The London-based bank has launched its web-based supply chain finance in Vietnam to enhance trade experience for both buyers and suppliers.
The first live blockchain Letter of Credit (LC) has been facilitated between Vietnam’s Duy Tan Plastics and INEOS Styrolution Korea Ltd., marking the pilot digital transformation for trade finance between the two nations.
The strong commitment to an open, fair and rules-based trade of the EVFTA will further widen export markets for Vietnam, especially in textile and garment, agriculture and fishery, and wood furniture, says HSBC Vietnam CEO Pham Hong Hai.
HSBC Vietnam customers will enjoy the green loan with special interest rates starting from 11.99 per cent a year when they borrow to install their rooftop solar energy system.
Vietnam, and Southeast Asia at large, can only expect to see a wide-scale divergence of supply chains coming should there be improvements in production technology and capacity, and regional integration, according to HSBC.
Expats in Vietnam reveal that annually they earn on average $90,408 and one-fourth of them own property in Vietnam, according to an HSBC's annual survey.
HSBC’s new service is expected to shorten customs procedures for import – export activities of businesses, reduce storage costs and enhance the overall customer experience.
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