The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) proposed raising its charter capital to over 50 trillion VND (2.17 billion USD) during its annual shareholders’ meeting on April 23.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) proposed raising its charter capital to over 50 trillion VND (2.17 billion USD) during its annual shareholders’ meeting on April 23. (Photo: VNA)
Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam(Vietcombank) proposed raising its charter capital to over 50 trillion VND(2.17 billion USD) during its annual shareholders’ meeting on April 23.
Under the plan,Vietcombank will issue more than 1 million shares to pay for last year’s dividendsat a rate of 27.6 percent of 2019’s retained earnings. The State-owned bankwill also issue additional individual shares, worth a maximum of 6.5 percent oftotal charter capital at the time of offering, to investors and existingshareholders.
At least 46million individual shares will be issued to its strategic investor Mizuho Bank,so the Japanese bank will still hold at least 15 percent of shares.
The dividendpayouts are expected to be conducted this year while the individual share offeringis scheduled for 2021-2022.
Also at themeeting, Vietcombank said it is set to increase total assets by 5 percent,total outstanding loans by 10.5 percent, and consolidated pre-tax profit by 11percent this year. The non-performing loan (NPL) ratio will be kept at under 1percent and dividends will be paid at 8 percent.
As of the end of2020, Vietcombank’s total assets exceeded 1.32 quadrillion VND, up 8.5 percent against2019, total outstanding loans were valued at over 845 trillion VND, up 14percent year-on-year, and the NPL ratio remained at 0.62 percent.
Pre-tax profit lastyear totaled more than 23 trillion VND, equivalent to the 2019 figure and 16.3percent higher than the annual goal. As of the end of March 2021, pre-taxprofit was 8 trillion VND, up 70 percent against the same period last year./.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has agreed to provide 1.5 trillion VND (65.1 million USD) in credit for the PetroVietnam Gas Corporation (PV Gas) to finance the second phase of the adjusted Nam Con Son 2 Gas Pipeline Project.
Vietnam’s stock market reached approximately 87.68 percent of the country’s Gross Domestic Product (GDP) as of the end of 2020, the highest rate reported so far.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) topped the rankings in Vietnam and placed 55th in Asia-Pacific in The Asian Banker’s Strongest Bank by Balance Sheet this year.
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Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) proposed raising its charter capital to over 50 trillion VND (2.17 billion USD) during its annual shareholders’ meeting on April 23. (Photo: VNA) 
