Vietcombank takes big stride in international market

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named in the 17th annual Global 2000 – Forbes’ ranking of the World’s Largest Public Companies in 2019.
Vietcombank takes big stride in international market ảnh 1The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named in the 17th annual Global 2000 – Forbes’ ranking of the World’s Largest Public Companies in 2019. (Photo: VNA)

Hanoi (VNA)
– The Joint Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank) has been named in the 17th annual Global 2000 – Forbes’ ranking of theWorld’s Largest Public Companies in 2019.

Ranked the 1,096th and with its market value hitting 10.9 billionUSD, the bank took the lead among Vietnamese companies included in the list.The others are the Bank for Investment and Development of Vietnam (BIDV),property and retail giant Vingroup and the Vietnam Joint Stock Commercial Bankfor Industry and Trade (VietinBank).

Over the past five years, the Vietcombank’s market value increasednearly three times, as compared with 2015 when it embarked on the 2016-2020restructuring period.

Companies on the 17th annual Global2000 account for more than 40 trillion USD in annual revenue and upwards of 186trillion USD in global assets. The rankings are based on a composite scoreof revenue, profits, assets and market value. 

Vietcombank, VietinBank and BIDV have beenincluded in the rankings since 2016.

Forbes Vietnam recently announced Vietnam’s 50top listed companies for 2019, which accounted for 63 percent of total marketcapitalisation on the Ho Chi Minh and Hanoi stock exchanges.

Vietcombank is the only representative oflarge-scale State credit institutions to be included in the list for sevenconsecutive years.

For three consecutive years, Vinamilk led themarket in terms of profitability, but last year, Vietcombank surpassed thedairy company to become the champion in post-tax profit with growth rate of 60percent.

The bank’s profit exceed 2 trillion VND (86 million USD), evenhigher than the combined number of VietinBank and BIDV.

With market capitalisation amounting to over 10 billion USD,Vietcombank has also surpassed Vinhomes, Vinamilk and PV Gas to become thelargest in this regard.

In 2018, Vietcombank entered The Asian Banker magazine’s rankingsof the 30 strongest banks in the Asia-Pacificregion for the first time. The magazine has also repeatedly named the bank withthe strongest balance sheet in Vietnam.

Last year, Vietcombank pulled its bad debt down to below 1 percent(0.97 percent) for the first time since its equitisation. Itsreturn on average assets (ROAA) and return on average equity (ROAE) were 1.37and 25.42 percent.

The bank opened its first overseas branch in Laos the same year.Of note, it has become the only Vietnamese bank to get the approval of the USFederal Reserve (FED) to open a representative office in the US.

Vietcombank is stepping up efforts to complete procedures for theopening of its first branch in Australia.

The bank set the target of raising its pre-tax profit to 1 billionUSD by 2020.-VNA
VNA

See more

National Highway 61C (Photo; baohaugiang.com.vn)

Hau Giang, JICA to upgrade national highway

National Highway 61C linking Can Tho city with Hau Giang province will feature four lanes for motor vehicles and two for non-motorized traffic, with an estimated cost of over 5.17 trillion VND (206.8 million USD).

At the ceremony (Photo: nhandan.vn)

Ha Nam grants investment certificates for two key projects

Ha Nam province on February 13 licenced the high-precision circuit board manufacturing plant of Red Board Technology (Vietnam) Co., Ltd., and the kitchenware and related metal products manufacturing plant of Casla Kitchenware JSC.

A total of 18,893 cars were sold in Vietnam in January, a drop of 40% compared to the previous month (Photo: VietnamPlus)

Car sales in Vietnam down 40% in January

Experts attributed a sharp decline in car sales to the Lunar New Year (Tet) holidays, impacting consumers' purchasing power. Consumers tend to wait for new models and releases at this time of year, contributing to lower sales during this period.

Illustrative image (Photo: VNA)

Retail fuel prices in latest adjustment

According to the new pricing, E5 RON92 bio-fuel is now priced at 20,598 VND per litre, up 156 VND, while RON95-III costs 21,074 VND per litre, an increase of 146 VND.

NA Chairman Tran Thanh Man speaks at the session on February 13. (Photo: VNA)

NA weighs new policies to boost science, technology, innovation

The resolution, presented at the February 13 session of the NA Standing Committee, seeks to establish a legal framework that would effectively boost national scientific-technological advancement and digital transformation, making them driving forces for socio-economic development to deliver on the dual targets by 2030 and 2045 as outlined at the 13th National Party Congress.

CPI in January 2025 rose by 0.98% compared to December 2024 (Photo: thoibaotaichinhvietnam.com)

Fiscal, monetary policies support demand stimulation, price stabilisation

These efforts, in conjunction with the implementation of monetary policies and other macroeconomic policies, aim to solve difficulties for businesses and the public, stabilise the macroeconomy, control inflation, ensure the balance of the economy, promote economic growth, and secure social welfare and people's livelihoods.

People line up to register for land auctions in Hoai Duc district, Hanoi. (Photo: VNA)

Affordable housing for young buyers a win-win: HoREA

Most young people are ambitious and have a long career path ahead of them to generate income and repay loans. Typically, within 10-15 years, their earnings will double or triple, making such loans low-risk for banks, said HoREA