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Finance

Joint Stock Commercial Bank for Foreign Trade of Vietnam

Company Background

Commercial Bank for Foreign Trade of Vietnam (Vietcombank) was spun off from the State Bank of Vietnam and is one of Vietnam's four largest state-run commercial banks. It has been a major player in international trade payment settlement and is also boosting retail lending.

While the bank was listed on the Hochiminh Stock Exchange in 2009, the government still holds a sizable 77% stake. The remainder is held by foreign investors, including Japan's Mizuho Bank, which holds a 15% interest, the second largest. Market capitalization is about $3 billion.

CEO Nghiem Xuan Thanh previously was deputy CEO at Vietinbank, one of the four largest state-run commercial banks. Officials from Mizuho Bank also work at Vietcombank.

The bank is forging ties with Japan's regional lenders and has partnered with Fukui Bank and Toho Bank, a Fukushima Prefecture-based concern, with a view to enticing smaller Japanese companies to set up shop in Vietnam.

Vietcombank, which is highly profitable in the domestic market, is setting its sights on global markets. It aims to become one of the world's 300 largest banking institutions in terms of profitability and deposits by 2020.

Business Summary

Joint Stock Commercial Bank for Foreign Trade of Vietnam engages in the provision of commercial banking services. It operates through following segments: Banking Services, Non-banking Financial services, Securities, and Other. It offers traditional banking services such as international settlement and trade finance, fund mobilization, lending, and project finance. It also provides modern banking services, which include treasury and derivatives, card service, e-banking, and securities trading and investment. The company was founded on January 20, 1955 and is headquartered in Ha Noi, Vietnam.

Financial Highlights

Dec 2019 VNDUSD
Revenue80,118.48B3,449.25M
Gross Profit----
Operating income22,782.48B980.82M
Income before tax23,122.37B995.46M
Net income16,582.58B713.91M
EBITDA----
Diluted EPS4,480.980.19
Dividends Per Share----
Total Assets1,222.71T52,765.94M
Total liabilities1,141.83T49,275.46M
Total equity80,799.52B3,486.87M
Operating cash flow18,269.19B786.52M
Currency in VNDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 38,844.89B 46,598.92B 56,641.86B 70,595.01B 80,118.48B
Gross Profit -- -- -- -- --
Operating income 6,662.15B 8,531.13B 11,281.52B 18,417.97B 22,782.48B
Income before tax 6,827.45B 8,578.14B 11,341.36B 18,269.22B 23,122.37B
Net income 4,332.56B 5,457.91B 7,567.51B 12,894.86B 16,582.58B
EBITDA -- -- -- -- --
Diluted EPS 1,204.44 1,517 2,103 3,584.12 4,480.98
Dividends Per Share 740.74 800 800 800 --
Total Assets 674,394.64B 787,935.08B 1,035.29T 1,074.02T 1,222.71T
Total liabilities 629,222.29B 739,789.53B 982,735.32B 1,011.84T 1,141.83T
Total equity 45,007.04B 48,002.03B 52,468.63B 62,110.39B 80,799.52B
Operating cash flow -6,969.97B 4,287.01B 9,826.80B 14,938.16B 18,269.19B
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,771.67M 2,083.54M 2,493.39M 3,065.88M 3,449.25M
Gross Profit -- -- -- -- --
Operating income 303.85M 381.44M 496.61M 799.87M 980.82M
Income before tax 311.39M 383.54M 499.24M 793.41M 995.46M
Net income 197.60M 244.03M 333.12M 560.01M 713.91M
EBITDA -- -- -- -- --
Diluted EPS 0.05 0.06 0.09 0.15 0.19
Dividends Per Share 0.03 0.03 0.03 0.03 --
Total Assets 29,993.09M 34,602.56M 45,589.55M 46,304.22M 52,765.94M
Total liabilities 27,984.09M 32,488.23M 43,275.14M 43,623.50M 49,275.46M
Total equity 2,001.64M 2,108.03M 2,310.47M 2,677.74M 3,486.87M
Operating cash flow -317.89M 191.68M 432.57M 648.75M 786.52M

Valuation Measures

Dec 2019
PER20.12
ROA1.44%
ROE23.20%
Operating margin28.43%
Profit margin20.69%

Key executives

  • Chief Executive Officer & Director: Dung Quang Pham
  • Deputy Chief Executive Officer: Tuan Minh Dao
  • Deputy Chief Executive Officer: Thuy Nga Thi Truong
  • Director & Deputy Chief Executive Officer: Eiji Sasaki
  • Deputy Chief Executive Officer: Hao Dao

Shareholders

  • Government of Vietnam (74.8%)
  • Mizuho Financial Group, Inc. (15.0%)
  • Dragon Capital Management Co. Ltd. (0.3%)
  • JPMorgan Asset Management (Singapore) Ltd. (0.2%)
  • Capital Asset Management Co., Ltd. (0.1%)
  • Van Eck Associates Corp. (0.1%)
  • Norges Bank Investment Management (0.1%)
  • AllianceBernstein LP (0.1%)
  • Pictet Asset Management Ltd. (0.1%)
  • Sumitomo Mitsui DS Asset Management Co., Ltd. (0.1%)

Contact Details

Related Companies

  • Vietnam Finance Co. Ltd.
  • Vietcombank Finance Leasing Co.
  • Vietcombank Securities Co. Ltd.
  • Vietcombank Tower 198 Co. Ltd.

Competitors

  • Asia Commercial Joint Stock Bank
  • Military Commercial Joint Stock Bank
  • Joint Stock Commercial Bank for Investment and Development of Vietnam
  • Vietnam Joint Stock Commercial Bank for Industry and Trade
Last Updated on 20 Oct, 2020

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