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Vietnam’s stock market market closed in downbeat mood on Christmas Eve 2020

by Son Bui

Trading in the local stock market ended in negative territory today, December 24, with the benchmark VN-Index on the Hochiminh Stock Exchange shedding over 11 points.

With the number of losers more than quadrupling that of winners by 367 to 88, the main index fell 11.38 points, or 1.05% against the previous session at 1,067.52. Turnover on the southern bourse contracted with volume and value declining 7% and 5% at over 757 million shares worth more than VND14 trillion, including over VND1.1 trillion worth of shares traded in block deals.

Related: MSB officially listed nearly 1,175 billion shares on HOSE

In the group of bluechips, low-cost carrier VJC and brewery firm SAB rose slightly by 0.33% and 0.5%, respectively; while real estate developer VIC moved sideways. The remaining stocks in the group were losers, with bank stocks being the worst performers. For instance, lenders CTG and VPB dropped 1.6% each, their fellows BID, TCB, ACB, EIB sank over 2%, and HDB lost more than 3%.

Losers with 1-2% decrease also included housing developer VHM, dairy firm VNM, retailer VRE, jewelry maker PNJ, and securities company SSI. Steelmaker HPG, consumer goods producer MSN, and technology firm FPT made slight falls by 0.1-0.8%.

Regarding market liquidity, lender STB reported a matching volume of over 29.3 million shares, its fellow TCB saw 26.1 million shares changing hands, followed by steelmaker HPG with 18.5 million shares, and lender MBB with over 16 million shares.

Among speculative stocks, good performers were ITA, SCR, MSB, FIT, BCG. Of them, industrial zone developer ITA ranked second on the southern bourse by liquidity with over 29.2 million shares traded.

On the northern bourse, the HNX-Index lost 2.62 points, or 1.38% over the session earlier at 187.63, with 36 stocks rising and 77 others falling, according to the Saigon Times.

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Finance

MSB officially listed nearly 1,175 billion shares on HOSE

by Dean Dougn

Nearly 1,175 billion shares of Vietnam Maritime Commercial Joint Stock Bank (MSB) are listed on the Ho Chi Minh City Stock Exchange (HOSE) on December 23, 2020 with the reference price for the first day of trading at VND15,000/share and amplitude of +/- 20%.

The bank’s market capitalization at the time of listing is around VND 17,600 billion. In the most positive scenario, the market cap of the bank might reach over VND 21,100 billion on the first trading day.

Within 2020, MSB has become the first bank to list a new listing on HoSE.

According to MSB, the bank expects that after the listing, it will offer more than 82.5 million treasury shares to existing shareholders at the price of VND11,500. State Securities Commission already approved the plan by the end of November. MSB plans to collect about VND950 billion from this offering. The remaining 18 million treasury shares will be used to sell or reward employees.

MSB is one of the leading commercial banks in Vietnam with good business performance, in the first 11 months of 2020, the bank recorded pre-tax profit of more than VND2,300 billion, up 116% over the same period and 60% higher than its plan. Total assets of the bank increased by 13% to over VND166,000 billion.

The year 2020 is the deadline for joint stock commercial banks of Vietnam to list on the stock markets, under the project “Restructuring the stock market and insurance market to 2020 and orientations to 2025”.

Under legal pressure, smaller banks have started listing on UPCoM (such as Viet Capital Bank, Nam A Bank) in 2020. Besides, there are also larger banks that plan to list directly. on HoSE (such as OCB, MSB, SeABank) at the end of 2020 or early 2021.

Notably, even banks that are not under legal pressure because they have been listed on the HNX such as SHB, ACB or traded on UPCoM such as VIB, LienVietPostBank have been changing exchanges.

Accordingly, on 9/11, LienVietPostBank brought nearly 979 million shares listed on HoSE. With a price of over 12,000 VND / share, LPB has a market capitalization of about 11,700 billion VND (equivalent to about 500 million USD).

Vietnam International Bank (VIB) also listed more than 924 million shares on HoSE with reference price of 32,300 dong / share. VIB became the 12th bank on the HoSE with a market capitalization of nearly 30,000 billion dong (equivalent to about 1.3 billion USD).

On December 9th, more than 2.16 billion Asia Commercial Bank (ACB) shares were officially listed on the HoSE with the listing price of 26,400 VND / share. The market capitalization value accordingly stood at over 57,000 billion VND when listed on the stock exchange and has now exceeded 60,000 billion VND.

