Vietnam's top stationery producer Thien Long Group has kicked off a cooperation program with HSBC Bank Vietnam to accelerate its digitalization journey.
The bank has developed an automated integrated payables solution and an integrated receivables management solution for Thien Long to perform auto-reconciliation, simplify payables and receivables management, and save time and resources.
Ho Chi Minh City-based Thien Long has been present in more than 70 markets around the world.
HSBC’s integrated payables solution for Thien Long provides automation from payment creation to authorization levels following internal control governance for the approval matrix. Once the online final authorized instructions are sent to HSBC via the system, the bank can immediately arrange the payments through domestic and international linkages, reducing 50% of the processing time.
Another service provided by HSBC is an Integrated Receivables Management Solution, equipping the automated accurate receivables reconciliation tool with Virtual Account Payer Identification for more than 8,000 buyers.
With the bank’s integrated receivables management solution, Thien Long’s collected receivables are automatically recorded and reconciled on its enterprise resource planning (ERP) system without manual intervention.
“HSBC’s integrated solutions are another step in Thien Long Group’s digital transformation journey. They help us optimize cash flow management, save time and human resources, as well as improve our efficiencies,” said Thien Long’s chief information technology officer Nguyen Duc Hanh.
Thien Long is listed on the Ho Chi Minh Stock Exchange (HoSE) as TLG. It looks to an after-tax profit of VND400 billion ($17.06 million) for this year, similar to last year’s performance. It aims at net revenue of VND4 trillion ($170.58 million), up 13.6% year-on-year.