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
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. 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 country's central bank. The credit growth was higher in commercial banks (mostly 17-18% year-on-year). Technological and Commercial Joint Stock Bank (Techcombank) reported the highest credit growth, at 20.3% year-on-year, in spite of very low level in the first half of the year, at 3.6% … [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
(VEN) - Banks have issued massive amounts of bonds to improve their capital adequacy ratio (CAR), expand the market and ensure balance of capital sources and interest rate stability. 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 … [Read more...] about Banks issue massive amounts of bonds to raise capital
Commercial banks race to expand foreign investments
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recently opened its first overseas subsidiary in Vientiane, Laos. (Photo: VNA) Hanoi (VNA) – Vietnamese commercial banks are racing to develop their networks by opening representative offices and subsidiaries in foreign nations, paving the way for them to expand their overseas operations, according to market watchers. The most lucrative destinations are Laos and Cambodia which attracted 32 percent of the banks’ total overseas investment of 105.8 million USD in the first nine months of the year. This is understandable as Vietnamese businesses there have proven prospering with billion-USD projects in the fields of accommodation, hydropower, telecommunications, agriculture, mining and real estate. Recently, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiary in Vientiane, Laos. Located on Lane Xang Avenue, a finance-banking hub in … [Read more...] about Commercial banks race to expand foreign investments
Vietnam clears decks for foreign acquisition of weak banks
The government would sell banks it has acquired to foreign investors based on the Law on Credit Institutions, he told a forum on mergers and acquisitions held in HCMC on Wednesday. On the list are Oceanbank, Vietnam Construction Bank, and Global Petro Commercial Joint Stock Bank. Many investors have expressed interest in this new policy, he said. The restructuring of the financial-banking industry has helped reduce its bad debts from 10.08 percent in early 2016 to 6.9 percent last June, and the government continues to encourage the acquisition of small banks and credit institutions by large banks. “The number of credit institutions in Vietnam is still too high and we need to restructure the system,” Hue said. The government plans to let the Vietnam Bank for Agriculture and Rural Development (Agribank), the only 100 percent state-owned lender, launch an initial public offering next year. The Bank for Investment and Development of Vietnam JSC (BIDV) and Joint Stock Commercial … [Read more...] about Vietnam clears decks for foreign acquisition of weak banks
Fitch upgrades ratings of three Vietnamese banks
Fitch Ratings upgraded the long-term issuer default rating (IDR) of Military Bank to ‘B+’ from ‘B’. — Photo Military Bank Fitch Ratings on Tuesday upgraded the long-term issuer default rating (IDR) of Military Commercial Joint Stock Bank (Military Bank) to ‘B+’ from ‘B’ with a stable outlook. Fitch also upgraded the bank’s viability rating to ‘b+’ from ‘b’. In a report released on Tuesday, the agency also upgraded the viability rating of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to ‘b’ from ‘b-’. The long-term IDRs of Vietnam Bank for Agriculture and Rural Development (Agribank), Vietinbank and Vietcombank have been affirmed at ‘B+’ with a positive outlook. The IDR of Asia Commercial Joint Stock Bank (ACB) has been affirmed at ‘B’ with a stable … [Read more...] about Fitch upgrades ratings of three Vietnamese banks
SE Asia Stocks-Vietnam rises; Philippines hits over 2-month low
Vietnam shares shot up more than 2 percent while most other Southeast Asian stock markets treaded water ahead of a data-heavy week led by U.S. inflation figures and the First House testimony by the new head of the Federal Reserve. U.S. inflation data, expected later in the week, could set the tone for the Fed's take on rate hikes for the year, while the spotlight will also be on the new Fed chair Jerome Powell when he faces questions from both houses of the U.S. Congress in semi-annual testimony starting Tuesday. Vietnam index rose as much as 2.2 percent to a near 4-week high on broad-based gains, with financials and real estate stocks in the lead. Fiachra Mac Cana, head of research at Ho Chi Minh Securities, said stocks were rising in line with a strong finish from Wall Street, which rallied on Friday following a retreat in Treasury yields. Joint Stock Commercial Bank For Foreign Trade of Vietnam hit a record high, while property developer Vingroup rose 2.2 percent. Singapore shares … [Read more...] about SE Asia Stocks-Vietnam rises; Philippines hits over 2-month low
First bank reduces loan interest rates in 2018
The Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank) is the first commercial bank to announce its plan to lower loan interest rates as part of activities to implement the Prime Minister’s Resolution No. 01/NQ-CP issued on January 1, 2018, and the SBV Governor’s direction. Accordingly, interest rates for short-term loans in Vietnamese dongs will be no higher than 6% per year, applied for those who need capital for a number of economic sectors. The targeted groups are those who use loans for agricultural and rural development, exports, small- and medium-sized enterprises, supporting industry, and those using high technology. The preferential interest rates will be applied from January 15 to December 31, 2018. Over the past years, Vietcombank has continuously launched preferential short-term and long-term loans for necessary economic and social welfare projects, such as hi-tech and clean agriculture, clean water supply, exports, … [Read more...] about First bank reduces loan interest rates in 2018