VIETCOMBANK PROFILE
10 notable events of Vietcombank in 2022
There were big changes around the world in the post-Covid pandemic in 2022, sharing difficulties with customers and contributing to economic recovery, Vietcombank was a pioneer waiving and reducing loan interest rate and service fee.
Vietcombank, in the past year, made efforts and achieved notable results, maintaining its position as No 1 bank in terms of quality and operational performance: highest credit growth, No 1 bank in tax payment to the State Budget, pioneer in application of modern technology and digital transformation in banking industry, etc.
1
PIONEER WAIVING AND REDUCING LOAN INTEREST AND SERVICE FEE
APPLY 1% REDUCTION
in lending interest rate in Vietnam Dong for
175,000 customers
with a total credit scale of
VND 500,000 billion
the largest lending interest rate reduction in Vietcombank’s existing loan balance in the past years.
- Always comply with and acts responsibly guidance of the Government, State Bank of Vietnam, accompany and share difficulties with customers. Specifically:
- First, since January 1st 2022, Vietcombank offers free money transfer services for all transactions inside or outside Vietcombank system. Additionally, Vietcombank also waives all account management fees.
- Second, Vietcombank also pioneers implementing reduction of lending interest rate for customers. In the last 02 months of 2022, Vietcombank offered a 1% reduction in lending interest rate in Vietnam Dong for 175,000 customers worth VND 500,000 billion, accounting for 50% of Vietcombank’s loan balance. This is the largest reduction of lending interest rate of Vietcombank in recent years. Cut 1% of lending interest rate in the last 02 months of 2022 a part of series of big action plans of Vietcombank to support is customers to overcome difficulties in the post-Covid 19. From 2020-2022, Vietcombank has implemented 9 lending interest rate cuts to support its customers.
2
HIGHEST CREDIT GROWTH WITHIN THE BANKING INDUSTRY & EFFECTIVE CREDIT CONTROL
VND >1 quadrillion
CREDIT GROWTH SCALE
Up 19% compared to 2021
45 %
RATIO OF MID-TERM & LONG-TERM CREDIT
Ensure compliance with short-term funds for mid-term and long-term loans
457 %
LOAN LOSS COVERAGE RATIO
The highest among commercial banks
- Closely follows up guidance of the Government and State Bank of Vietnam, Vietcombank applies a flexible and effective credit management measures toward sustainable credit growth and effective credit control, comply with credit growth limit of State Bank of Vietnam with effective transmission structure of credit.
- Strictly comply with regulations, guidance of State Bank of Vietnam, closely monitor credit, be cautious in selection of customers and investment projects in areas with potential risks such as real estate, securities, BOT and BT projects. Scale of corporate bonds, outstanding loans for investment, real estate business, outstanding loans for investment in BOT and BOT projects only takes a small proportion of 0.5-2% of total credit balance.
- Vietcombank has been always ranked the highest in the group of State-owned commercial banks according to credit institution rating system according to Circular 52/2018, improve financial criteria under 6 groups of criteria for rating financial institutions. The achieved results are thanked to Vietcomank’s continuous compliance with regulations of State Bank of Vietnam on internal procedures and policies, ensure all credit evaluation and approval under close control, ensure minimum safety limits in accordance with requirements of State Bank of Vietnam.
- Vietcombank ensures credit growth closely associated with risk management measures, evaluate customers before issuing debt, strengthen inspection during and after giving loans to ensure quality of credit portfolio. Vietcombank is rated as top banks in credit portfolio quality with bad debt ration under 0.68%, loan loss coverage ratio reached 457%, the highest among commercial banks.
3
MAINTAIN NO.1 POSITION IN INTERNATIONAL PAYMENT & TRADE FINANCE WITH HIGHER MARKET SHARE
VND 135 billion
INTERNATIONAL PAYMENT AND TRADE FINANCE VOLUME
increased by 31.8% compared to 2021
18.5 %
INTERNATIONAL PAYMENT AND TRADE FINANCE MARKET SHARE
Up 3.11% as of 2021, maintain market leadership
- Uphold its available advantages of diverse, specialized products and services, technology is a backbone of international payment and trade finance, Vietcombank continues maintaining its leading position in the banking system in turnover and market share of international payment and trade finance and achieving impressive business performance in 2022 including:
- International payment and trade finance revenue reached USD 135 billion, up 31.8% compared to 2021.
- International payment and trade finance market share reached 18.5%, up 3.11% compared to 2021 and maintained the leading position in terms of market share.
4
PIONEER APPLYING MODERN TECHNOLOGY, CONNECT PAYMENT SERVICES, CASHLESS CIVILIZED SOCIALIZATION
SUPPORT FOREIGN SUPPLIERS IN VIETNAM TO PAY
VND 2,000 BILLION
TO THE STATE BUDGET
Offer a big supply of foreign currency in Vietnam
- A leading bank in public service payment in Vietnam
- Pioneer implementing e-invoice in accordance with guidance of General Department of Taxation
- The only bank to provide tax collection services for foreign suppliers in Vietnam.
- One of the world’s first banks successfully implemented payment pre-validation at all transaction points and VCB digibank. This is an innovative solution that drives instant and frictionless transactions and payments worldwide of SWIFT, deliver seamless payment experience to customers.
