Citibank signs partnership with Vietnam Postal Saving Service

Citibank said Tuesday it has signed a contract to provide its banking services to state-owned Vietnam Postal Saving Service Co.

The partnership between Citi and VPSC will enable millions of Vietnamese people using the VPSC network in more than 3,000 district-level post offices to make payments to firms which are banking with Citibank, the bank said in a statement.

Charly Madan, Citibank’s country director for Vietnam, said the contract will help add 800 outlets now and 2,400 more in the next year to the bank’s local service network.

VPSC was set up in 1999 with a registered capital of VND163 billion ($10 million) and currently has VND7.5 trillion in lending to state funds, the statement said.