Bank for Foreign Trade of Vietnam
The Bank for Foreign Trade of Vietnam (Vietcombank) was the judges’ choice as the winner again this year because it has made significant progress in transforming itself into Vietnam’s first truly international bank.
Vietcombank completed the first phase of its five-year transformation programme in 2002, strengthening its balance sheet by shedding bad loans and raising Tier 1 capital by 55%. At the same time, it invested significant resources in its banking technology and improvement of its risk management.
The bank is already reaping the benefits of the programme in terms of operating results and maintaining its leading role in the local market. Such leadership is underscored by a 30% share of the country’s import-export settlement turnover and 45% share of its credit card market.
Last year, Vietcombank introduced Vietnam’s first fully-automated transactions system, which accepts all major international credit and debit cards.
CEO Vu Viet Ngoan said: “Established on April 1, 1963, with 40 years of experience as Vietnam’s oldest and predominant commercial bank, the Bank for Foreign Trade of Vietnam has played a key role in the development of the country’s banking sector and has always been known as the most prestigious commercial bank. This is the fourth consecutive year in which the bank has won Bank of the Year Award in Vietnam. Building on its achievements, Vietcombank is now pushing forward with its restructuring programme with the objective of becoming a regional international bank. Given the track records Vietcombank has built, we believe that the goal will soon be attained.”
