1. Business overview
1.1. Key business results
In 2024, SHB further solidified its position as one of Vietnam’s leading commercial banks.
In 2024, SHB continued to demonstrate resilience and growth amid challenging economic conditions. The Bank’s total assets maintained a strong upward trajectory, while regulatory capital under Basel II standards reached VND 75,039 billion. Of this, owners’ equity amounted to VND 58,067 billion, representing a 15.9% increase compared to 2023. A stable and long-term funding base enabled SHB to actively extend credit to priority sectors, in alignment with the orientations of the Government and the State Bank of Vietnam (SBV). As of year-end 2024, total mobilized capital stood at VND 660,983 billion – an increase of VND 107,277 billion, or 19.3% year-over-year. Deposits from economic entities and individuals accounted for VND 544,108 billion of this total.
SHB also made strategic investments to expand its operational network and workforce. The Bank now operates 587 transaction points domestically and internationally, including wholly owned subsidiary banks in Laos (2 branches) and Cambodia (4 branches), a representative office in Myanmar, one subsidiary (SHB Asses Management Single-Member LLC – SHAMC), and one affiliated company (SHB Finance Single-Member LLC – SHBFinance). With 6,651 employees and a presence across 50 provinces and cities in Vietnam and abroad, SHB serves over 5 million personal and corporate customers, maintaining correspondent relationships with 600 banks worldwide.
1.2. Performance against planned targets
2024
Total assets reached
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0% of the annual plan
Total assets reached
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- Charter capital stood at VND 36,629 billion, and the Bank received approval from the State Bank of Vietnam to raise it to VND 40,658 billion in line with the 2024 capital increase plan.
- Capital mobilization reached VND 660,983 billion , up 19,3%, year-over-year, with deposits from economic organizations and individuals totalingVND 544,108 billion - 103% of the target.
- SHB’s consolidated outstanding credit balance stood at VND 533,984 billion ,of which the Bank’s own credit balance reached VND 522,754 billion, an 18.3%, increase, in full alignment with the credit growth quota allocated by the SBV.
- Pre-tax profit reached VND 11,569 billion, up 25,2%, achieving 102% of the plan.
Importantly, SHB maintained capital adequacy and risk management indicators well above SBV requirements and in line with international standards.
(Source: Audited consolidated financial statements 2024)
2. Organization and personnel
Saigon - Hanoi Commercial Joint Stock Bank (SHB) consistently prioritizes the development of a highly qualified and ethical leadership and management team. These individuals are not only committed to legal compliance and professional responsibility but are also adaptable, forward-thinking, and dedicated to continuous self-improvement. This focus ensures the Bank has the leadership capacity necessary to advance its ambitious transformation agenda.
| No | Full name | Title | |
|---|---|---|---|
| 1 | Ms. | Ngo Thu Ha | CEO |
| 2 | Mr. | Nguyen Huy Tai | Deputy CEO |
| 3 | Mr. | Le Dang Khoa | Deputy CEO |
| 4 | Ms. | Ninh Thi Lan Phuong | Deputy CEO |
| 5 | Mr. | Do Duc Hai | Deputy CEO |
| 6 | Mr. | Do Quang Vinh | Deputy CEO |
| 7 | Ms. | Ngo Thi Van | Chief Accounting Officer |
Background of members of the Board of Management are detailed on pages 20-23
See details| No | Full name | Title | Details of change | |
|---|---|---|---|---|
| 1 | Mr. | Do Duc Hai | Deputy CEO | Resigned from the Board of Directors |
| 2 | Ms. | Hoang Thi Mai Thao | Deputy CEO | Resigned |
| 3 | Mr. | Luu Danh Duc | Deputy CEO | Resigned |
| STT | Full name | Title | |
|---|---|---|---|
| 1 | Mr. | Nguyen Dinh Duong | Chief Internal Auditor |
| 2 | Mr. | Dinh Ngoc Dung | Chief Corporate Banking Officer |
| 3 | Mr. | Vu Tuan Anh | Chief Credit Officer |
| 4 | Mr. | George Asgari | Chief Digital Banking Officer |
| 5 | Mr. | Đồng Xuân Hòa | Deputy Chief Marketing & Communication Officer |
| 6 | Ms | Nguyen Thi Thuy Phuong | Chief Operations Officer |
Background of the executive officers are detailed on pages 24-25
See details2.4. Number of staff
As of December 31, 2024, the total number of employees at the Bank and its subsidiaries was 6,651 (SHB Finance ceased to be a subsidiary of SHB in 2023).