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Finance

MSB offers a truly digital onboarding experience for its customers with e-KYC

by Vietnam Insider

Vietnam Maritime Commercial Joint Stock Bank (MSB) has become one of the first banks in Vietnam to offer a truly digital onboarding experience for all customers who are looking to open a bank account, eliminating the need for a physical branch visit fill in paper documents as part of its push towards an electronic know-your-customer (e-KYC) system.

The bank has enabled real time account opening through its “MSB mBank“, available for both iOS and Android platforms, says a statement.

This simple, hassle-free and convenient way of banking is timely, given the ongoing Covid-19 health concerns and corresponding shift to ‘digital everything’

This would further stimulate the growth of the country’s digital economy, while meeting the needs and expectations of an increasingly digital and mobile-first generation of consumers.

Due to the impact of coronavirus, we have seen a significant shift to digital banking over the past few months. Expanding the digital offerings to the first-of-its-kind digital account opening will further propel the move to digital banking.

This allows the bank to continue safeguarding the health and well-being of our customers and staff at bank branches, while still providing customers with the ability to access financial products and services anytime, anywhere.

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Finance

Executive interview: MSB is one of the pioneering banks in applying advanced risk management standards

by Vietnam Insider

With the State Bank of Vietnam’s approval to comply with Circular 41, MSB also announced that it has completed the last pillar of Basel II – Internal Capital Adequacy Assessment Process (ICAAP), the bank will move towards higher international risk management standards such as Basel III.

Vietnam’s banking sector has been taking radical steps to adopt international capital rules, reporting requirements and trading practices. The State Bank of Vietnam (SBV) by setting a deadline for the country’s leading banks to comply with the Basel II requirements.

Vietnam Maritime Commercial Joint Stock Bank (MSB) has embarked on the Basel II journey and became one of the first banks in Vietnam to fully comply with Circular 41 and now Circular 13 before the regulator’s deadlines, the bank also completed the three pillars of Basel II, which are minimum capital, supervisory review and market discipline.

A solid risk management framework and transparent operation will create a foundation for MSB to expand its business sustainably and effectively.

We talked Oliver Schwarzhaupt – Chief Risk Officer about risk management activities at MSB.

After more than 1 year of completing Basel II, can you share about the impact of this on MSB’s operations?

MSB completed Pillars 1 and 3 from 6/2019, pillar 2 from 3/2020 – nearly a year earlier than SBV requested. MSB is also one of the pioneers in completing Basel II.

During more than 1 year applying Circular No.41 (Basel II’s Pillar 1), the CAR of MSB is always above 10%. Credit growth is in line with the SBV’s regulations and the NPL ratio is always below 3%.

Pillar 2 – ICAAP is a comprehensive assessment of capital, including: determining the bank’s risk profile, developing a strategy, risk appetite, calculating the required capital for material risks. Thereby, the bank can determine the target capital to compensate for material risks and develop sustainably even in stress scenarios, and allocate capital effectively for business activities – Return on risk weighted asset (RORWA).

MSB has embarked on the Basel II journey and became one of the first banks in Vietnam to fully comply with Circular 41 and now Circular 13

With the implementation of ICAAP, MSB conducted capital stress tests and assessed the Bank’s capital adequacy according to its business strategy for the next 3 years and under stress scenarios with a sharp decline in credit quality and deposit quality.

Completion of ICAAP – the last pillar of Basel II is a source of transparent and comprehensive information to help enhance MSB’s reputation in the Vietnamese and international markets.

For MSB, the implementation of Basel II is not only about complying with SBV’s regulations but also is an effective management tool to establish metrics and standards to ensure the bank operates safely and change the Risk-based decision-making, increasing transparency and competitiveness for MSB.

Completion of Basel II from March 2020, what is the MSB’s next steps?

The completion of Basel II is the clearest demonstration of MSB’s efforts which not only stops at compliance but also shows that MSB always considers meeting Basel II’s requirements as important tasks within its long-term vision on risk management, towards higher international standards to help MSB manage its business proactively, transparently, safely and sustainably.

