Vietcombank

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Joint Stock Commercial Bank for Foreign Trade of Vietnam
Vietcombank
Native name
Ngân hàng Ngoại thương Việt Nam
Joint stock bank
IndustryBanking and Finance
Founded1 April 1963; 56 years ago (1963-04-01)
Headquarters
Key people
Nghiem Xuan Thanh
Chairman
Pham Quang Dung
Chief executive officer
Products
RevenueVND 36.84 Trillion (US$ 1.72 Billion) (2014)
VND 577 Trillion (US$ 27.01 Billion) (2014)
Total assetsVND 5.88 Trillion (US$ 280 Million) (2014)
Total equityVND 43.35 Trillion (US$ 2.03 Billion) (2014)
Number of employees
14,099 (2014)
Websitewww.vietcombank.com.vn

Joint Stock Commercial Bank for Foreign Trade of Vietnam, commonly referred to as Vietcombank, is a commercial bank in Vietnam.

Overview[edit]

Vietcombank's headquarters are located in Hanoi, Vietnam. As of 31 December 2014[1] the bank had 89 branches in Vietnam, 3 local subsidiaries, 2 overseas subsidiaries, 3 joint ventures, one associate, an overseas representative office in Singapore and was the largest listed company by market capitalization on the Ho Chi Minh City Stock Exchange[2] with a valuation of VND 85,014 billion (US$3.98 billion).

History[edit]

Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded on April 1, 1963 as Bank for Foreign trade of Vietnam. It was span off from the Foreign Exchange Bureau of the State Bank of Vietnam[3] to be an exclusive bank for foreign trade.[4]

In 1990, Vietcombank diversified its services from being exclusively focused on foreign trade to a become a mass market commercial bank.[4] In 1996 the bank's official name was changed to Joint Stock Commercial Bank for Foreign Trade of Vietnam.[4]

In 2008, Vietcombank was selected by the government to be the pilot for privatization of state owned companies. The bank was then after listed on the Ho Chi Minh Stock Exchange on June 30, 2009 after a successful IPO[3] that raised US$652 million making it the biggest Vietnamese firm to conduct an initial public offering.[5]

Member companies[edit]

Other than providing banking services, Vietcombank has invested in subsidiaries, joint ventures and associates. These investments include but are not limited to the following:[1]

Name Shareholding Industry
1 Vietcombank Financial Leasing Company Limited 100% Financial leasing
2 Vietcombank Securities Company Limited 100% Investment banking
3 Vietcombank Tower 198 Company Limited 70% Real estate
4 Vietnam Finance Company Limited 100% Financial services
5 Vietcombank Money Incorporated 75% Money transfer
6 Vietcombank - Bonday - Ben Thanh Company Limited 52% Real estate
7 Vietcombank Fund Management Company 51% Investment fund management
8 Vietcombank - Cardif Life Insurance Company Limited 45% Life insurance
9 Vietcombank Bonday Limited 16% Real estate

Ownership[edit]

The shares of the stock of Vietcombank are traded on the Ho Chi Minh Stock Exchange, under the symbol: VCB. As of 31 December 2014, The shareholding in the bank's stock was a follows:[1]

Joint Stock Commercial Bank for Foreign Trade of Vietnam Stock Ownership
Rank Name of Owner Percentage Ownership
1 State Bank of Vietnam 77.11
2 Mizuho Bank 15.00
3 Others 7.89
Total 100.00

Governance[edit]

Vietcombank is governed by a seven-person Board of Directors with Nghiem Xuan Thanh serving as the Chairman and Pham Quang Dung as the CEO.[1]

Vietcombank Tower[edit]

Vietcombank Tower

Vietcombank Tower is 35 storey building in Ho Chi Minh City.[6] The tower is a venture between Vietcombank and FELS Property Holding of Singapore.[1]

The tower is located at District 1, Ho Chi Minh City. With the height of 206 meters , it is the third tallest building in Ho Chi Minh City and the seventh tallest building in Vietnam.

The construction began in 2011 and completed in 2014. This tower's shape is different than the Empire State Building because it's modern architecture with gray colored-glass. It is used as office spaces , bank trading area.

See also[edit]

References[edit]

  1. ^ a b c d e Vietcombank - 2014 Annual Report (PDF). Hanoi: Joint Stock Commercial Bank for Foreign Trade of Vietnam. 2014.
  2. ^ "Ngân hàng Thương mại cổ phần Ngoại thương Việt Nam (HOSE)". http://cafef.vn/. Retrieved 19 November 2015. External link in |publisher= (help)
  3. ^ a b "Vietcombank - About us". Vietcombank. Retrieved 20 November 2015.
  4. ^ a b c "Vietcombank - Milestones". Joint Stock Commercial Bank for Foreign Trade of Vietnam. Retrieved 20 November 2015.
  5. ^ Lam, Nguyen Nhat; Minh, Ho Binh (27 December 2007). "Vietcombank IPO raises $652 mln, market cautious". Reuters. Thomson Reuters. Retrieved 20 November 2015.
  6. ^ "Headquarters & Office Buildings - Vietcombank Tower". Pelli Clarke Pelli Architects. Retrieved 20 November 2015.

External links[edit]