2.5. Human resources policy
In 2024, SHB reaffirmed its commitment to continuous innovation and breakthrough, marking a new era of national growth. We strive to build a workforce that is not only highly skilled but also deeply dedicated to the Bank’s sustainable development. Guided by this philosophy, our human resources policies continue to be enhanced and innovated, laying a strong foundation for SHB’s long-term success.
Recruitment policy
SHB’s recruitment policy is open and transparent, with clearly defined criteria for each position. This ensures the quality of human resources and enhances SHB’s employer brand in the labor market. The Bank places strong emphasis on internal recruitment, fostering promotion opportunities for existing employees and supporting a well-defined career development path.
To meet the evolving demands of the labor market, SHB continuously updates and refines its recruitment policies, with a focus on enhancing the experience of both candidates and new hires. Recruitment information is actively communicated through multiple channels, including online job portals, in-house newsletters, and social media platforms.
Employee training and development policy
In 2024, SHB’s training program was comprehensively designed to meet job title standards for key positions. The program emphasizes courses that strengthen core management skills, enhance leadership and sales capabilities, improve service quality (ISO, 5S, Lean Six Sigma), and develop competencies in data processing, appraisal, and soft skills...
In addition to hundreds of in-person and outsourced training courses, SHB prioritizes technology-driven training solutions, including the SHB-LMS online learning system, SHB-Survey for course evaluations, and virtual training via platforms such as MS Teams and Zoom. These initiatives optimize training costs and enhance workforce productivity.
Compensation, Benefits, and Welfare
In 2024, SHB continues to enhance its compensation, benefits, and welfare policies to foster a stable working environment and offer competitive income for employees..
Key improvements include enhanced insurance coverage, adjustments to average salary levels, and revised salary payment regulations for branches. These efforts are part of a comprehensive total rewards strategy – encompassing both financial and non-financial elements – aimed at driving performance and attracting top talent.
Application of IT in human resources (HR) management
To enhance the employee experience and the quality of HR services, while meeting the requirements for centralized data management and oversight, SHB is implementing the Human Resource Management Software (HRMS) project.
The HRMS serves as a core data source for other SHB platforms such as the LMS, Accounting, and Performance Evaluation. It improves the efficiency of HR data utilization, enables seamless system integration and data synchronization, and supports flexible adaptation to evolving HR management models.
For further details on HR policies and policy updates, please refer to “Sustainable Development – Human resources policies” on page 156.
See details3.2. Subsidiaries and affiliates
SHB Asset Management Single-Member LLC(SHAMC)
TOTAL ASSETS
0
VND billion
SHB Asset Management Single-Member LLC (SHAMC) was licensed for establishment under Decision No. 508/2009/QD-NHNN dated March 11, 2009 and commenced operations on December 5, 2009.
After 15 years of operation, SHAMC has played an increasingly important role in supporting SHB in debt settlement activities, safely and effectively managing the Bank’s assets and those of its customers. SHAMC continues to focus on its main activities of purchasing, managing and recovering debt settlement assets and providing security services to support SHB’s business activities. In addition to meeting SHB’s debt settlement and asset management needs, SHAMC also provides business services to other credit institutions in the field of asset and outstanding debt settlement in accordance with the law.
The Company’s total assets over the past 14 years have increased sharply from VND 28 billion (December 31, 2009) to VND 61 billion (December 31, 2024), showing the Company’s growing scale, while the charter capital is at VND 20 billion.
In 2024, SHAMC successfully provided security services across SHB’s nationwide network of business locations, reaching a total of 299 sites by December 31, 2024. This included 64 branches, 229 transaction offices, 3 buildings, and 3 other special targets. SHAMC ensured 100% compliance with security and safety requirements at all serviced locations. In addition, SHAMC managed 16 warehouses and 7 foreclosed assets across the country, fully meeting the warehousing needs of SHB branches. This infrastructure is expected to be further expanded in the coming years to support SHB’s ongoing security and asset management needs.
Saigon - Hanoi Laos Single-Member Limited Liability Bank (SHB Laos)
TOTAL ASSETS
0
VND billion
SHB Laos was established with a charter capital of USD 50 million, following the conversion of its operational model from a branch to a subsidiary bank. From 2012 to 2015, SHB Laos operated as a branch of SHB. On December 18, 2015, pursuant to License No. 41 issued by the State Bank of the Laos, SHB Laos Branch was officially converted into a limited liability bank, becoming a subsidiary of SHB. The Bank’s head office was inaugurated on January 15, 2016, in Vientiane, the capital of Laos, marking a significant milestone in the expansion of SHB Laos’ operations.
