PwC and VietinBank ink contract for Consultancy and Monitoring Services for the Implementation of VietinBank’s Core Banking Systems

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On 1 April 2013, PwC Vietnam and VietinBank signed a contract for “Consultancy and Monitoring Services for the Implementation of VietinBank’s Core Banking Systems” at the head office of VietinBank in Hanoi, Vietnam. This is the result of months of effort made by both parties to realise VietinBank’s strategic decision to replace its Core Banking System (“CBS”).

Present at the signing ceremony, Ian S. Lydall, Chairman of PwC Vietnam, said, "I am honoured to be here today to witness the signing of the contract for 'Consultancy and Monitoring Services for the Implementation of VietinBank’s Core Banking Systems' between PwC Vietnam and VietinBank. PwC Vietnam will leverage its rich experience and expert resources to support VietinBank in implementing its Core Banking Solution. When this new Core Banking System is launched, widely thought to be one of the most integrated and efficient systems globally, we believe that VietinBank will realise significant competitive advantage in the challenging Vietnamese banking sector."

VietinBank is one of the leading commercial banks in Vietnam. Like other commercial banks, VietinBank has had to navigate its way through the many challenges that faced the Vietnam banking sector in 2012. These challenges included a depressed economy and real estate sector, the announcement of heavy operating losses at some state owned enterprises, weak consumer demand and the pressing of restructuring in the banking sector. There has been much concern from inside and outside Vietnam as to the perceived high level of bad loans in the banking system. VietinBank management has tried to minimise the impact of these many challenges on its business and continue to focus on its own objectives. In this context the financial performance of the Bank in 2012 is impressive.

Moving forward, VietinBank has ambitious growth plans and to help realise this growth, has decided to invest in its core banking system. This new system will be designed to support the bank’s strategic objectives of equitisation, modernisation, operational standardisation, business expansion, financial performance improvement, improvement of information technology infrastructure and banking product and service diversification.