However, MSB will continue to apply the best practices and comply with the SBV’s regulations to make the financial health and improve the bank’s governance capacity. According to the 2020 – 2023’s roadmap, MSB will implement FIRB (the foundation internal rating based approach) for credit risk, towards Basel III on risk management of the Bank, the first step is to apply Basel III for operational and liquidity risks. In addition, MSB has planned to apply IFRS9 in finance and risk management. The application of the best practices helps MSB adjust its strategic direction on the basis of effective risk management to achieve safe and sustainable business and development goals.

How does the current risk management strategy affect the target customers and products of the bank?

With the goal of proactive risk management, companion, orientation and business promotion, MSB has been well implementing the strategic direction to enhance the role and activeness of the units in the Risk Management Division, which is the second line of defense to orient and support business activities by proposing Risk appetite, Risk Management Strategy and completing the system of policy regulations on risk management.

Target customers and their risk levels are oriented and selected from the beginning on the basis of business strategy and risk appetite issued by the BOD.

On the basis of the risk limits issued annually by the CEO, product development units and solution developers proactively design products and solutions suitable to target customers and define risk thresholds. In the process of product operation, regularly monitor and evaluate the quality of the portfolio to make timely adjustments.

What preparations does the MSB have for the negative effects of Covid-19?

During the Covid1-9 epidemic, MSB performed impact assessments, capital stress tests and internal capital adequacy assessment on the assumptions that there was a sharp decline in credit and deposit quality. Quarterly, MSB analyzes quantitative data and qualitative information on the macroeconomic situations, the development of economic sectors to determine impacts (large / medium / low) of the epidemic on economic sectors, thereby assessing the impact on MSB’s credit portfolio, provision of bad debts, and the impact on profitability to prepare controls and risk prevention in time.
In addition, MSB always supports customers affected by Covid19 through rescheduling of debt repayment terms, exemption, reduction of interest and fees, keeping the debt group because MSB’s mission is to become a bank that understands and accompanies customers through difficult times.

To ensure credit quality control, MSB maintains active operations of the three lines of defense, establishes risk limits and closely monitors credit portfolio concentration in areas where the high volatility or high risk is potential. MSB always focuses on risk management in all banking operations, especially during the epidemic, MSB always actively analyzes and evaluates the situation to take timely response actions, actively accompany the customers to overcome difficulties, and develop together.

Thank you for this interview with Vietnam Insider!

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FinanceVideo

Inside Out: Debtor Management in Covid-19 conditions in Vietnam by Oliver Schwarzhaupt, CRO of MSB

by Vietnam Insider

In this video, Oliver Schwarzhaupt, Chief Risk Officer, Vietnam Maritime Bank (MSB) talking about debtor management in Covid-19 conditions in Vietnam

Oliver has more than 25 years of experience in international banking and risk management.

He has a proven track record in both implementing best-practice risk management and meeting international regulatory requirements in developed and emerging markets, having worked for various European, Middle Eastern and Asian Financial Institutions. Throughout his career, Oliver has been a key contact for multiple international regulatory bodies.

In his current position as Chief Risk Officer, Oliver heads the Risk Function for MSB comprising Credit Risk Management for Retail, Wholesale and SME, Market and Liquidity Risk Management, Operational Risk Management & BCM, as well as Enterprise Risk Management and Information Security Risk Management.

Inside Out is a series of virtual events run by Global Business Services (GBS) LTD designed to inform participants about the fast-changing conditions in Vietnam, especially during this Covid-19 period.

If you are a foreign investors, expatriate or business partner, who is hungry for insights about Vietnamese business conditions, this is where you can hear directly from leaders across sectors about how they are dealing with a dynamic business, regulatory, legal and operational landscape.

Run strictly under the GBS’ rule, each event lasts for no more than one hour and is conveniently scheduled for Northern hemisphere participants.

Hearing insights from industry insiders and key members of the foreign investors community in Vietnam as they share experiences, discuss lessons learned and how to prepare for every step of doing business in Vietnam.

To know more about doing business in Vietnam as foreign investor, you may talk to Rahn Wood, Partner of GBS via email: rahn@gbs.com.vn or over the Phone/ Viber/ WhatsApp at: +84904302992

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Executive interview with Bryan Carroll: What makes a digital banking superstar?

by Linka Nguyen

There are phenomenal companies that have achieved outstanding results in the banking and Fintech industry. Some of them are very well known, but most are not. What makes a digital banking superstar?

