Sacombank
Small and medium-sized enterprises are essential for economic development and job creation in most economies. But in a frontier market like Vietnam, they are even more critical, so it is important that banks cater to their needs.
Saigon Thuong Tin Commercial Joint Stock Bank – or Sacombank – wins Asiamoney’s award for the best bank for SMEs in Vietnam this year for pioneering several banking solutions for SMEs and making them a core part of its business.
Sacombank, led by chief executive Nguyen Duc Thach Diem, boasted a client roster of more than 183,000 SMEs by the end of March 2022: they accounted for about 99% of its total corporate customer base and 22% of the businesses operating in Vietnam. The bank added 12,000 new SMEs to its portfolio during the awards period.
Between April 2021 and March 2022, Sacombank’s SME loan book grew 12%, year on year, to about D120 trillion ($5.1 billion), while deposits rose 31% to D53.4 trillion. SME revenues rose 14% to D4.5 trillion, while the proportion of overdue debt from the SME segment was a modest 1.78%.
Sacombank’s