Vietcombank earns 1 bln USD in profit ahead of schedule
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said it has reached the target of 1 billion USD in profit one year ahead of schedule.
Vietcombank General Director Pham Quang Dung speaks at the conference on January 10 (Photo: VNA)
Hanoi (VNA) –The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) saidit has reached the target of 1 billion USD in profit one year ahead of schedule.
At a conference to launch tasks for 2020 onJanuary 10, Vietcombank General Director Pham Quang Dung reported that in 2019,the bank earned 22.717 trillion VND (nearly 980 million USD) in pre-tax profit,up 26 percent from 2018 and equivalent to 114 percent of the target. Meanwhile,its consolidated pre-tax profit hit 23.155 trillion VND (nearly 1 billion USD),equivalent to 115.8 percent of the plan.
The return on assets and return on equity wereat 1.6 percent and 25 percent, respectively, higher than the banking sector’saverage.
As a result, Vietcombank’s profit rose 3.5-foldfrom 2015, when the bank’s restructuring plan for 2015-2020 began.
Vietcombank now owns the total asset value of 50billion USD and has become the bank with the largest market capitalisation inthe stock market and the most corporate income tax payment in Vietnam, Dungnoted.
Last year, this bank mobilised over 1quadrillion VND of capital, rising 14.1 percent from 2018. Its outstanding creditbalance reached over 735 trillion VND, up 15.9 percent.
It also brought the rate of non-performing loansto 0.77 percent at the end of 2019, down from 0.97 percent at the end of 2018,the bank said.
For 2020, Vietcombank aims to raise its assetvalue and mobilised capital by 12 percent, increase credit by 14 percent, keepthe rate of non-performing loans at under 0.8 percent, and boost pre-tax profitby 15 percent./.
Capital difficulties are putting pressure on some banks struggling to meet the central bank’s Basel II deadline of early next year, but experts suggest the central bank should not delay the process.
Many Vietnamese commercial banks have moved to develop retail banking services, seeing it as a strategy to reduce risks and optimise their business results, according to insiders.
A report by securities firm SSI on the financial and monetary market says deposit interest rates are likely to be cut by 0.5- 1 percentage point this year, and lending interest rates would also be cut by at least 0.5 percentage points as required by the Government.
The banking sector has recorded many important hallmarks in 2019, especially the adjustment of a series of policies to help stabilise credit institutions.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Vietcombank General Director Pham Quang Dung speaks at the conference on January 10 (Photo: VNA) 