Working with hundreds of financial professionals in Vietnam and worldwide, we have extracted some recent trends in banking that characterize the approach of really successful financial businesses. All of them are closely connected to the ability to integrate user-centricity at all levels of the company. This opens up many possibilities that could create a truly decentralized and people-centric digital banking system.

Anyway, there are still significant challenges to overcome in the development of such systems. But 2020 could be the year that we begin to realize the first glimpses of a technology-based global financial and social operating system that will form the foundations for future financial services.

We talked with Bryan Carroll, the Chief Digital Officer at Vietnam Maritime Bank (MSB) – one of Vietnam’s leading commercial banks – about this. Bryan, who has 27 years of experience working in the field of modern digital technology and has held many important senior positions in prestigious organizations around the world, such as AlfaBank Russia, National Bank of Abu Dhabi, Bank of Ireland, Rabobank International, Royal Bank of Scotland Group and Ernst & Young.

Your views about digital banking trends in 2020 and the next few years?

Two major trends I see emerging over the next few years are, Big-Tech companies e.g. Facebook, Amazon, Apple and Grab, will emerge strongly in Financial Services (FS) and that Ecosystem & Marketplace banking capabilities will become key differentiators. Here is why:

2019 provided us with a crystal ball for what is to come from the Big-Tech companies in 2020 and onwards. We saw Apple partnering with Goldman Sachs to launch its Apple Card, Facebook delivering Facebook Pay and attempting to launch Libra, a digital currency sitting on blockchain. More recently we have seen Google announce that they will offer a consumer checking account backed by Citigroup and Grab launching GrabPay Card.

The moves by Big-Tech in FS are definitely not new but they are noticeably accelerating. For example, Amazon Lending has currently $863m of outstanding loans on its books, PayPal has provided more than $10 billion in working capital and small business loans since 2013 and the Square Cash debit card is used by 3.5 million people.

So how are Big-Tech moving into FS?

Many FS organizations put the “how” down to Big-Tech’s superior technology. Granted digitally native technology is a significant advantage but not the main enabler. In fact, right now most banks could arguably, if only incrementally, migrate to the same superior digital native technology used by the tech companies.

For me it’s clear the keys to Big-Tech’s success have been superior digital culture and leadership. Big-Tech’s culture and leadership demand that customer convenience and value be put to the forefront of everything they do, that innovation is part of the day job, that the “best ideas must win” and that without agility and speed in delivery you will fail. By putting customer first, you have to know what your customer has done in the past, what they are doing right now and predict what they want next (next best action). To truly know your customer you must leverage Data Science.

FS organizations have lots of data, in reality most banks across the world are literally drowning in data but are unable to drive the science that delivers customer insights. FS, unlike Big-Tech, are also burdened by a legacy of product first IT Systems, lack of innovation, mountains of evolved bank first processes, siloed change resistance working practices and non-digital mindsets & talent; all of these need to be addressed not just to combat Big-Tech but to digitally transform any organization.

However, it’s not all black for FS, they have something Bi-Tech wants. Big-Tech is hungry for Financial Data. Big-Tech have access to substantive customer lifestyle data but need financial data to further complete the customer picture. Many Big-Techs only know part of the customer, as all the data they typically leverage is related to sales on one marketplace e.g. PayPal, Amazon, Lazada.

In summary to successfully respond to Big-Techs disruption and disintermediation, banks most start incrementally transforming to laser focus on knowing their customer better. As I discuss below many Banks are adopting “beyond banking” models such as Marketplace and Ecosystem Banking to do exactly that; to go beyond the traditional 360-degree customer financial data view to a 360-degree customer lifestyle view.

Ecosystem & Marketplace capabilities will be key to Banking in 2021

Ecosystem and trusted Marketplace banking are fast re-emerging as important transformative business models for banks. The promise being, providing new ways to acquire customers, to develop alternate revenue streams and to ultimately improve customer convenience, retention and lifetime value.

Banking business models have traditionally designed, manufactured and distributed generic products and services to serve a broad range of customer types and needs. Some banks have fine-tuned this model and have begun to bundle/aggregate products and services by segment and persona.

Others have begun integrating with third parties and Fintechs to offer and aggregate additional services. However, these approaches are usually not data powered and often lead to a very de-personalized customer experience, an experience into an audience of which 85% name personalization as an important prerequisite for deepening their relationships with a bank. Marketplace and ecosystem banking build on this requirement for personalization.

What is a Marketplaces and what is an Ecosystem?

