Vietcombank representative Nghiem Phu Quoc receives the award (Source: VCB)
 
Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named the best bank of Vietnam in 2018 by FinanceAsia.

This is the second consecutive year the bank has received this award from the Hong Kong-based magazine.

The award aims to honour outstanding banks in each country, selected based on criteria such as business strategy, management model with a view of offering its customers services that meet international standards, growth, profitability, high-quality products and services, network development with the increasing number of customers.

Currently, Vietcombank is rated among Vietnamese banks as the best in terms of asset quality and profitability.

In 2017, Vietcombank made a strong impression by becoming the first bank in Vietnam to report pre-tax profit of 11.341 trillion VND (499 million USD). Its bad debts fell to only 1.1 percent, the lowest rate among major credit institutions.

Vietcombank aims to become the first bank in Vietnam, one of the 100 largest in the region, one of the 300 largest banks and financial companies in the world by 2020.

In the past, Vietcombank was also named Vietnam’s best bank, best trade finance bank, best FX bank for corporates & financial institution in 2014, and Vietnam’s best bank in 2015.-VNA