Since the beginning of 2024, Asia Commercial Joint Stock Bank (ACB) has been offering attractive service packages to help import-export businesses cut costs and improve operational efficiency.
Buoyant import-export market in early 2024
According to the latest figures from the General Statistics Office, Vietnam’s total import-export value in February 2024 reached US$48.54 billion, down by 25.8% over January and 1.8% against the same period last year. However, the first two months of 2024 saw robust growth. Foreign trade in this period totaled US$113.96 billion, increasing 18.6% compared to the same period last year.
This growth was driven by increases in both exports (19.2%) and imports (18%), resulting in a trade surplus of US$4.72 billion in the two months. Various sectors, including automobiles, farm produce, seafood, textiles, footwear, and leather goods, posted significant growth in import and export activities.
This can be seen as a positive start for import-export activities in 2024, as both the global and domestic economic landscapes have shown more positive signs, according to experts. For example, the U.S. Federal Reserve’s (Fed) indication to halt interest rate hikes and potentially cut rates this year is expected to stimulate consumer spending globally.
However, businesses remain concerned about declining orders and rising costs amidst continued economic uncertainties. Optimizing resources, saving costs, and saving time have become crucial for businesses now, given the challenges faced during the 2020-2022 pandemic period and global economic woes in 2023.
ACB supports import-export enterprises
Many banks have rolled out solutions to help import-export businesses thrive in 2024. One notable example is ACB. It has revamped its service policies and streamlined operations to help customers cut costs, save time, and elevate their market reputation.
In addition to providing capital with various incentives, ACB offers competitive fees on international guarantees and payment guarantees specifically tailored for import-export businesses. This is especially valuable in choosy markets with stringent standards and complex customs procedures, where trade promotion costs are high. In these environments, thorough preparation and a deep understanding of procedures are essential for success. ACB’s advisory teams would play a crucial role by assisting businesses in organizing and preparing valid documents, negotiating payment terms, and facilitating a smooth and professional transaction with foreign partners.
Starting from February 19, 2024, ACB launched a new international payment fee schedule with competitive rates. The bank also offers prepaid transfer fee packages, enabling customers to save up to 50% on costs.
By prioritizing digital transformation, ACB customers can make international payments through ACB One Biz, ACB One Pro, email/fax, or at the counter. Thanks to cutting-edge technology, making online payments via ACB’s digital channels is as simple and secure as counter transactions while saving customers’ time. Besides, customers can instantly check the status of their transfer. ACB meets SWIFT gpi standards, enabling customers to receive real-time notifications when the recipient receives the money.
Along with international payment incentives, businesses opening accounts with ACB under the ACB NO FEE solution package enjoy a waiver of various domestic account service fees when using online channels. The fee waiver includes salaries expense/batch transfer fees, transfer fees inside/outside the system, and more.
ACB provides various international payment guarantee services with competitive rates
Recognizing the importance of guarantees for importers and exporters, ACB offers a variety of services, like tender guarantees, performance guarantees, repayment guarantees, payment guarantees, maintenance guarantees, and loan guarantees, to ensure customer credibility and support the ongoing business activities of enterprises across various sectors.
In addition, ACB offers its customers competitive terms, allowing them to access a high borrowing limit with an escrow deposit as low as 0%.
Make transactions with ACB and take a chance to win a premium car
Early this year, ACB introduced a major promotion program called “Tet with ACB: A non-stop flood of gifts awaits”. Customers who spend at least VND3 million through new disbursements, international payments, or guarantees between February 8 and March 25 will be enrolled for the second prize draw taking place on April 4. These prizes include a Mercedes C-Class car, a 9999-gold product, and three Visa Debit cards worth VND100 million, among others.
For the first prize draw held on February 19, two corporate clients of ACB were announced as winners of a Mercedes C-Class car and a Visa debit card. Many awards and opportunities still await customers in the second draw. For detailed terms and conditions, visit the website: https://uudai.acb.com.vn
While some challenges persist, the import-export market is expected to perform well in 2024, according to experts. Thus, the bank’s insights could help businesses capitalize on this environment and regain momentum.
