Citi launches new Vietnam banking services

The US bank partners with Vietnam Postal Savings Service to widen its payments and collections net.
Citibank Vietnam and the Vietnam Postal Savings Service Company (VPSC) have signed a contract to provide banking services to local Vietnamese people and firms including domestic collection and payment services, and multi-currency transaction services.

The partnership between Citi and VPSC will enable millions of Vietnamese people using the VPSC network of more than 3,000 district-level post offices in 64 provinces and cities all over Vietnam to make payments and transfers from their personal accounts to firms banking with Citi.

In addition, Vietnamese clients can also carry out personal transactions such as paying for school bills, hospital bills, or to purchase foreign publications in over 130 currencies through both fund transfers or cheque issuances by Citi.

Charly Madan, Citi country officer for Vietnam, says that the partnership will add 800 outlets immediately and 2,400 more in the next year or so, to CitiÆs Vietnam network.

VPS) is a subsidiary of Vietnam Posts and Telecommunications Group and was founded in 1999. VPSC provides a variety of products such as individual savings account, domestic fund transfers, and wage payments.
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