PM requests VietinBank to boost transparency, financial capacity

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has asked the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) to boost its transparency, financial potential and management capacity in line with international standards.

At a ceremony held in Hanoi on November 11 to celebrate VietinBank’s 30 years of construction and development, PM Phuc also suggested the bank invest more in research and development (R&D) and human resources, and enhance the quality and diversify financial-banking services to meet customers’ demand.

The government leader praised VietinBank’s achievements over the past three decades and recommended it continue making efforts for self-improvement.

He took this occasion to urge the entire banking sector to ensure its lending capacity for important fields of the national economy like agriculture, high-tech industry, export, and supporting industry, while backing the development of startups and small- and medium-sized enterprises (SMEs).

Governor of the State Bank of Vietnam Le Minh Hung said the most important goal set for VietinBank towards 2020 is to become the biggest and most effective bank in Vietnam and is able to compete with major banks in the region.

Le Duc Tho, Chairman of VietinBank’s Board of Directors, said the bank will continue its restructuring process to diversify its business operations, promote its core values as well as boost quality, competitiveness, and IT application.

On the occasion, PM Phuc presented to the bank the government's first-class Labour Order and emulation flag.

Founded as a small state-run organisation in 1988, VietinBank has grown strongly and now is operating seven subsidiaries, 155 branches, and nearly 1,000 transaction offices nationwide. It has established two branches in Germany, one fully-funded bank in Laos and one representative office in Myanmar.

From 718 billion VND (30.78 million USD) in its early days, the bank’s total assets increased by 1,500 times to hit 1.1 quadrillion VND (47.16 billion USD) in 2017. The same year, its outstanding loans reached 840 trillion VND (36 billion USD), about 1,400 times higher than that recorded in its establishment period. Its annual pre-tax profits, meanwhile, grew 22 percent on average.

During the past three decades, the bank contributed nearly 37 trillion VND (1.59 billion USD) to the State budget and more than 7 trillion VND (301 million USD) to charity and social welfare activities.-VNA