PPF and VN Post cooperate in fee collection

PPF Vietnam Finance Co. Ltd. signed an agreement with Vietnam Post Corporation (VN Post) on Friday to begin cooperation in fee collection.

PPF Vietnam’s general director Ajay Bandhu (R) and Nguyen Quoc Vinh, deputy general director of VN Post, sign a contract to cooperate in fee collection.

PPF Vietnam’s general director Ajay Bandhu (R) and Nguyen Quoc Vinh, deputy general director of VN Post, sign a contract to cooperate in fee collection.

Under the deal, PPF customers can access online payment service at around 2,500 post offices of VN Post nationwide to pay principal or monthly interests. The customers, most of them are needy laborers, earlier had to pay the sums at a few collection points of PPF and or via the banking system.

The agreement is part of a cooperation strategy between the two sides for providing credits for the poor, said PPF’s general director Ajay Bandhu. The loans help needy borrowers earn their livings or purchase electric appliances, he said.

PPF provided motorbike installment loans for 40,000 customers in HCMC and neighboring provinces last year. The enterprise has plans to double the figure this year after signing the agreement.

Le Quoc Anh, head of the VN Post’s post and finance service department, said the enterprise completed the post office network with online payment service in 2009. The enterprise has also cooperated with other partners in collecting air ticket fares, insurance premiums, bank interests and telephone charges.

VN Post has plans to raise the total number of post offices to 3,000 within 2010. The enterprise also inked similar deal with Dai-ichi Life Insurance Co. a day earlier.

In addition, VN Post also signed fee collection deals with Prudential, Bao Viet Life Insurance, HSBC, ANZ, S-Fone, Jetstar Pacific last year, and it expects to cut similar deals with Mobifone, An Binh Bank and AAA Insurance Co. in 2010.

Meanwhile, the VND500-billion PPF Vietnam launched its business in the country last April to mainly serve low-income earners. Its parent company, PPF Group in the Czech Republic, has opened many branches in Europe, Asia and China with the total assets amounting to 10 billion euro.

VietNamNet/SGT

Tags: Vietnam enterprise