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 ...
in
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 ...
of
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
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 ...
.
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.
See also
*
Banking in Vietnam
*
List of banks in Vietnam
This is the list of banks in Vietnam, as of 2019.
State-owned Banks
Private Joint-Stock Commercial Banks
* Orient Commercial Joint Stock Bank (OCB)
* Asia Commercial Bank (ACB)
* Tien Phong Commercial Joint Stock Bank (TP Bank)
*Hanoi Buildi ...
*
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 ...
References
External links
Joint Stock Commercial Bank for Foreign Trade of VietnamASEAN 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