The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted credit growth of nearly 3.7 percent in the opening quarter of 2021, a record high for many years, Chairman of the Board of Directors Nghiem Xuan Thanh has said.
Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam(Vietcombank) posted credit growth of nearly 3.7 percent in the opening quarterof 2021, a record high for many years, Chairman of the Board of DirectorsNghiem Xuan Thanh has said.
The State Bank ofVietnam has assigned Vietcombank a credit growth target of 10.5 percent for theyear as a whole.
Thanh said the expectationsof businesses and economic expansion contributed to the better operations ofthe banking sector, as it posted credit growth of over 2 percent in the firstthree months.
The figure usuallyinches up in the opening months of the year and increases afterwards,especially in the fourth quarter, he said, projecting that after the goodincrease seen in the first quarter, credit growth will likely surpass the 10percent mark this year.
Vietcombank’s baddebt ratio stood at 0.7 percent as of the end of Q1 - the lowest in the bankingsector but up compared to the ratio of 0.65 percent at the end of 2020.
The State-ownedbank earned a profit of about 7 trillion VND (303.59 million USD) in Q1, equal to28 percent of its annual plan and a year-on-year surge of roughly 34 percent,while provisions for bad debts remained at 380 percent.
It posted a consolidatedprofit of nearly 23.07 trillion VND last year, and credit growth of 13.95percent - the highest among Vietnamese banks./.
The State Bank of Vietnam (SBV) targets a credit growth rate of 12 percent in 2021, equivalent to the growth of 12.13 percent last year, according to SBV Deputy Governor Dao Minh Tu.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) sets to increase pre-tax profit by 12 percent year-on-year to 25.2 trillion VND this year, said Director-General Pham Quang Dung at a Hanoi conference on January 11.
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Transaction at Vietcombank (Photo: VNA) 
