Vietcombank constantly develops and breaks through

In more than 60 years of establishment and development, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) with many achievements has consolidated a solid foundation to continue to develop and make strong breakthroughs; contributing to realizing the orientation to 2030 to maintain the position of No. 1 Bank in Vietnam, standing in the 200 largest banking and financial groups in the world, 700 largest listed enterprises globally and making great contributions to the sustainable development of Vietnam. Leading bank in digital transformation Recently, within the framework of the Vietnam Retail Banking Forum, Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) was honored by the Organizing Committee of the 2024 Outstanding Vietnamese Bank Awards and awarded 2 important awards: "Outstanding Digital Bank 2024"; "Bank accompanying small and medium enterprises 2024". Being honored in the two important award categories mentioned above is a testament to the efforts to innovate, apply modern technology as well as apply best practices to bring sustainable values, along with unique products, services and experiences to customers. At the same time, it once again affirms Vietcombank's pioneering and leading position in the market, especially in retail activities.

Vietcombank không ngừng phát triển và bứt phá — *Vietcombank representative received the title "Most prestigious bank in Vietnam in 2024" from the Organizing Committee. Photo: VCB*

Accompanying the national digital transformation, Vietcombank identifies digital transformation as one of the main pillars in the period up to 2025, with a vision to 2030, with the goal of becoming the bank with the best digital platform in Vietnam. As a leading bank in digital transformation, Vietcombank always strives to apply the most advanced technologies and the most modern digital platforms in business operations, develop and upgrade products and services to optimize customer experience. In June 2024, Vietcombank launched the new generation of VCB Digibank for individual customers with a completely new interface and experience flow designed for each segment, along with new services and utilities appearing for the first time on VCB Digibank such as "1-touch" money transfer, personal finance management, group management, sharing balance fluctuation notifications via OTT messages, Emergency customer support... With a unique and diverse interface and superior features, the new generation of VCB Digibank has received positive feedback from customers immediately after its launch.

In addition, with the commitment to accompany the small and medium-sized enterprise community, Vietcombank is always creative and innovative to support the small and medium-sized enterprise community in Vietnam to develop and grow. Specifically, Vietcombank has built an ecosystem of products and services, ready to support businesses in all aspects such as Vietcombank Visa Business credit and debit cards exclusively for corporate customers; securities investment packages, fund certificates from the ecosystem of Vietcombank's member companies including VCBS, VCBF; or the VCB DigiBiz digital banking platform that allows businesses to transact anytime, anywhere with many outstanding features and utilities. Top 10 prestigious commercial banks Previously, Vietcombank was honored to continue to be voted to lead both the Top 10 prestigious commercial banks and the Top 50 prestigious and effective public companies in 2024 organized by Vietnam Report Joint Stock Company (Vietnam Report) in collaboration with VietNamNet Electronic Newspaper. 2024 is also the 9th consecutive year that Vietcombank has been honored to lead the Top 10 prestigious commercial banks. The ranking aims to recognize and honor experienced, prestigious and reputable enterprises that have made positive contributions to the overall development of the entire industry in particular and the Vietnamese economy in general, deserving to be the "leading birds" in key economic sectors. According to Vietnam Report, the banking industry has gone through 2023 with many headwinds and fluctuations beyond forecasts; however, with the support of the management agencies of the entire industry, positive results have been achieved. In 2024, it is forecasted that there will still be many challenges for the industry, but the advantage is that the legal corridor has been more complete with a clear roadmap to promote the industry's development in a sustainable and effective direction in the long term. In the coming time, the ability to adapt and innovate is an important key to help the banking industry overcome challenges and maintain development in an increasingly changing and competitive business environment. With the VIX50 Ranking - Top 50 Prestigious and Effective Public Companies, Vietcombank was also honored in this list and is present in VIX50 for the 4th consecutive time. The announcement ceremony of the ranking is a prestigious and influential event in the Vietnamese business community, showing recognition and honoring public companies operating with high efficiency and responsibility in the economy. The honored representatives not only demonstrate superiority in financial strength and communication, but also demonstrate growth potential, sustainable development level, governance quality and position in the industry. Over 60 years of construction and development, Vietcombank has gradually affirmed and consolidated its position as a pioneering bank, constantly innovating in all aspects of its operations, leading the banking system in terms of quality and operational efficiency. By the end of 2023, Vietcombank's total assets reached 1.8 million billion VND, pre-tax profit exceeded 1.5 billion USD. Vietcombank is also honored by prestigious organizations around the world with the title of "Best Bank in Vietnam" for many consecutive years; ranked highest among commercial banks in Vietnam by the three most prestigious international credit rating organizations in the world (S&P, Fitch Ratings, Moody's). Affirming its position in risk management In early July 2024, Vietcombank was honored by Asian Banking and Finance (ABF) Magazine with the "Risk Management Initiative of the Year" Award for the Bank's Capital Stress Test Framework. The 2024 ABF Award brought together more than 250 financial institutions from 30 countries, demonstrating the increasing importance and competitiveness in the banking and finance sector in the Asia-Pacific region. ABF Magazine assessed, "Vietcombank is one of the few Vietnamese banks to pioneer in completing a comprehensive and enhanced Capital Stress Test Framework, earlier than the regulations of the State Bank of Vietnam. Vietcombank, along with the support of prestigious risk management consulting units, continues to maintain its position as the leading risk management bank in Vietnam". To achieve the above award, Vietcombank has demonstrated its superiority in all strict criteria of ABF on the uniqueness, innovation, effectiveness and impact of risk management, as well as the flexibility and adaptability of the Bank in volatile market conditions.

The representative of Vietcombank's Board of Directors emphasized Vietcombank's strong commitment to maintaining the best standards in risk management, thereby improving the effectiveness of risk control, supporting the Bank's business operations, and contributing to the stability of the Vietnamese financial market. Vietcombank's capital stress test framework is a component of the Bank's Basel II F-IRB and Basel III implementation roadmap. Stress test results are important input information for the decision-making process in the areas of risk management, finance and strategy, ensuring the Bank's stable and effective operations in the future. In fact, Vietcombank is always proactive and focused on improving the risk management culture, pioneering in researching and applying advanced risk management models and methods according to international standards, the direction of the management agency, as well as the internal management needs of the bank. Receiving an award from a prestigious international organization is not only a strong motivation for the bank to continue to innovate and develop, but also affirms the quality and position of Vietcombank - the leading risk management bank in Vietnam. With its relentless efforts, Vietcombank will continue to be a reliable destination for investors and customers in Vietnam as well as internationally. Source: https://daibieunhandan.vn/doanh-nghiep1/vietcombank-khong-ngung-phat-trien-va-but-pha-i386436/