Vietcombank firmly leads, breaks through with green mark

By the end of 2024, facing many challenges of the macro economy and the whole industry, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continues to grow strongly in scale, shifting its business structure in the right direction, controlling quality, increasing efficiency; actively contributing to economic recovery, development and social security. No. 1 bank in terms of profit scale Vietcombank continues to be the leading commercial bank in Vietnam in terms of financial capacity, quality and efficiency of operations, capitalization scale and contribution to the state budget. By December 31, 2024, Vietcombank's total assets exceeded VND 2 million billion for the first time, an increase of 13% compared to the level achieved at the end of 2023. Total asset growth focuses on credit provision activities for the economy and effective capital regulation activities in the interbank market. Capital mobilization from market I reached 1.53 million billion VND, an increase of more than 8% compared to 2023, completing 100% of the plan.

Ms. Nguyen Thi Hong, Member of the Party Central Committee, Governor of the State Bank of Vietnam (4th from left) presented the Emulation Flag of the State Bank and the Governor's Certificate of Merit to 4 units of Vietcombank.

Total outstanding credit balance reached over VND 1.44 million billion, up nearly 14%. Wholesale and retail credit both grew well, up more than 15% and 12% respectively compared to 2023. Credit growth always goes hand in hand with credit quality control to ensure implementation in accordance with the motto of safe, sustainable and effective growth. The bad debt ratio is at 0.97%, better than the general level and within the control ceiling of the State Bank of Vietnam (SBV) and the General Meeting of Shareholders; off-balance sheet debt collection increased by 79% compared to 2023. Thanks to the implementation of fundamental solutions to increase income and reduce costs, Vietcombank continues to be the No. 1 bank in terms of profit scale with a diverse revenue structure. Pre-tax profit reached the highest in the banking industry and completed the plan assigned by the State Bank. Profitability indicators NIM, ROA, ROE reached high levels, respectively 3.04%; 1.7%; 18.5%. International payment and trade finance revenue increased by 20% compared to 2023, completing 108% of the plan; market share reached 19.82%, the highest in the industry. Payment and card usage revenue grew strongly by 58% compared to 2023, completing 140% of the plan. New customer development achieved remarkable results, the number of new customers increased by double digits compared to 2023. New VCB Digibiz customer development increased by 50%; new Priority customers increased by 48%....

Representing Vietcombank, comrade Le Quang Vinh, member of the Party Standing Committee, Deputy General Director in charge of the Executive Board received a Certificate of Merit from the General Department of Taxation.

On October 17, 2024, Vietcombank officially received the mandatory transfer of Vietnam Construction Commercial Joint Stock Bank (CB) according to the plan approved by the Government, affirming its role in implementing the policy of the Government and the State Bank in restructuring credit institutions. As a key bank, leading in scale, market share, and market regulation capacity, on November 30, 2024, Vietcombank was approved by the National Assembly to increase its charter capital from retained earnings, raising its charter capital to VND 83,600 billion, the highest in the credit institution system, affirming its role as a "leading crane" in the banking and finance sector according to the direction of the Party and the Government. Green-Digital Bank Imprint In a year of many economic fluctuations and weak credit demand, Vietcombank has made great strides in green growth and digital transformation. Implementing the orientation of the Government and the State Bank on sustainable development, Vietcombank has organized the implementation of solutions in the Green Banking Project as an important component of Vietcombank's Development Strategy to 2025, with a vision to 2030.

Vietcombank's Board of Directors presented logos and flowers to honor representatives of 3 outstanding units in 2024: Transaction Office Branch (4th from left), Thanh Cong Branch (3rd from left) and Nam Saigon Branch (2nd from left).

