Vietnam banks and insurers optimistic

Though having to face many hardships due to heavy impacts from the turmoil of the global economy, many domestic banks and insurance firms still gained satisfactory achievements during the past year to step confidently into a New Year with new successes.

With the purpose of becoming the best bank and the leading enterprise in Vietnam by 2014, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is implementing a comprehensive transferring program to not only deal with challenges but also promote its available advantages.

Nguyen Duc Vinh, Techcombank’s general director said that during last year, his bank has developed the fundamentals under the standards of a modern bank in order to create a momentum for rapid and strong growth in the next year. It is the foundations of technology, risk management systems and network.

During last year, Techcombank finalized increasing its chartered capital from 5.4 trillion dong to nearly seven trillion dong. The bank’s pre tax profit was at over 2.75 trillion dong, total assets at over 150 trillion dong, total deposits at 87 trillion dong and total outstanding loans at 53 trillion dong.

Maritime Bank also announced its performance exceeding the year’s targets hereby its total assets reached 116 trillion dong, pretax profit and standby fund at 1.706 trillion dong with a transaction network of over 140 sites nationwide.

Tran Anh Tuan, Maritime Bank’s general director shared his view that business model transformation is an important factor contributing to business results of Maritime Bank.

Bank for Investment and Development of Vietnam (Bidv)’s Insurance Corp (BIC) also completed important goals during past year whereby its total accumulated revenue reached 875.57 billion dong, premium from insurance sector gained 552.541 billion dong, total pretax profit at 32.481 billion dong.

Till date, BIC’s total assets reached nearly 2.507 trillion dong, ownership capital at 682.652 billion dong and the total standby fund for insurance operation at 251.299 billion dong.

Pham Quang Tung, BIC’s CEO said that one of successes of the company in last year is the successful equalization amidst the gloomy stock market. In 2011, BIC targets to gain total revenue at one trillion dong including 716 billion dong from insurance operations. BIC will also focus on selecting the foreign strategic shareholder. As expected, BIC will list shares on the stock exchange in March 2011. – Vietbiz24

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial