The largest local commercial bank, Vietcombank (VCB), has set to increase their profit to between 12.5 trillion VND (548.7 million USD) and 13 trillion VND (570.7 million USD) in 2018, up about 15 percent against 2017, said VCB Chairman Nghiem Xuan Thanh. 

 

Thanh told the press that with the bank’s strategic orientation and its business results in January 2018, the goal is completely within reach. 

 

According to him, VCB became the first bank in Vietnam to obtain the profit target of 10 trillion VND (439 million USD), and one of the banks with assets worth quadrillion VND in 2017. 

 

VCB’s profit in 2017 hit 11.3 trillion VND (over 496 million USD) and its total assets last year valued at over 1 quadrillion VND (43.9 billion USD), representing year-on-year increases of nearly 33 percent and 31 percent, respectively.

 

In 2017, the bank also worked hard to effectively resolve bad debts, keeping its bad debt at 1.1 percent – the lowest among Vietnam’s credit institutions. 

 

Thanh attributed the results to both effective credit and non-credit services of the bank. 

 

Under its development strategy to 2020, VCB’s credit services are expected to contribute 32-33 percent to its revenue, while non-credit services will contribute 50 percent. 

 

VCB is one of the first three banks in Vietnam that has had its restructuring plan until 2020 approved. It aims to become the largest bank in Vietnam as well as one of the top 100 banks in Asia and the 300 biggest financial corporations in the world.-VNA