OPERATIONS OF VIETCOMBANK

In the past few years the world economy faced several big changes like 1997 financial and monetary crisis, the born of European single currency, Y2K problem, continuing mergers of conglomerates and institutions in the world financial system that affect Vietnamese economy in several aspects such as foreign investment, commodity production and consumption, and, as a result, Vietnam reached  moderate economic growth rates.

Nevertheless, along with flexible measures taken by the Government and the State Bank of Vietnam,  Vietcombank, with its great endeavors and efforts, still maintained a high and stable growth speed for years. Despite difficulties in business environment, Vietcombank’s credit activities secure good quality, banking services have continuously been improved and verified in a bid to effectively meet customers’ needs.

Apart from normal lending activities, Vietcombank has been strengthening its activities through domestic and international interbank markets in a bid to improve capital usage efficiency contributing to increasing profits. In the past years Vietcombank always strengthens its role as the most prestigious bank in fields of funding, export and import payment, forex dealing, guarantee and international financial and banking services, thus in the background of drastic competition the Bank still maintains its stable and large market share.

In parallel with business activities, Vietcombank also pays attention to other business-support activities like human resource development, in-dept investment into baking technology. The retail banking system (VCB-2010) – a part of Vietcombank’s strategy on developing banking technology - that was put into operation in September 1999 in the Operations Center and has been carried out in Vietcombank's system.

Determining temporary as well as future difficulties and in order to integrate with the region and the world, following regional and the world’s banking standards, Vietcombank has built its development strategy by 2010 with critical and complete directions ensuring a sound development of the Bank, real efficiency to customers, partners and the Bank as well.

Financial highlights

     (Unit: Millions VND)

(since 2002, the figures have been calculated in accordance with the Decision No 1145 dd 20/10/2002 of the State Bank of Vietnam)