Vietcombank among 30 strongest banks in Asia-Pacific

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has become one of the 30 strongest banks in the Asia-Pacific region in the recent rankings of The Asian Banker magazine.

The headquarters of Vietcombank in Hanoi (Photo: VNA)

The headquarters of Vietcombank in Hanoi (Photo: VNA)

The Asian Banker compiled a list of the top 500 banks ranked by assets (AB500 Rank) and another ranking the 500 strongest banks by confidence in the long-term profitability from their core business (Strength Rank).

In terms of the Strength Bank, Vietcombank ranked 29th among the top 500 banks, up 19 places from the 2017 rankings. It also topped the 14 Vietnamese banks in the list.

It stood at the 169th position in the AB500 Rank, jumping 19 places from 2017.

Vietcombank’s total asset was estimated at over VND 1 quadrillion (US$ 43.1 billion) by the end of 2018. Its profit last year approximated VND 18.4 trillion, up 63.5 percent from 2017, taking the lead among Vietnamese banks.

It was also the first major bank of Vietnam to have brought the rate of non-performing loans to under 1 percent two years ahead of schedule.

Vietcombank aims to become the No. 1 bank in Vietnam, one of the 100 strongest banks in the region, and one of the 300 largest financial-banking groups in the world by 2020.

VNA

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