As the transformation of industry and the needs for globalization, more and more Taiwanese enterprises have been starting to invest in foreign countries lately. The Vice President & IBD General Manager of Chinfon Commercial Bank, Jack Kao indicated that to respond to Taiwan government's "Go South" policy, an increasing number of Taiwan financial organizations have set up their branches in Vietnam. Besides Chinfon Commercial Bank, there are ICBC, China Trust, First Commercial Bank and Indovina Bank. However, Chinfon Commercial Bank still sticks to the top among the banks over the years.
Back to the year of 1984 when there were only very few Taiwanese investors and even none Taiwanese banks started their business in Vietnam, the management of Chinfon Group had the far sight to see the development of Taiwanese investors in the future. Therefore, Chinfon Group decided to march into the local market with its bank, cement and motorcycle business. According to Jack Kao, the purpose for Chinfon Commercial Bank to found the branches in Vietnam is to offer assistance to Taiwanese investors and give them financial accommodation. The general services from the bank include remittance, import and export, financial accommodation, bank loan and investment consultation. A staff of 60 people is now working in Chinfon Commercial Bank Hanoi and Ho Chi Minh City.
To echo the "Go South" policy encouraged by Taiwan government, Chinfon Commercial Bank treat all the clients who come to the bank to request the investment problems in Vietnam with huge enthusiasm and great sincerity. "Before the investors' decisions, the bank would provide the information about exchange control, local regulations, economic situation, local culture and so on. The bank would also hold seminars and presentations after Taiwanese investors have their business investigations," Jack Kao said.
Talk about how to keep up the bank's competency, Jack Kao indicated that the bank can attribute its success to the far sight, excellent talents, sound system and outstanding services. As for the management's vision, the bank could establish the branches years back. To maintain high quality staff, the bank offer useful and helpful training class to them while with nice pay, therefore, all the Vietnamese staff in the bank can speak Chinese very well. In addition, any organizations can only operation with a good system, therefore, to set up a sound system is necessary. And to maintain client's loyalty, it's very important to provide the best service for a bank. With the four advantages, Chinfon Commerical bank in Vietnam can operate very well.
The top ten Taiwanese clients of Chinfon Commercial Bank in Vietnam in terms of bank loan are Vedan, Haiphong Cement, Taiwan Tea Cooperation, Hiep Phuoc Power Plant and Company, Formosa Taffeta, Taiwan Sugar Vietnam, Fu-lin Plastics, Tainan Spinning, Taya Electric Wire and Cable. All of them are prominent enterprises which keep great interactions with the bank.
To be asked why more and more foreign investors go to Vietnam, Jack Kao said that Vietnam is centrally located in the fastest growing economic area in the world. It is less than three hours flying time from Tan Son Nhat International Airport to Hong Kong, Singapore, Bangkok, Manila, and Kuala Lumpur. While in the same time, Vietnam is the only country in Southeast Asia that is a net exporter of both food and energy. Vietnam has considerable oil reserves, is currently the fourth largest oil producer in Southeast Asia, and is destined to become the second largest oil producer after Indonesia in Southeast Asia. What's more, Vietnam also has large proven reserves of natural gas. This will eventually translate into guaranteed dependable affordable energy for the entire country.
Most importantly, the Vietnamese have gained a reputation among foreign business people in Vietnam of being, dependable, hardworking, talented, very dexterous and exceptionally productive. Vietnam is home to a large readily available work force of young energetic people.
To see more and more Taiwanese banks coming to share Vietnam's market, Jack Kao is still very confident about Chinfon Commercial Bank in Vietnam. He insisted that the bank's high quality service can keep all the clients, and the competition can actually inspire all the banks to provide the clients the best. "Chinfon Commercial Bank will always be the best one," he said confidently.
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