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| Largest Vietnamese Acquiring Bank Opened Acceptance and Handling Business of CUP Bankcards |
| 2008-10-24 |
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On Oct. 23rd, 2008, China Unionpay (CUP) and Vietcombank officially announced the opening of bankcard acceptance and handling business for Vietcombank ATMs and merchants in Ha Noi. This is another positive progress made by CUP bankcards in Vietnamese acceptance and handling business since the business was first opened in Vietnam in Oct. 2005. Charge d’Affaires ad Interim Zhai Leiming, Chinese Ambassador to Vietnam, Nguyen Toan Thang, Vice President of Vietnamese central bank, Cai Jianbo, Executive Vice President of CUP, and President of Vietcombank attended the business-opening ceremony.
As one of the four largest state-owned banks in Vietnam, Vietcombank has its operation network spreading all over Vietnam. Vietcombank is also the largest Vietnamese acquiring bank which owns about 7800 merchants and 1100 ATMs, ranking No. 1 among all banks in Vietnam.
Vietcombank’s merchants and ATMs opening CUP card acceptance and handling business are mainly located in Hanoi, Capital of Vietnam, and Ho Chi Minh City, economic center of Vietnam. According to the bilateral cooperation plan, before the end of this year, Vietcombank will open CUP bankcard acceptance and handling business at 500 merchants and 600 ATMs. By the end of May 2009, the number of merchants and ATMs opening bankcard acceptance and handling business will respectively amount to 1000 and 1100, basically covering such venues as airports, department stores, scenic spots and places of interest, hotels and canteens frequented by the Chinese people. At that time, Chinese citizens going to Vietnam will find it more convenient to make purchases and draw money with CUP cards.
At the opening ceremony, Cai Jianbo, Executive Vice President of CUP, said that China and Vietnam are friendly neighbors enjoying increasingly close personnel exchanges and economic and trade contacts. The opening of CUP bankcard acceptance and handling business at Vietcombank is of great significance to improve the environment in which to use CUP cards in Vietnam. Meanwhile, it will bring new services to Vietnamese cooperative organizations, improve transaction volume and increase incomes. In the spirit of learning from each other, strengthening cooperation and seeking common development, CUP stands ready to further promote China-Vietnam economic and trade contacts and personnel exchanges by providing safer and more convenient means of payment for Chinese tourists and CUP cardholders.
Recent years have witnessed rapid development of economic and trade relations between China and Vietnam. China has become the largest trading partner of Vietnam. In 2007, the bilateral trade volume hit 15.115 billion US Dollars, an increase of 51.9% over 2006. Rapid increase of economic and trade contacts are accompanied by increasingly frequent personnel exchanges. Statistics of Vietnam National Administration of Tourism shows that Vietnam received a total of 216,900 Chinese tourists in the first quarter of 2008, ranking No.1 among tourists from various countries.
As CUP is constantly accelerating its internationalization process, the establishment of CUP Card International Acceptance and Handling Network has basically taken shape. Up till now, CUP cards can be used to draw money on ATMs in nearly 50 countries and regions and be swiped for purchase on Merchants’ POS terminals in 27 countries and regions outside China. |
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