In 2024, Vietcombank successfully issued VND 2,000 billion in green bonds to finance projects in the field of environmental protection and bring environmental benefits. The event marked the first commercial bank in Vietnam to issue green bonds that meet international standards, highly appreciated with a Medium Green rating (level 2/6 according to S&P Global's Shade of Green Rating Framework). The bank is also the focal point for arranging capital for a series of key national projects such as the Block B Gas Project Chain between PVN and EVN, Component Project 3 - Essential works in the airport under the "Long Thanh International Airport Construction Investment Project - Phase 1"; The Ho Chi Minh City-Long Thanh Section Expansion Project under the Ho Chi Minh City-Long Thanh-Dau Giay Expressway Project ... Total outstanding credit for priority sectors increased by 10% compared to the end of 2023, accounting for 40% of the total credit scale. Of which, green credit reached nearly VND 48,000 billion, up 3.6% compared to the end of 2023. Realizing the digital transformation strategy, the bank actively participated in implementing Project 06, the electronic authentication policy of the Ministry of Public Security. Vietcombank is the only bank to provide full biometric authentication methods (via chip-embedded ID cards and VneID application) from the first day of implementation (July 1, 2024). To date, more than 10 million Vietcombank customers have performed biometric authentication, meeting the requirements of the State Bank of Vietnam's regulations on electronic banking transactions. Last year, the bank launched the new generation of VCB Digibank for individual customers, recording more than 11 million successful conversions. Including the Digibank "An Vui" version for the elderly with nearly 78,000 elderly customers downloading the application and receiving many positive feedbacks. In November 2024, Vietcombank successfully went live the new server system and storage system serving core banking - Core Banking in the period of 2024-2028. This is a project of special importance; increasing the performance and responsiveness of the Core Banking system; ensuring safe, stable and continuous service operation 24/7, thereby meeting the digital transformation goals as well as the development of new products and services of Vietcombank in the period of 2024-2028. Thanks to the synchronous implementation of optimal cost management solutions, Vietcombank has sustainable resources to implement many programs and policies to reduce lending interest rates to support people and businesses according to the policies and directions of the Government and the State Bank; helping businesses, units and organizations access capital at reasonable costs. In 2024, Vietcombank implemented 26 preferential lending interest rate programs with a reduction of 2%/year to 5%/year depending on the term. By the end of 2024, it is estimated that more than 110,000 customers will have their interest rates reduced with an outstanding loan balance of about VND 900,000 billion, accounting for 63% of the total outstanding loan balance, with the total interest reduction estimated at more than VND 6,000 billion. By the end of 2024, Vietcombank had committed VND 861 billion and implemented VND 571 billion for social security programs in many localities. Vietcombank is also the leader in the banking industry and is one of the largest contributors to the state budget with a tax payment of over VND 12,000 billion. High credibility from prestigious international organizations With outstanding achievements in 2024, Vietcombank has received positive recognition from international and domestic credit rating organizations. The bank received 4/4 award categories from the Organizing Committee of the prestigious HRAA award; recognized by Anphabe for the 9th consecutive time as the Bank with the best working environment in Vietnam; The bank with the largest brand value in Vietnam for two consecutive years according to Brand Finance; The strongest bank in Vietnam for the 7th consecutive time according to The Asian Banker; 12 consecutive years in the list of 50 best listed companies in Vietnam according to Forbes;... Notably, Vietcombank is continuously the leading banking group in ESG practices in Vietnam and is in the Top 20 listed enterprises with the best Sustainable Development Index (VNSI) in 2024. In 2025, closely following the direction of the Government and the State Bank on organizing the implementation of the tasks of the banking industry in 2025, thoroughly implementing the motto of action: "Innovation, Efficiency, Sustainability", the guiding viewpoint of "Responsibility-Discipline-Connection-Creativity", Vietcombank strives to achieve the highest results in the goals and targets set out in the Vietcombank Development Strategy to 2025 and the Restructuring Plan associated with bad debt settlement of Vietcombank in the period of 2021-2025. In addition to strongly transforming the operational structure towards quality and sustainability, Vietcombank will build and develop an ecosystem, promote connectivity; strengthen the foundational capabilities of data and technology, digital transformation, optimize operations and governance according to best practices; ... creating a solid foundation for realizing the identified 2030 goals. Promoting the more than 60-year historical tradition of a Heroic unit, with the solid foundations that have been established, Vietcombank is continuing to strongly transform, joining the era of national growth. Source: https://nhandan.vn/vietcombank-vung-the-dan-dau-but-pha-voi-dau-an-xanh-post855487.html