Vietcombank

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Joint Stock Commercial Bank for Foreign Trade of Vietnam
Vietcombank
Native name
Ngân hàng Ngoại thương Việt Nam
Company typeJoint stock bank
HOSE: VCB
IndustryBanking and Finance
Founded1 April 1963; 61 years ago (1963-04-01)
Headquarters
Hanoi, Vietnam
Key people
Pham Quang Dung (chairman and chief executive officer)
Products
List
  • Consumer banking
    Corporate banking
    Investment banking
    Insurance
    Mortgages
    Real estate
RevenueVND 36.84 trillion (US$ 1.72 billion) (2014)
VND 577 trillion (US$ 27.01 billion) (2014)
Total assetsVND 5.88 trillion (US$ 280 million) (2014)
Total equityVND 94.095 trillion (2020)
Number of employees
20,062 (2020)
Websitewww.vietcombank.com.vn

Joint Stock Commercial Bank for Foreign Trade of Vietnam, commonly referred to as Vietcombank, is a commercial bank in Vietnam.

Overview[edit]

Vietcombank's headquarters are located in Hanoi, Vietnam. As of 31 December 2020[1] the bank had 116 branches and 474 transaction offices in Vietnam, 3 local subsidiaries, 3 overseas subsidiaries, 3 joint ventures, and an overseas representative office in Singapore. As of December 31, 2020, Vietcombank's market capitalization was $15.5 billion.[2]

History[edit]

Vietcombank was formerly the Foreign Exchange Management Department (FEMD) of the National Bank of Vietnam (NBV), established on January 20, 1955.[3][4] In 1961, the FEMD was renamed the Foreign Exchange Bureau (FEB) under the State Bank of Vietnam (SBV).[5]

Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded on 1 April 1963 as Bank for Foreign trade of Vietnam. It was span off from the Foreign Exchange Bureau of the State Bank of Vietnam[6] to be an exclusive bank for foreign trade.[7]

In 1990, Vietcombank diversified its services from being exclusively focused on foreign trade to a become a mass market commercial bank.[7] In 1996 the bank's official name was changed to Joint Stock Commercial Bank for Foreign Trade of Vietnam.[7]

In 2008, Vietcombank was selected by the government to be the pilot for privatization of state-owned companies. The bank was then after listed on the Ho Chi Minh Stock Exchange on 30 June 2009 after a successful IPO[6] that raised US$652 million making it the biggest Vietnamese firm to conduct an initial public offering.[8]

In 2011, Vietcombank signed a strategic shareholder agreement with Mizuho Corporate Bank, a member of Mizuho Financial Group, Japan.[9][10][11] In 2013, Vietcombank launched a new brand identity system with the slogan "Shared trust - Strong future".[12] In 2016, Vietcombank regained the top position in terms of profit in the Vietnamese banking market.[13][14][15]

In 2018, Vietcombank became the first bank to be officially granted the decision to apply Basel II under Circular 41 by the State Bank of Vietnam.[16][17][18] In 2019, Vietcombank became the first Vietnamese bank to have profit reaching the milestone of 1 billion USD.[19][20][21][22] In 2020, Vietcombank successfully went live with the core banking system.[23][24]

Member companies[edit]

Other than providing banking services, Vietcombank has invested in subsidiaries, joint ventures and associates. These investments include but are not limited to the following:[1]

Name Shareholding Industry
1 Vietcombank Financial Leasing Company Limited 100% Financial leasing
2 Vietcombank Securities Company Limited 100% Investment banking
3 Vietcombank Tower 198 Company Limited 70% Real estate
4 Vietnam Finance Company Limited 100% Financial services
5 Vietcombank Laos 100% Commercial banking
6 Vietcombank Money Incorporated 75% Money transfer
7 Vietcombank - Bonday - Ben Thanh Company Limited 52% Real estate
8 Vietcombank Fund Management Company 51% Investment fund management
9 Vietcombank - Cardif Life Insurance Company Limited 45% Life insurance
10 Vietcombank Bonday Limited 16% Real estate

Ownership[edit]

The shares of the stock of Vietcombank are traded on the Ho Chi Minh Stock Exchange, under the symbol: VCB. As of March 2021, The shareholding in the bank's stock was a follows:[1]

Joint Stock Commercial Bank for Foreign Trade of Vietnam Stock Ownership
Rank Name of Owner Percentage Ownership
1 State Bank of Vietnam 74.80
2 Mizuho Bank 15.00
3 Others 7.89
Total 100.00

Governance[edit]

Vietcombank is governed by a seven-person Board of Directors with Pham Quang Dung serving as Chairman and CEO.[25]

Vietcombank Tower[edit]

Vietcombank Tower

Vietcombank Tower is 35 storey building in Ho Chi Minh City.[26] The tower is a venture between Vietcombank and FELS Property Holding of Singapore.[1]

The tower is located at District 1, Ho Chi Minh City. With the height of 206 meters, it is the third tallest building in Ho Chi Minh City and the seventh tallest building in Vietnam.

