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Standard Chartered & LOTTE offer suppliers support

Released at: 09:55, 16/05/2017

Standard Chartered & LOTTE offer suppliers support

Photo: Standard Chartered Bank Vietnam

Standard Chartered Bank Vietnam and LOTTE Mart Vietnam shake hands over a prepaid program assisting suppliers of the latter.

by Le Diem

Standard Chartered Bank Vietnam, one of the leading international banks in the country, and LOTTE Mart Vietnam, the operator of the LOTTE Mart supermarket chain, have announced their cooperation in the Vendor Prepay Program, an innovative solution that will provide significant financial benefits to the retailer’s suppliers and deliver a more efficient and secure process to support its supply chain.

Standard Chartered has worked with LOTTE Mart Vietnam to customize a program for its suppliers, which allows them to improve liquidity by obtaining early payment for all invoices approved by the buyer, reduce collection-related work and costs, and improve Day Sales Outstanding. The Vendor Prepay Program will also help LOTTE Mart increase business efficiency by reducing transactional costs related to supplier payments, offering suppliers lower financing costs, minimizing manual processes, and enhancing process transparency with real-time reporting.

Mr. Nirukt Sapru, CEO of Standard Chartered Bank Vietnam, said the bank is committed to providing innovative and tailor-made solutions to help businesses in Vietnam achieve their business aspirations and the partnership with LOTTE Mart Vietnam is testament to that. “We believe that we will grow with the development and successes of our clients,” he said.

Mr. Hong Won Sik, CEO of LOTTE Mart Vietnam, also expressed his appreciation of the cooperation with Standard Chartered Bank Vietnam in offering suppliers an innovative and cost-effective financing solution. “We consider this partnership as a boost to our businesses by delivering efficiencies in the end-to-end process of our supplier to buyer operating model,” he said. “I am positive that it will create substantial collaboration with LOTTE Mart and suppliers as well as provide more and more products with better prices for customers.”  

Standard Chartered has been recognized as the Best Foreign Bank in Vietnam by prestigious international publications for three consecutive years: 2014, 2015 and 2016.

LOTTE Mart is an affiliate of the LOTTE Group - the fifth largest retailer in South Korea. Established in 2008, LOTTE Mart is now operating 13 supermarkets located in major cities and provinces all around Vietnam, such as Ho Chi Minh City, Hanoi, Dong Nai, Binh Duong, Vung Tau, Can Tho, Binh Thuan, Da Nang, and Khanh Hoa. In an attempt to ensure customer benefits, LOTTE Mart prioritizes purchasing products that have the highest quality standards with certificates of origin.

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