The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named in the 17th annual Global 2000 – Forbes’ ranking of the World’s Largest Public Companies in 2019. (Photo: VNA)Hanoi (VNA) – The Joint Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank) has been named in the 17th annual Global 2000 – Forbes’ ranking of theWorld’s Largest Public Companies in 2019.
Ranked the 1,096th and with its market value hitting 10.9 billionUSD, the bank took the lead among Vietnamese companies included in the list.The others are the Bank for Investment and Development of Vietnam (BIDV),property and retail giant Vingroup and the Vietnam Joint Stock Commercial Bankfor Industry and Trade (VietinBank).
Over the past five years, the Vietcombank’s market value increasednearly three times, as compared with 2015 when it embarked on the 2016-2020restructuring period.
Companies on the 17th annual Global2000 account for more than 40 trillion USD in annual revenue and upwards of 186trillion USD in global assets. The rankings are based on a composite scoreof revenue, profits, assets and market value.
Vietcombank, VietinBank and BIDV have beenincluded in the rankings since 2016.
Forbes Vietnam recently announced Vietnam’s 50top listed companies for 2019, which accounted for 63 percent of total marketcapitalisation on the Ho Chi Minh and Hanoi stock exchanges.
Vietcombank is the only representative oflarge-scale State credit institutions to be included in the list for sevenconsecutive years.
For three consecutive years, Vinamilk led themarket in terms of profitability, but last year, Vietcombank surpassed thedairy company to become the champion in post-tax profit with growth rate of 60percent.
The bank’s profit exceed 2 trillion VND (86 million USD), evenhigher than the combined number of VietinBank and BIDV.
With market capitalisation amounting to over 10 billion USD,Vietcombank has also surpassed Vinhomes, Vinamilk and PV Gas to become thelargest in this regard.
In 2018, Vietcombank entered The Asian Banker magazine’s rankingsof the 30 strongest banks in the Asia-Pacificregion for the first time. The magazine has also repeatedly named the bank withthe strongest balance sheet in Vietnam.
Last year, Vietcombank pulled its bad debt down to below 1 percent(0.97 percent) for the first time since its equitisation. Itsreturn on average assets (ROAA) and return on average equity (ROAE) were 1.37and 25.42 percent.
The bank opened its first overseas branch in Laos the same year.Of note, it has become the only Vietnamese bank to get the approval of the USFederal Reserve (FED) to open a representative office in the US.
Vietcombank is stepping up efforts to complete procedures for theopening of its first branch in Australia.
The bank set the target of raising its pre-tax profit to 1 billionUSD by 2020.-VNA
VNA