SHB Laos functions as an independent legal entity with its own organizational structure, comprising two branches located in Champasak and Savannakhet provinces. The Bank offers a wide range of financial and banking services, contributing to diversification of portfolio, mitigation of risk, greater autonomy in decision-making, and expanding its business operations in compliance with local regulations and with authorization from SHB Vietnam.
The establishment of SHB Laos has created opportunities for SHB to tap into the growth potential of the Laos market, attract foreign investment, and elevate its brand reputation and market position both domestically and internationally. It also reflects SHB’s commitment to supporting the long-standing friendly and cooperative relationship between Vietnam and Laos.
After 13 years of operation, including 8 years since its conversion into a limited liability bank, SHB Laos has demonstrated strong progress in its business development efforts within the Laos market.
As of December 31, 2024, SHB Laos operated three transaction points – comprising one head office and two branches – with a total of 74 employees. The Bank reported total assets of VND 3,848 billion, capital mobilization of VND 434 billion, outstanding credit of VND 2,178 billion, and a pre-tax profit of VND 59 billion.
Saigon - Hanoi Cambodia Single-Member Limited Liability Bank(SHB Cambodia)
TOTAL ASSETS
0
VND billion
With a charter capital of USD 75 million, SHB Cambodia is SHB’s second wholly owned subsidiary in the Indochina region, following SHB Laos. SHB Cambodia operates as an independent legal entity with its own organizational structure, having been converted from branch.
Over 13 years of operation, SHB Cambodia has built a diverse customer base, serving both Vietnamese enterprises operating in Cambodia and local businesses. The Bank primarily focuses on key economic sectors such as rubber, electricity, infrastructure (road and bridge construction), and mineral exploitation. Looking ahead, SHB Cambodia aims to promote comprehensive growth by leveraging its full potential and offering a complete suite of banking products and services to customers.
Despite the global economic and political challenges in 2024, SHB Cambodia recorded strong growth in total outstanding loans, capital mobilization, and pre-tax profit compared to 2023.
As of December 31, 2024, SHB Cambodia operated five transaction points – including one head office and four branches – staffed by 59 employees. Total assets reached VND 14,242 billion; capital mobilization stood at VND 3,414 billion; outstanding credit reached VND 11,659 billion; and pre-tax profit amounted to VND 201 billion.
Saigon-Hanoi Commercial Joint Stock Bank Finance Limited Liability Company (SHBFinance)
TOTAL ASSETS
0
VND billion
SHBFinance was officially established on December 12, 2016, following the merger of Vinaconex – Viettel Finance Joint Stock Company (VVF) into SHB. The company holds a charter capital of VND 1,000 billion, co-owned by SHB (50%) and Thailand’s Bank of Ayudhya Public Company Limited (Krungsri), a strategic member of the MUFG Group (Japan), which owns the remaining 50%.
In 2023, SHB completed the transfer of its 50% equity stake in SHBFinance to Krungsri, creating strong momentum for the company to pursue its medium- and long-term goals aligned with international standards. This move also supports SHBFinance’s strategic vision of becoming a leading technology- and digital-driven consumer finance company in Vietnam.
The year 2024 marked a significant transformation for SHBFinance, with breakthroughs in product and service innovation aimed at enhancing the customer experience for millions nationwide. Guided by the commitment “Faster – Stronger – Moving Forward Together”, SHBFinance prioritized data protection, compliance with SBV regulations, and accelerating digital transformation.
A new Loan Management System (LMS) was deployed to create value for six key stakeholder groups: Partners, Shareholders, Employees, Government, Community, and Customers. SHBFinance introduced a range of competitive loan products targeting existing customers, credit card users, and borrowers through digital platforms such as SHBFinance, Timo, and ZaloPay. These innovations enabled approval and disbursement within just five minutes and offered diversified repayment methods across both traditional and digital channels.
In addition to product development, SHBFinance reinforced its long-term commitment to partners and investors, ensured compliance in cooperation with regulators, and contributed to financial education through community outreach initiatives. The company also maintained strong employee policies promoting work-life balance and professional development.
These efforts earned SHBFinance the title of “the Best Customer Experience - Consumer Finance Company in Vietnam in 2024” by The Global Economics Magazine, and “Best Companies to Work For” by HR Asia, along with four awards under the “Employer of Choice 2023” program.
