From your perspective, what is the most value that Citi’s Global Network Banking (GNB) brings to clients?
Citi’s greatest value lies in supporting companies as they expand beyond their borders into new countries. With a presence in 95 countries, we offer unmatched global reach combined with local expertise. Our network isn’t just vast—it’s also deeply experienced, with strong on-the-ground relationships and a comprehensive understanding of local regulations.
Our value proposition is built on a global, consistent platform that makes conducting cross-border business seamless for our clients. GNB’s coverage model enhances Citi’s network capabilities and extends the benefits of Citi’s global, regional, and local footprint to Citi Commercial Bank clients. This has been fundamental to our long-term success with large multinational corporations.
Whether clients need working capital, funding, treasury services, or investment banking solutions, Citi’s network is ready to assist. We enable both fast-growing mid-sized businesses and large multinational corporations to achieve their full potential.
N Rajagopal, Citi’s Head of Global Network Banking (GNB) Asia South. Photo courtesy of Citi |
How do you think Citi’s value could be helpful to Vietnam?
Vietnam’s GDP growth reached nearly 7% in Q2 2024, which is remarkable. This recovery has been largely driven by exports, and FDI inflows into manufacturing have grown by more than 15% year-to-date.
Vietnam has also benefited from China’s outbound FDI, with China and Hong Kong contributing 25-30% of Vietnam’s FDI inflows. For Taiwan, Vietnam is the 5th largest trading partner. Additionally, U.S. demand has driven one-third of Vietnam’s export growth this year, particularly in electronics and machinery exports.
The outlook for Vietnam is promising, especially as the U.S. is expected to increase its IT budgets by 3% over the next 12 months, which could further boost demand for PCs and related products.
As Vietnam becomes an increasingly significant player in global technology supply chains, we see immense opportunities to work more closely with our multinational clients here.
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N Rajagopal speaking at the Executive Event of Taiwanese enterprises on Sept. 20. Photo courtesy of Citi |
Could you elaborate on Vietnam’s role as a crucial player in the supply chain system?
Citi recently published a report on supply chain financing, and the findings are very encouraging for Vietnam. The country is the preferred secondary destination for supply chains outside of China, according to business leaders worldwide, except in Latin America.
Specifically, 40% of respondents indicated that they were either considering or had already moved production to Vietnam. There’s no doubt that Vietnam is one of the key beneficiaries of global supply chain diversification strategies.
With global trade increasingly impacted by geopolitical tensions, we expect Vietnam to gain more market share and remain a vital hub in production and sourcing chains. Importantly, Vietnam doesn’t necessarily compete with China. As China shifts its focus to value-added manufacturing, conventional manufacturing sectors are moving to ASEAN countries, including Vietnam.
Given its proximity to China, Vietnam is well-positioned to strengthen its role in the global supply chain and maintain its high growth trajectory.
What more can Citi do for Vietnamese customers in this evolving trade landscape?
At Citi, we don’t just work with clients on individual deals; we aim to support entire ecosystems. This is what sets us apart. We bank not only corporate champions but also their suppliers, manufacturers, and distributors, growing together and accelerating Vietnam’s economic development.
Beyond providing traditional banking products and services, we offer advisory capabilities to help clients navigate the complexities of the ever-changing trade landscape.
As Citi celebrates its 30th anniversary of operations in Vietnam, we remain committed to serving as a trusted partner. Our mission, both globally and in Vietnam, is to responsibly provide financial services that foster growth and economic progress.
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