The paper on Hybrid Work Environment by Ms. Nguyen Tuyet Duong, Member of Board of Directors of The Vietnam Bank for Agriculture and Rural Development (Agribank) explained their experience and practices in adopting to the new hybrid work environment in response to the COVID-19 pandemic. Ms. Nguyen Tuyet Duong elaborated on measures the Bank took at the height of the pandemic to ensure employees had all the resources they needed to maintain their productivity while still hitting organizational goals. She also cited some of the changes emerging since employees have been returning to office as the pandemic eases, and what steps the Bank has taken to make the shift to a hybrid workplace and deal with the transition while maintaining productivity and increasing engagement levels without stressing the employees.

Ms. Duong reported that Agribank’s business activities have been affected by the pandemic more than other commercial banks in Vietnam mainly for two reasons: (a) its relatively large size and network, and (b) its particular customer base that is mainly consists of people living in agricultural and rural areas as well as the disadvantaged and vulnerable groups in society.

Ms. Duong pointed out that following the direction of the Government and the State Bank of Vietnam, Agribank has directed  a drastic, flexible, and synchronized implementation of multiple policies as well as human and technological solutions to help mitigate the impact of the pandemic, continue to help support the economic growth of the country, while at the same time reach Agribank’s business target in 2021.

In order to achieve these objectives, Agribank has persistently and drastically implemented two-pronged solutions, namely: (a) quickly implement policies for staff members, for customers, and for the society; and (b) thoroughly benefit from the technological advantages and digital platforms alongside information security in all activities. Fortunately, Ms. Duong reported that in 2021, all nine business indicators of Agribank recorded growth. Agribank’s total means of payment grew by 8.93%, credit increased by 12.9%, and total assets went up by 8.3% compared with te levels in 2020.

Looking ahead, Ms. Duong said that Agribank has implemented strategic changes to adapt to and continue to develop the new normal. She said that Agribank’s Board of Directors has realized that in addition to short-term measures, long-terms solutions need to focus on organizational and personnel changes and that promoting digital transformation is an inevitable trend to help organizations to quickly adapt to the new normal after Covid-9 in order to grow faster and more sustainably.  

  In the short-term, Agribank will continue to bring the workforce back to the workplace, encourage and help increase productivity while raising awareness on pandemic prevention and control.

In the long-term, Agribank will focus on digital transformation based on modern technology with the aim of further improving competitiveness and customer experience to help Agribank overcome all difficulties and challenges.

In addition, Agribank plans to implement measures to help implement the national financial inclusion strategy in 2025 with a vision to 2030. These measures include:

Completing the legislation framework to create an enabling environment for achieving financial inclusion goals and conducting research work to identify and effectively manage risks related to financial inclusion;

Develop a variety of supply organizations, distribution channels, improve financial infrastructure, in order to support customers to access and use basic financial products and services conveniently at reasonable costs, and

Develop a variety of basic financial products and services, aiming towards the target of financial inclusion.

Because of the strategy it has adopted to mitigate the adverse impact of the pandemic, Agribank come to be known as a banking and financial institution that has done very well in the prevention and recovery of business activities. The Asian Banker has ranked 138 in the top 500 banks in the Asia Pacific region, recorded also as the highest level among commercial banks in Vietnam.

After the presentations, the Committee agreed to hold its next meeting in conjunction with the ABA Planning Committee Meeting to be held early 2023, the exact date and venue of which to be decided later.

Presentation Files The presentation (PDF format) of the session can be downloaded HERE.

Video The video recording of ABA Policy Advocacy Committee Meeting can be viewed in the ABA YouTube.  

  Prepared for the Asian Bankers Association by:   Ms. Nguyen Tuyet Duong Member of Board of Directors of The Vietnam Bank for Agriculture and Rural Development