Marketplaces have been with us for many centuries and are still very prevalent in many developing nations. Marketplaces are secure physical locations that merchants gather to sell their products and local people visit to trade with the merchants.
Digital marketplaces platforms do exactly the same thing, with merchants offering their wares and customers searching and buying these wares. They bring together demand and supply in a single digital place. Examples of typical digital marketplaces are eBay, Amazon or Alibaba.

In digital banking it is a model that brings together in a secure, convenient digital shop window the best products financial services on offer, irrespective of who supplies them. Examples of marketplace banking are Monzo (UK) Starling Bank (UK) and VTB (Russia).

In biology an Ecosystem provides a species with everything it needs to survive. If we apply this to the banking and try to understand what makes an ecosystem we realize that our customers need much more than just financial services. An ecosystem, approach takes a bank’s value proposition beyond banking, with ambitions to stretch its reach into every corner of a customer’s life e.g. health, education, transport, entertainment, social interaction.

Ecosystems and Marketplaces will be culturally difficult for many banks to implement as they mean banks will have to give up some control of their up to now closed supply chains in exchange for providing a platform for third party collaboration. Banks will also have to embrace that in a marketplace and an ecosystem the customer is more in control.

Without doubt, building an ecosystem is far more complex and more difficult than building a marketplace but the value proposition is more compelling; the ultimate goal being once a customer is part of your ecosystem he/she does not have the need to ever leave it again. Examples of digital ecosystems are very few at this stage with perhaps Tinkoff Bank (Russia) the best example right now.

It’s said, digital technology drives three major banking industry trends: digital transformation, brand specialization and partnerships. Do you agree with this and why?

I agree to a point. In my experience banks are using digital technology to drive two major banking trends/approaches – Digital Optimization and Digital Transformation. Both approaches can lead to brand specialization and both can be accelerated through partnership with external tech companies and Fintechs.

However, what I see time after time across Europe, Asia and the US is a confusion between Transformation and Optimization. This confusion normally surfaces too late and normally when the Bank post project reviews the resultant ROI. Optimization mostly results in increased profit through cost savings whereas transformation focuses on increasing profit through developing new business models.

Digital Optimization focuses on improving the bottom line through streamlining infrastructure, optimizing internal processes, driving automation, better usage of data and adding new digital features to existing products and services. Typical projects driving optimization include Robotic Process Automation, Biometrics (RPA), Electronic Know Your Customer (EKYC), Enterprise Data Warehouses, Business Process Management (BPM) and Master Data Management (MDM). igital Transformation is different, it brings together a new vision and value. Transformative Vision is focused on building the bank of the future. It foresees fundamental changes and new value propositions driven by new technology, changing supply chains and ecosystems, new rules of competition, and disruptors setting new rules.

Not just in Vietnam, traditional banks are focused on their culture of protecting their legacy and maintaining the corporate image. That’s why any new changes come slowly and painfully. What’s your thought about this?

I agree that many banks are focused on protecting their legacy as evidenced by banks running portfolios of digital optimization projects focused on improving existing digital distribution in the front office and rationalizing existing operating models in the mid and back offices.

As mentioned already and recently called out by Accenture’s study into Bank’s IT investment – banks who had invested most heavily in digital services had generated greater profit, however, this was largely due to cost optimization rather than an increase in revenue i.e. they did not transform.

On a global scale despite investing more than $1trn globally in new technology over the last three plus years very few banks have been successful in moving beyond “projects” to the organization-wide transformation initiatives, involving identifying new lines of revenue, championing innovation, product development, business models and culture change.
With most industry commentators estimating that between 75% and 80% of bank transformation programs have failed to deliver banks are understandably very nervous about tackling fundamental transformation.

So why have so many banks failed in transformation?

From my experience the key reasons have been firstly, the absence of a credible digital culture & digital leadership team and secondly the existence of legacy systems & technical debt.

An old quote but eternally valid – “Culture eats strategy for breakfast”- Peter Drucker. Moving from a “legacy” to a digital culture is step 0 for all successful digital transformations.

Most traditional banks still rely on legacy systems, systems built to support a branch led model, over time new modules were bolted on to support digital interactions but in most cases this has resulted in spaghetti like and slow and expensive to change architectures. These legacy systems are in essence carrying major Technical Debt. This debt has to be successfully addressed if a bank wants to digitally optimize or transform.

