VietNamNet Bridge - Credit is believed to be the service which feeds Vietnamese banks. However, the banking services provided to VIP customers make up 60-70 percent of revenue of many bank branches.

 


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VIP customers make up 60-70 percent of revenue of many bank branches.

Foreign banks, namely HSBC, CitiBank, ANZ and Standard Chartered, all provide VIP customer services in Vietnam. Meanwhile, there are only several Vietnamese names that provide the services, including Techcombank, Military Bank and VP Bank. 

In order to receive the services from a bank, one needs to have 3-month term deposit balance of VND500 million at minimum, or have an account balance of VND40 million for three consecutive months if he gets pay via the bank.

Meanwhile, higher-ranking VIP customers need to have an account balance of VND500 million a month or have deposits worth VND5 billion for three consecutive months.

At Techcombank, for example, one has to have VND5 billion in deposit for three consecutive months to be treated as platinum customer, or he needs to have the account balance of VND400 million at minimum, or join investment products with transaction value of VND5 billion at least.

VIP customers make up 60-70 percent of revenue of many bank branches.
At VP Bank, VIP customers are those who have at least VND1 billion in savings balance a month, VND80 million in 3-month balance account, VND1-2 billion in loan account, and have no bad debt, or are customers who have insurance and investment contracts with high value.

Meanwhile, higher requirements are set by foreign banks. In general, VIP customers are those who have VND1 billion at least in their accounts (term deposit, flexible deposits, international accounts…), or take part in investment products worth over VND5 billion.

VIP customer services are named differently. At Techcombank, Priority services are provided to VIP customers. At Military Bank, VIP customers receive MB Private, while VP Bank provides Gold Club. Meanwhile, ANZ has Signature Priority Banking and HSBC has HSBC Premier.

In general, banks only provide the services they have. However, they provide services VIP customers want, including restaurant & hotel reservations, air tickets, insurance, healthcare, shopping, beauty services, sports, entertainment, investment and asset management.

Tri Thuc Tre quoted its sources as reporting that VIP customers can make up 60-70 percent of revenue of a bank branch.

A representative of VP Bank said though priority customers just account for a small proportion of the bank’s total customers, they are the most important customers who bring stable assets to the bank. 

However, what attracts banks is not only the VIPs’ personal transactions, but also their relations with institutional customers.

A Techcombank senior executive said each standard branch of the bank has 700-800 VIP customers, including 20-30 super VIPs. Meanwhile, VP Bank has 10,000 VIP customers.


Tri Thuc Tre