Vietcombank
Joint Stock Commercial Bank for Foreign Trade of Vietnam, commonly referred to as Vietcombank, is a commercial bank in Vietnam.
 | |
| Vietcombank | |
Native name | Ngân hàng Ngoại thương Việt Nam |
| Type | Joint stock bank |
| HOSE: VCB | |
| Industry | Banking and Finance |
| Founded | 1 April 1963 |
| Headquarters | |
Key people | Pham Quang Dung (chairman and chief executive officer) |
| Products | List
|
| Revenue | VND 36.84 trillion (US$ 1.72 billion) (2014) |
| VND 577 trillion (US$ 27.01 billion) (2014) | |
| Total assets | VND 5.88 trillion (US$ 280 million) (2014) |
| Total equity | VND 94.095 trillion (2020) |
Number of employees | 20,062 (2020) |
| Website | www |
Overview
Vietcombank's headquarters are located in Hanoi, Vietnam. As of 31 December 2020[1] the bank had 116 branches and 474 transaction offices in Vietnam, 3 local subsidiaries, 3 overseas subsidiaries, 3 joint ventures, and an overseas representative office in Singapore. As of December 31, 2020, Vietcombank's market capitalization was $15.5 billion.[2]
History
Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded on 1 April 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 30 June 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
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 Laos | 100% | Commercial banking |
| 6 | Vietcombank Money Incorporated | 75% | Money transfer |
| 7 | Vietcombank - Bonday - Ben Thanh Company Limited | 52% | Real estate |
| 8 | Vietcombank Fund Management Company | 51% | Investment fund management |
| 9 | Vietcombank - Cardif Life Insurance Company Limited | 45% | Life insurance |
| 10 | Vietcombank Bonday Limited | 16% | Real estate |
Ownership
The shares of the stock of Vietcombank are traded on the Ho Chi Minh Stock Exchange, under the symbol: VCB. As of March 2021, The shareholding in the bank's stock was a follows:[1]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | State Bank of Vietnam | 74.80 |
| 2 | Mizuho Bank | 15.00 |
| 3 | Others | 7.89 |
| Total | 100.00 | |
Governance
Vietcombank is governed by a seven-person Board of Directors with Pham Quang Dung serving as Chairman and CEO.[6]
Vietcombank Tower
Vietcombank Tower is 35 storey building in Ho Chi Minh City.[7] 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 has modern architecture with gray colored-glass. In addition to Vietcombank, corporate tenants with offices in the building include Lotte, Heineken Vietnam, Johnson & Johnson, SSI, Idemitsu, Sun Life Financial, and Pernod Ricard Vietnam.[8]
References
- Vietcombank - 2014 Annual Report (PDF). Hanoi: Joint Stock Commercial Bank for Foreign Trade of Vietnam. 2014.
- "Investor Presentation 1Q 2021" (PDF).
- "Vietcombank - About us". Vietcombank. Retrieved 20 November 2015.
- "Vietcombank - Milestones". Joint Stock Commercial Bank for Foreign Trade of Vietnam. Retrieved 20 November 2015.
- Lam, Nguyen Nhat; Minh, Ho Binh (27 December 2007). "Vietcombank IPO raises $652 mln, market cautious". Reuters. Thomson Reuters. Retrieved 20 November 2015.
- VIR, Vietnam Investment Review- (31 August 2021). "Pham Quang Dung becomes new chairman of Vietcombank". Vietnam Investment Review - VIR. Retrieved 19 February 2022.
- "Headquarters & Office Buildings - Vietcombank Tower". Pelli Clarke Pelli Architects. Retrieved 20 November 2015.
- vietcombanktower.vn, www vietcombanktower vn |. "VIETCOMBANK TOWER". vietcombanktower.vn (in Vietnamese). Retrieved 19 February 2022.