Joint Stock Commercial Bank for Foreign Trade of Vietnam, commonly referred to as Vietcombank, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...

Overview

Vietcombank's headquarters are located in Hanoi, Vietnam. 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 Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

. As of December 31, 2020, Vietcombank's market capitalization was $15.5 billion.

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 The State Bank of Vietnam ( vi, Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam. It currently holds an about 65% stake of VietinBank - the country's largest listed bank by capital. History When Indochina was under French ...

to be an exclusive bank for foreign trade. In 1990, Vietcombank diversified its services from being exclusively focused on foreign trade to a become a mass market commercial bank. In 1996 the bank's official name was changed to Joint Stock Commercial Bank for Foreign Trade of Vietnam. In 2008, Vietcombank was selected by the government to be the pilot for

privatization Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when ...

state-owned companies A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the governmen ...

. The bank was then after listed on the Ho Chi Minh Stock Exchange on 30 June 2009 after a successful

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

that raised US$652 million making it the biggest Vietnamese firm to conduct an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

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:

Ownership

The shares of the stock of Vietcombank are traded on the Ho Chi Minh Stock Exchange, under the symbol: VCB. , The shareholding in the bank's stock was a follows:

Governance

Vietcombank is governed by a seven-person Board of Directors with Pham Quang Dung serving as Chairman and CEO.

Vietcombank Tower

Vietcombank Tower Vietcombank Tower is a skyscraper in Ho Chi Minh City. It is 206 meters (675,8 ft) tall and has a floor area of 3.232m² and has 35 above ground floors and 4 underground floors, and is the 7th tallest building in Vietnam and the 3rd in Ho ...

is 35 storey building in Ho Chi Minh City. The tower is a venture between Vietcombank and FELS Property Holding of

. The tower is located at

District 1, Ho Chi Minh City District 1 () is the central urban district of Ho Chi Minh City (Saigon), the largest city in Vietnam. With a total area of the district has a population of 204,899 people as of 2010. The district is divided into 10 small subsets which are called ...

. 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 Heineken Lager Beer ( nl, Heineken Pilsener), or simply Heineken () is a pale lager beer with 5% alcohol by volume produced by the Dutch brewing company Heineken N.V. Heineken beer is sold in a green bottle with a red star. History On 15 Feb ...

Vietnam, Johnson & Johnson, SSI, Idemitsu,

Sun Life Financial Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company. Sun Life has a presence in investment management with over CAD$1.3 trillion in assets under management operating in a number o ...

, and Pernod Ricard Vietnam.

References

External links

Joint Stock Commercial Bank for Foreign Trade of Vietnam

ASEAN 100 - Joint Stock Commercial Bank for Foreign Trade of Vietnam
{{Authority control Banks of Vietnam Companies listed on the Ho Chi Minh City Stock Exchange Vietnamese brands Banks established in 1963 Vietnamese companies established in 1963