Vietcombank, or the erstwhile Joint Stock Commercial Bank for Foreign Trade of Vietnam, is known for significant contributions to Vietnam's economy. The bank is also synonymous for its innovations, digital transformation and social responsibility. Besides, it is committed to the development of Vietnam's foreign trade banking, which it believes strongly contributes to the country's domestic economic growth.
Vietnam's regulator, the State Bank of Vietnam, is the largest shareholder of Vietcombank - holding 74.8% of the charter capital. As of December 2023, the bank's total assets were US$69.08 million (1.7 thousand trillion Vietnamese dong), making it the third largest bank in Vietnam by total assets. It has more than 125 branches and about 600 transaction offices in Vietnam. It also has representative offices in the United States and Singapore.
BECOMING A UNIVERSAL BANK
It was in 1990 that the bank diversified its services from being exclusively focused on foreign trade to a become a mass market commercial bank. The Government of the country had selected it as the pilot for privatization of state-owned companies.
The bank later concluded a strategic shareholder agreement with Mizuho Corporate Bank of Japan.
UNIQUE DIGITAL BANK
This story is from the December 2024 edition of Banking Frontiers.
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This story is from the December 2024 edition of Banking Frontiers.
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