Vietcombank remains best-performing credit institution

Hanoi (VNA) – The JSC Bank for Foreign Trade of Vietnam (Vietcombank) remained the best-performing credit institution and the largest contributor to the State budget among the listed ones in 2021.

The bank, with over 50 percent of its charter capital owned by the State, fulfilled and surpassed the targets for last year despite the continued abnormal socio-economic changes, Chairman of its Board of Directors Pham Quang Dung told the bank's meeting in Hanoi on January 10.

In 2021, it mobilised 1.154 quadrillion VND (almost 51 billion USD) from individuals and organisations, up 9.5 percent from the previous year.

Outstanding loans were estimated at 963.6 trillion VND, rising 15 percent from the end of 2020. Meanwhile, non-performing loans (NPLs) were maintained at 0.63 percent of the total, lowest among the large-scale credit institutions.

Vietcombank contributed about 11 trillion VND to the State budget last year.

Besides, it pushed ahead with measures supporting pandemic-hit businesses, individuals, and households, such as providing concessional loans, reducing fees and lending interest rates, and restructuring loans. It assisted clients with interest rate cuts worth 7.1 trillion VND, more than doubling the sum in 2020 and raising the two-year figure to 10.8 trillion VND.

In 2022, the bank looks to increase its total asset value by 8 percent, pre-tax profit by at least 12 percent, and credit by 12 percent year on year while keeping the NPL rate at under 1.5 percent./.