Although ANZ has had a 13-year presence in Vietnam, with the recent WTO accession foreign banks can now obtain a licence and operate independently.
Vikas Mehta, head of client services at Lowe Vietnam, said: “In a market where banking penetration is in single digits, we have the challenge of trying to sell the idea of a premium foreign banking service. The key was to find a consumer life-space where the brand experience could play a natural role.”
Vietnam’s retail banking environment is largely untapped, as Vietnamese have traditionally kept most of their savings outside banks. However, given the loosening of restrictions over the foreign banking industry, many players such as HSBC and Citibank have rushed to the market in anticipation of a boom in the sector.
“Banking is about to change dramatically in this country,” said Sabyasachi Mishra, MD of Lowe Vietnam. “At this point, being the international bank with the longest experience in Vietnam, ANZ is best placed to emerge as a powerful entity in this market.”
Globally, ANZ owns assets worth US$264 billion and has a presence in 12 countries across Asia-Pacific. Lowe won the advertising brief after a final shootout between Saatchi & Saatchi and local agency Song Huong Orchid.