Vice General Director of Vietcombank Nguyen Thi Kim Oanh (second, right) at the awarding ceremony (Source: tienphong.vn) Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named the best bank of Vietnam in 2019 by Euromoney. This is the fifth consecutive year the bank has received this award from the Hong Kong-based magazine. The "best bank" prize is one of over 20 international awards in the “Awards for Excellence” - the most prestigious banking and finance award system in the world selected by Euromoney. The “Awards for Excellence” aims to honour the bank for its sustainable development capacity, business performance, risk management, application of information technology, management quality, and contributions to the domestic finance market. Vietcombank was selected based on criteria such as total revenue and asset, pre-tax profit, net income. Vietcombank recently has become one of the … [Read more...] about Vietcombank named best bank of Vietnam by Euromoney
Joint stock commercial bank for foreign trade of vietnam
Vietnamese banks expect big inflow of foreign capital
A transaction office of Vietcombank (Photo: VNA) Hanoi (VNA) – Tens of trillions of VND is expected to be poured into Vietnamese banks by foreign investors in 2019 and 2020 as negotiations on many deals are running smoothly. After successfully selling 3 percent of its capital to foreign investors to gain 6.2 trillion VND (nearly 266.4 million USD) in late 2018, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is promoting the sale of another 6.5 percent from now to 2020. Vo Viet Hung, head of the board for capital increase at Vietcombank, said the roadmap for the 6.5-percent stake sale is awaiting the approval of the State Bank of Vietnam (SBV) as well as relevant ministries and sectors. Many foreign investors are planning to pour money into this bank, which posted the highest profit in Vietnam. Notably, GIC, an investment fund of the Singaporean Government, has expressed its intention to continue bidding for Vietcombank shares after purchasing 2.55 … [Read more...] about Vietnamese banks expect big inflow of foreign capital
Vietnam Report unveils top commercial banks
Techcombank for the first time appeared in Vietnam Report's Top 10 commercial banks in Viet Nam in 2019. — Photo thebank.vn Vietnam Report on Tuesday announced the 'Top 10 Vietnamese Commercial Banks in 2019' based on their financial capacity, reputation and customer satisfaction. Vietcombank and Vietinbank maintained their first and second places in the list. Third position saw a change with Techcombank advancing one spot, pushing the Bank for Investment and Development of Viet Nam down to fourth. Tien Phong Bank (TPBank) for the first time appeared in this list, ranking ninth, while Sai Gon Thuong Tin Commercial Bank (Sacombank) was removed from this year’s edition. The report has also identified a growth trend in the banking sector which emerged in the last two to three years, namely the rapid penetration of technology in the finance sector (fintech) along with changes in customer behaviour, like going online for shopping and entertainment. Statistics of the State Bank … [Read more...] about Vietnam Report unveils top commercial banks
Credit growth of Vietnam’s listed banks projected to slow down in 2019
The Hanoitimes - Credit expansion of state-owned banks was lower than commercial banks’, in which the current lack of capital of the former was a key factor in limiting the credit growth potential of those banks. Vietnam’s 2018 credit growth at five-year low is a credit positive: Moody’s Most Vietnamese banks maintain reasonable credit growth in face of credit quota Vietnam’s credit growth hits 5-year low of 14% in 2018 Vietnam banks struggle with credit growth limits As the government has set the target for the entire banking sector’s credit growth at 14% in 2019, outstanding loans of Vietnam’s listed banks are likely to slow down compared to the levels in 2018 and 2017, though still at a decent level, according to Viet Dragon Securities Company (VDSC). After a temporary stagnation in the third quarter of 2018, outstanding loans bounced back in the fourth quarter due to additional quota given by the State Bank of Vietnam (SBV), the … [Read more...] about Credit growth of Vietnam’s listed banks projected to slow down in 2019
Banks issue massive amounts of bonds to raise capital
The banks issued bonds to attract capital and expand the market Capital for medium, long-term projects The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is issuing 400,000 bonds to raise VND4 trillion, including VND3 trillion worth of up-to-seven-year bonds and VND1 trillion worth of up-to-10-year bonds. Buyers include Vietnamese and foreign organizations and individuals, but not credit institutions, foreign bank branches and subsidiaries of credit institutions. BIDV will use the mobilized capital to increase its operating capital and satisfy the demand for dong-based loans for medium to long-term projects. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has recently mobilized more than VND550 billion through issuance of six-year, 7.4-percent-per-year bonds with a face value of VND100,000 each. The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) recently mobilized VND450 billion by issuing … [Read more...] about Banks issue massive amounts of bonds to raise capital