Bank (VIB) has been granted two awards – “Best New Card Offering – VIB Family Link” and “Most Innovative New Credit Card Service- Vietnam 2022” by the International Finance magazine.
The two awards have recognised the endless effort of VIB in innovating and pioneering in terms of card trends in Vietnam. This is the second consecutive year the bank has received this recognition from international media.
According to International Finance, VIB is one of the leading banks in terms of credit cards in Vietnam. The magazine praises the VIB Family Link credit card with features built on family cohesion, providing a comprehensive solution for any modern family who wants to make daily spending and ensure savings for their children’s future at the same time.
It also appreciates VIB’s different marks brought by its credit card digitisation and personalisation strategy. The bank’s unique innovations are the clearest evidence of its commitment to a cashless lifestyle and smarter consumption in Vietnam.
A strategy for leading card trends
Currently, VIB accounts for more than 35 per cent of Mastercard’s total spending in Vietnam. The bank also leads in the growth rate of Mastercard credit cards, five or six times higher than the average of the whole market in quantity and quality.
VIB joined the local credit card market in 2019 with the debut of all card products. Though ranking eighth among banks in Vietnam in terms of the number of issued cards, VIB places 4th in total card spending, according to data released by the Vietnam Card Association in June.
The number of VIB credit cards has surpassed half a million cards, nearly six times higher than the 90,000 cards seen in 2018. At the same time, spending made by Vietnamese people through VIB credit cards has increased by 8.6 times, from VNĐ8.4 trillion (US$360 million) each year in 2018, to VNĐ72 trillion (over $3 billion) in 2022.
Credit cards are one of VIB’s business segments when the bank implements its key strategy of shifting to the retail area and promoting digitisation besides home loans, auto loans, business loans and insurance. Thanks to this strategy, VIB’s fee income has grown impressively.
VIB’s leaders forecast that the company’s pre-tax and after-tax profits in the whole of 2022 will likely exceed the plan assigned by the General Meeting of Shareholders of VNĐ10.5 trillion and VNĐ8.4 trillion, respectively.
These figures could be even higher if VIB took into account the extraordinary profits from some cooperation agreements that the bank would likely complete in 2022.
The Best New Card Offering – VIB Family Link
Launched in September 2021, VIB Family Link credit card allows cardholders to accumulate reward points for family bonding expenses. This card line offers outstanding incentives for family spending on special occasions that are personalised to each cardholder such as birthdays, weddings, weekend dining, gifts besides children’s birthdays, medical education, and savings and insurance packages.
Moreover, all points are automatically converted into savings for children with attractive interest rates for families.
Through the Family Link card line, VIB has accompanied over 10,000 cardholders who are parents in improving the quality of family life, providing more smart solutions for effective spending management and making contributions to enhancing the comprehensive development of Vietnam’s future generations over the past year.
Launched in September 2021, VIB Family Link credit card allows cardholders to accumulate reward points for family bonding expenses. — Photo courtesy of VIB
“Most Innovative New Credit Card Service- Vietnam 2022” thanks to strategy on credit card digitisation and personalisation
VIB is one of the leading banks in digitising the credit card issuance process. More than 50 per cent of VIB’s new cards have been issued entirely from the digital channel.
The bank has also introduced the concept of “virtual card”, “virtual switchboard” and “virtual financial expert” which has been welcomed by local clients. Most recently, VIB launched Vie, the first-ever virtual financial advisor in Vietnam capable of advising on card opening and card spending.
Previously in 2020, with virtual card technology (Virtual Card), Green PIN and technology to support automatic credit limit approval, VIB was the first bank in Vietnam to allow clients to open a credit card 100 per cent online and activate the card after 15-30 minutes.
At the same time, VIB also focuses on ensuring customer-care services. Currently, about 10 per cent of the calls from clients are answered via VIB’s Virtual AI Agent – a virtual switchboard service.
VIB has been also recognised as the leading bank in credit card personalisation in the country. It now has nine different credit card lines and is preparing to launch a number of card lines with new features to catch up with the smart spending trend of the Millenials and Genz and meet the needs of customers in all areas of life from travel, shopping, online consumption, household spending to installments and gas filling.
According to analysts, the diversified credit card portfolio that VIB has pioneered to introduce in the market has helped change consumers’ perspective on credit cards over the years, thus making an effective contribution to the development of the cashless trend in Vietnam.
Headquartered in London, the UK, International Finance is an international financial and banking magazine with a history of more than 20 years. The magazine’s annual International Finance Awards aim to honour financial institutions for their outstanding achievements in many fields around the globe.