The service was part of a recent bilateral contract, under which the card, bearing the Agribank and VITC trademarks, will be issued to overseas Vietnamese (Viet Kieu) and their relatives living in Vietnam.
Besides normal banking services, card owners will be able to make international phone calls with low rates through VITC telecommunication networks.
Thomas Scott O'Connor, CEO and Chairman of VITC, said his company would be responsible for technical support, circulation and provision of all banking services using the debit cards in markets outside of Vietnam.
Agribank's General Director Le Van So said his bank will provide technical support to VITC in running its projects in Vietnam.
He said he hoped that the new service would provide a convenient financial channel for Viet Kieu to remit hard currencies home.
With a charter capital of 6.4 trillion VND (US$401.8 million), Agribank is one of Vietnam's largest banks. It has nine subsidiaries and more than 2,000 branches across the country.
Illinois-headquartered VITC in the US has a network of telecommunications and financial services around the world.
Source: VNA
Feb. 8, 2006