The construction began in 2011 and completed in 2014. This tower's shape is different than the Empire State Building because it has modern architecture with gray colored-glass. In addition to Vietcombank, corporate tenants with offices in the building include Lotte, Heineken Vietnam, Johnson & Johnson, SSI, Idemitsu, Sun Life Financial, and Pernod Ricard Vietnam.[27]

See also[edit]

References[edit]

  1. ^ a b c d Vietcombank - 2014 Annual Report (PDF). Hanoi: Joint Stock Commercial Bank for Foreign Trade of Vietnam. 2014.
  2. ^ "Investor Presentation 1Q 2021" (PDF).
  3. ^ "Vietcombank khẳng định vị thế thương hiệu dẫn đầu". Tin nhanh chứng khoán (in Vietnamese). 13 May 2015. Retrieved 29 January 2024.
  4. ^ Hưng, Lê (27 April 2016). "Vietcombank - Một giá trị, một thương hiệu lớn". Tạp chí Tài chính (in Vietnamese). Retrieved 29 January 2024.
  5. ^ "Bài dự thi Giải Búa liềm vàng Khối Doanh nghiệp Trung ương - năm 2022:Vietcombank - 60 năm lớn mạnh cùng đất nước và cội nguồn sức mạnh". Cổng TTĐT Đảng Ủy Khối DNTW (in Vietnamese). Retrieved 29 January 2024.
  6. ^ a b "Vietcombank - About us". Vietcombank. Retrieved 20 November 2015.
  7. ^ a b c "Vietcombank - Milestones". Joint Stock Commercial Bank for Foreign Trade of Vietnam. Retrieved 20 November 2015.
  8. ^ Lam, Nguyen Nhat; Minh, Ho Binh (27 December 2007). "Vietcombank IPO raises $652 mln, market cautious". Reuters. Thomson Reuters. Retrieved 20 November 2015.
  9. ^ "Vietcombank phát huy hơn nữa vai trò chủ lực, dẫn dắt thị trường". dangcongsan.vn. Retrieved 29 January 2024.
  10. ^ baochinhphu.vn (30 September 2011). "Vietcombank và Ngân hàng Mizuho ký thỏa thuận hợp tác chiến lược". baochinhphu.vn (in Vietnamese). Retrieved 29 January 2024.
  11. ^ "Vietcombank - 55 năm, một hành trình đáng tự hào". Tin nhanh chứng khoán (in Vietnamese). 1 June 2018. Retrieved 29 January 2024.
  12. ^ PV (16 May 2013). "Vietcombank - Biểu tượng xanh vì cộng đồng". Tạp chí Tài chính (in Vietnamese). Retrieved 29 January 2024.
  13. ^ Nhung, Thu (11 June 2019). "Vốn hóa trên 10 tỷ USD, Vietcombank bứt tốc mạnh mẽ và khẳng định vị thế trên trường quốc tế". Báo Kinh tế đô thị - Đọc tin tức thời sự kinh tế 24h mới nhất (in Vietnamese). Retrieved 29 January 2024.
  14. ^ VCCorp.vn (16 February 2017). "Sao đổi ngôi trong bức tranh lợi nhuận ngân hàng năm 2016". cafef (in Vietnamese). Retrieved 29 January 2024.
  15. ^ Đức, Minh (4 January 2016). "Vietcombank sẽ lấy lại ngôi đầu?". Nhịp sống kinh tế Việt Nam & Thế giới (in Vietnamese). Retrieved 29 January 2024.
  16. ^ Giang, Hương (29 November 2018). "VIB và Vietcombank là hai ngân hàng đạt chuẩn Basel II đầu tiên tại Việt Nam". Nhịp sống kinh tế Việt Nam & Thế giới (in Vietnamese). Retrieved 29 January 2024.
  17. ^ baochinhphu.vn (28 November 2018). "Vietcombank là ngân hàng đầu tiên đáp ứng chuẩn mực Basel II tại Việt Nam". baochinhphu.vn (in Vietnamese). Retrieved 29 January 2024.
  18. ^ "Vietcombank là ngân hàng đầu tiên đáp ứng chuẩn mực Basel II tại VN". Báo điện tử Tiền Phong (in Vietnamese). 28 November 2018. Retrieved 29 January 2024.
  19. ^ ONLINE, TUOI TRE (10 January 2020). "Vietcombank chính thức cán đích 1 tỉ USD lợi nhuận trước thuế". TUOI TRE ONLINE (in Vietnamese). Retrieved 29 January 2024.
  20. ^ Trí, Dân (10 January 2020). "Vietcombank cán đích lợi nhuận 1 tỷ USD, Thống đốc nói gì?". Báo điện tử Dân Trí (in Vietnamese). Retrieved 29 January 2024.
  21. ^ Quoc, Bao (9 September 2020). "Vanilla gift card". Retrieved 29 January 2024.
  22. ^ baochinhphu.vn (10 January 2020). "Vietcombank đạt xấp xỉ 1 tỷ USD lợi nhuận, quản trị ngang tầm quốc tế". baochinhphu.vn (in Vietnamese). Retrieved 29 January 2024.
  23. ^ VnExpress. "Dấu ấn của Vietcombank trên hành trình chuyển đổi số". vnexpress.net (in Vietnamese). Retrieved 29 January 2024.
  24. ^ Hàng, Thời Báo Ngân (21 January 2021). "Vietcombank Sở giao dịch: Tiếp tục vị thế dẫn đầu toàn hệ thống". Thời Báo Ngân Hàng (in Vietnamese). Retrieved 29 January 2024.
  25. ^ VIR, Vietnam Investment Review- (31 August 2021). "Pham Quang Dung becomes new chairman of Vietcombank". Vietnam Investment Review - VIR. Retrieved 19 February 2022.
  26. ^ "Headquarters & Office Buildings - Vietcombank Tower". Pelli Clarke Pelli Architects. Retrieved 20 November 2015.
  27. ^ vietcombanktower.vn, www vietcombanktower vn |. "VIETCOMBANK TOWER". vietcombanktower.vn (in Vietnamese). Retrieved 19 February 2022.

External links[edit]

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