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Banking & Finance

Vietcombank the only bank in Top 10 Best Places to Work 2016

Released at: 15:46, 29/03/2017

Vietcombank the only bank in Top 10 Best Places to Work 2016

Photo: VCB

Vietnam's biggest lender outpaces domestic and foreign banks in the country to secure top place among banks in "The 100 Vietnam Best Places to Work 2016".

by Duy Anh

Leaving both foreign and domestic banks behind, Vietcombank continued to assert its position in Vietnam by being the only bank in the Top 10 Best Places to Work 2016, moving up five places from 2015.

The 100 Vietnam Best Places to Work 2016 list was compiled via independent research by Anphabe, the biggest career network of management professionals in Vietnam, and Nielsen, a global market research firm, and was based on feedback from 26,128 participants from three generations in 24 industries.

The bank was also acknowledged as one of the Top 3 companies in welfare policies for employees. It is now among the leading banks in Vietnam, with high quality assets and operational effectively, and is striving to become the top bank in Vietnam and among the Top 300 largest financial institutions in the world by 2020.

Vietcombank is the only bank in the Top 10 Best Places to Work 2016

It has set five specific targets: being the best bank in retail and in the Top 2 in wholesale, having a return on equity (ROE) rate of at least 15 per cent, leading in terms of customer satisfaction, having the best quality human resources, and being the best bank in international-standard risk management.

Vietnam’s biggest lender by market value, Vietcombank saw after-tax profit in 2016 surge 28 per cent while its bad debt ratio was kept at 1.48 per cent as at December 31, the bank’s consolidated financial statement for the fourth quarter of 2016 reveals.

Total assets were VND788 trillion ($34.92 billion), up 17 per cent year-on-year, and charter capital rose 35 per cent to VND35.9 trillion ($1.59 billion) as at December 31. Pre-tax profit stood at VND2.2 trillion ($97 million) in the fourth quarter, for VND8.5 trillion ($377.5 million) during the year as a whole, up 24 per cent against 2015. After-tax profit reached VND6.85 trillion ($303.3 million), up 28 per cent.

Earnings-per-share (EPS) rose 16 per cent to VND1,897 ($0.08). As at the end of 2016, bad debts totaled VND6.84 trillion ($303 million), equal to 1.48 per cent of total outstanding loans and down 0.36 per cent compared to the beginning of the year.

Vietcombank was the first lender to buy back all debts it sold to the Vietnam Asset Management Company (VAMC). The initial amount of cumulative debts was VND6.5 trillion ($288 million), while the value of VAMC’s bonds in exchange was only VND4 trillion ($177 million).

Its share price rose 36 per cent during the year, giving it a market value of $6.2 billion. The lender trades at about three times the book value, compared with an average of 1.1 times for listed Vietnamese banks.

Vietcombank’s biggest shareholder, the State Bank of Vietnam, owns 77 per cent, while the Mizuho Financial Group Inc. is its second-largest shareholder, with 15 per cent.

This was the fourth year Anphabe has partnered with Nielsen to conduct the Best Place to Work research in Vietnam. The standard assessment consists of 46 factors with six main criteria: salary, bonuses and welfare; work-life balance; culture and values; development opportunities; company brand; and leadership team.

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