5
SUCCESSFULLY TRANSFORM SALES AND SERVICES MODEL
56.9%
RATIO OF CROSSING SELLING SUCCESS OF CONSULTANTS
Up 46.4% compared to cross selling results before implementation of sales and services model
4.97/5points
CSAT score
Close to the maximum average
- Successfully pilot sales and services model at 30 branches of the whole system with approach of customer as core value and foundation of its business. With customer centric approach, sales and services model focus on following contents:
- This model separates sales services and customer services, provide better experience with support from coordinators and customer satisfaction earned from professional selling style in a glamorous and luxurious space
- Branches chosen for implementation of this model create good effects, improve brand awareness and experience for customers.
- Key performance indicators of sales and services model in 30 branches record outstanding results during implementation period as follows:
- The ratio of cross selling success of consultants at counters gains high performance of 56.9%, up 46.4% as of results of tellers/customer care advisors before the mode is implemented.
- Ratio of customers introduced by customer service specialists to consultants: many branches achieve an average ratio of 10% higher than the benchmark as recommended by consultants.
- Average waiting time of customers is much improved, reduced by 20% before implementation of digital transformation. This reflects the role of coordinators and effective cooperation between consultants and customer service specialists.
- Customer satisfaction score (CSAT) via QR Code system at customer counter: record positive feedbacks from customers through service greetings and dedicated guide of coordinators. CSAT index is close to the maximum average of 4.97/5 points.
6
NO 1 BANK IN TAX PAYMENT TO STATE BUDGET
- With outstanding business performance, Vietcombank always makes big contributions to the State Budget. Since 2015, Vietcomank is always ranked on top 10 of largest tax payers and the largest corporate income tax payer in the banking industry in Vietnam.
- This recognizes Vietcombank’s important contributions to the State Budget and outstanding business results of Vietcombank, affirming leading position among largest tax payers to the State Budget in many consecutive years.
7
VIETCOMBANK DESERVE TO BE A LEADING CREDIT ORGANIZATION TO FINANCE BIG PROJECTS
- Arrange and provide financial assistance for big projects, national key projects, contribute to the national development in 2022.
- Sign comprehensive cooperation agreements with Corporations, Groups, strengthen comprehensive cooperation with customers, promote sustainable development of parties.
8
DIGITAL TRANSFORMATION IS A TOP PRIORITY
- Follow the honorable award of outstanding digital banking transformation bank in 2020”, Vietcombank continues to make breakthroughs and high determination to successfully implement digital transformation programs
- Ensure successful projects go-live.
- Recruit senior -level employees, foreign experts with expertise and rich experience in digital transformation to implement more than 300 initiatives and 4 pillars including Digital, Data, Technology and Transformation.
9
TRANSFORM ORGANIZATIONAL MODEL, DEVELOPMENT OF HUMAN RESOURCE & WORKING MODE
- Vietcombank has reinforced its models of sales, retail, IT and digital transformation, newly establishing operation division. This is considered as an indispensable condition to improve service quality and customer experience, optimize the resources by adoption of industry 4.0 technologies and focus on sales.
- Build an Agile work culture and transform an agile operating model, making it a part of Vietcombank culture which is flexible and adaptable to quick market changes.
- Strengthen training activities; focus on IT and digital transformation training programs; implement training courses at Vietcombank’s branches in accordance with its training map; provide regular and intensive training courses for management officers under various forms of person to person, online or E-learning.
10
AFFIRM LEADING POSITION AND SUPERIOR PRESTIGE BY BIG AWARDS GRANTED BY LOCAL AND INTERNATIONAL ORGANIZATIONS
- Take the lead in the bank industry in brand identity index, according to Nielsen.
- Top 10 prestigious commercial banks in 2022.
- Top 25 leading financial brands in 2021 by Forbes.
- Top 50 public companies in 2022.
- The only representative of Vietnam among the Forbes’ Top 1,000 The World’s Largest Public Companies.
- Named as Vietnam’s best bank in 6th consecutive years by Asian Banker.
- Maintaining the leading position for 7th consecutive years as the bank with the best working environment in Vietnam.
- S&P Ratings (S&P) announced an upgrade the Vietcombank’s credit rating to the top of the banking industry in Vietnam.
- Fitch Ratings has upgraded Vietcombank’s credit rating to BB from BB- with positive outlook.
- The only bank awarded Vietnam National brand in 8th consecutive year.
- Top 10 strongest brands in Vietnam in the 9th consecutive year.
- Top 50 Vietnam’s best public companies in 2022 in 10th consecutive year by Forbes Vietnam.
- Take the lead in top 10 most profitable enterprises in the banking industry in Vietnam.
- Digital banking service VCB Digibiz was granted Sao Khue Award 2022 by Vietnam Software and IT services (VINASA).
- Named as “Typical enterprise for employees” in 3rd consecutive year awarded by Vietnam General Confederation of Labor, Ministry of Labor – War Invalids and Social Affairs, Vietnam Chamber of Commerce and Industry.
- Many other awards and titles from Ministries/Departments, organizations/units.