Thanks to its sustainable development strategy, SHBFinance increased its market share by 1.5 percentage points compared to 2023, retaining its position among the top eight mainstream consumer finance companies in Vietnam.
As of December 31, 2024:
- Number of staff: 2,416
- Total assets: VND 8,229 billion
- Capital mobilization: VND 7,024 billion
- Outstanding loans: VND 7,882 billion
- Pre-tax profit: VND 67.2 billion
4. Financial overview
Key financial indicators
| Key financial indicators | Unit | 2023 | 2024 | Growth rate in 2024 vs 2023 |
|---|---|---|---|---|
| 1. Funding base | ||||
| Total assets | VND billion | 630,425 | 747,478 | 18.6% |
| Charter capital | VND billion | 36,193 | 36,629 | 1.2% |
| Regulatory capital | VND billion | 70,268 | 75,039 | 16.9% |
| 2. Business performance | ||||
| Capital mobilization | VND billion | 553,709 | 660,983 | 19.4% |
| Total outstanding credit balance | VND billion | 455,718 | 533,984 | 17.2% |
| Net income | VND billion | 21,328 | 23,572 | 10.5% |
| Pre-tax profit | VND billion | 9,245 | 11,569 | 25.2% |
| 3.Prudential ratio | ||||
| Capital Adequacy Ratio | % | 12.19 | 11.85 | Compliant with SBV's regulatory threshold under Basel II: CAR ≥ 8% |
| Non-performing loan ratio | % | 2.70 | 2.40 | Compliant with SBV's regulatory threshold under Basel II: NPL ≤ 3% |
| Overdue loan ratio | % | 4.36 | 3.27 | Compliant with SBV's regulatory threshold under Basel II: Overdue loan ratio ≤ 5% |
| 4. Liquidity ratio | ||||
| Loan to Deposit Ratio (LDR) | % | 77.58 | 76.58 | Compliant with SBV's regulatory threshold: LDR ≤ 85% |
| Ratio of short-term funding used for medium and long-term loans | % | 26.07 | 23.62 | Compliant with SBV's regulatory threshold: ≤ 30% |
| Liquidity reserve ratio | % | 19.66 | 16.66 | Compliant with SBV's regulatory threshold : ≥ 10% |
(Source: Audited consolidated financial statements of 2024)
(*) Total outstanding credit balance aligns with the credit growth quota assigned by the SBV.
5. Shareholding structure and recent changes in owner’s equity
5.1. Share
Total number of shares
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Number of outstanding shares
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Number of restricted shares
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Number of free-float shares
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5.2. Shareholding structure
| Type of shareholders | Total number of shareholders | Shareholding percentage |
|---|---|---|
| Shareholding breakdown by major and minority shareholders | ||
| Major shareholder | 1 | 7.85% |
| Minority shareholders | 93,720 | 92.15% |
| Total: | 93,721 | 100% |
- Major shareholder
- Minority shareholders
(Major shareholders hold more than 5% of the Bank’s shares; minority shareholders hold less than 5%.)
| Type of shareholders | Total number of shareholders | Shareholding percentage |
|---|---|---|
| Shareholding breakdown by legal entities and individual shareholders | ||
| Legal entities | 233 | 16.7% |
| Individual shareholders | 93,488 | 83.3% |
| Total: | 93,721 | 100% |
- Legal entities
- Individual shareholders
| Type of shareholders | Total number of shareholders | Shareholding percentage | |
|---|---|---|---|
| Shareholding breakdown by domestic and foreign shareholders | |||
| Domestic shareholders | 93,217 | 97.2% | |
| Foreign shareholders | 504 | 2.8% | |
| Total: | 93,721 | 100% | |
- Foreign shareholders
- Domestic shareholders
- Other shareholders
- State-owned shareholder
5.3. Changes in owner’s equity
In 2024, SHB increased its charter capital from VND 36,193,981 million to VND 36,629,085.42 million through the issuance of shares under the Employee Stock Ownership Plan (ESOP).
5.4. Treasury shares transactions:
- Number of treasury shares as of December 31, 2024: 496,186
- In 2024, SHB did not conduct any treasury share transactions.
5.5. Other shares: None
5.6. Share transaction by members of the Board of Directors, Board of Management and Board of Supervisors:
For detailed information, please refer to Section 3.2 – Corporate Governance on page 119.
See details6. Environmental and social impact report
For detailed information, please refer to the Sustainable Development section on page 155