For many banks, the main focus is on the product and the benefits it will provide the bank itself in terms of increasing the profit. How do you think about this?

I agree for the moment that this is the case in many legacy banks. It is not really a surprise as legacy banks were purposely built on a product first approach to be supported by branch distribution. It is my view however that the majority of banks have already recognized they have big challenges ahead and their focus is changing or will change.

Banks know that they will need to find ways to build business models that will generate new revenue as traditional fee and interest income come under continued stress. Like many commentators on the banking industry I believe that to sustain future profitability and achieve stronger returns banks will need to invest in digital at scale, change their culture, simplify operations, increase market-share while reducing costs, strengthen security and continually innovate to add convenient products & services customers will be willing to pay for.

As digital banking becomes mainstream we will see new success metrics being discussed at bank board tables. The new metrics will be quite ecommerce-like and will concentrate on measuring Digital Traction, Cost of Acquisition and Customer Lifetime Value. Traditional metrics like Cost Income Ration (CIR) will also need to be re-baselined as happy digital customers typically generate twice the income and are 30% to 60% cheaper to serve.

In summary, I believe the key to any successful digital business model is not just about quick profit, it’s about developing the correct balance between what is best for customer with what is best for the business.

Everyone is aware that digital transformation is a must to survive and thrive in the digital age though not everybody knows that digitalization itself does not guarantee solid success in the future. There are so many cases in which attempts to transform lead to failure.

In March, MSB has announced it will adopt Mambu’s cloud-native banking platform as its key technology solution to help the business undergo a radical digital transformation. Can you share with us some information about your plan for MSB and what’s your strategy and expectation for the future of the digital bank?

Yes, in March 2020 we selected Mambu as our digital core banking platform provider. This partnership is helping MSB deliver on its goal of launching a digital only banking experience in October 2020.

Bryan Carroll, the Chief Digital Officer at Vietnam Maritime Bank (MSB)

Since March 2020 the team has been working very hard to ideate, design and deliver ”TNEX”. TNEX is MSB’s end to end digital only banking experience. An experience which primarily focuses on young people. TNEX is really different, it has been built using Data Science, Customer First, First Principles Design, digitally native technology, agility and innovation at its core. We started not just by asking or guessing what banking products customers want, we identified the actual services and products our target customers need to live their lives better and then built TNEX.

But we knew that digital transformation would not work just by adopting new technology. That’s why we created a digital unit within the bank to start aggressively changing the culture and the ways of working. Rather than blindly adopting agile out of the box we built our own version of a Spotify model, creating different Tribes to develop different services, to adopt agile at scale.

Every single TNEX touchpoint has been designed to help each and every customer to live their life without the need to use multiple apps. Enabled by our investment in a Customer Data Platform, Artificial Intelligence, Machine Learning and design thinking, we can delight every customer with a personalized lifestyle experience ; one that is real-time sensitized to our customers’ actual behaviors, real needs and future dreams .

We are very excited about our launch in October, it is our belief, a belief strongly supported by our pilot customers, that TNEX will help revolutionize the way people bank in Vietnam forever.

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Vietnam’s banks stick with bullish 2020 target despite coronavirus

by Vietnam Insider

Major banks in Vietnam are still expecting to report growth in the first quarter and for the rest of 2020 despite the disruptions caused by the coronavirus (COVID-19) pandemic.

According to estimates from Saigon Securities Incorporation (SSI)’s research division, Vietnam International Bank (VIB) was expected to lead in terms of pre-tax profit growth in the first quarter with a 30 per cent on-year increase to surpass VND1 trillion (US$43.48 million).

Meanwhile, with credit growth of nearly 6 per cent in the first quarter and earnings from its bond investment portfolio in the first two months of this year, VPBank is expected to post double-digit profit growth in the first quarter.

SSI analysts also estimated TPBank’s pre-tax profit in the first quarter hit VND1 trillion, up 17.3 per cent year-on-year, while the figure for ACB was VND1.8 trillion, up 5 per cent on-year.

Pre-tax profit at State-owned Vietcombank was forecast to reach VND6.1 trillion, up 3 per cent on-year.

Though official numbers have yet to be published, some banks have already announced their business plans for 2020.

Pre-tax profit at State-owned Vietcombank was forecast to reach VND6.1 trillion, up 3 per cent on-year.

In an annual report released recently, SeABank set a pre-tax profit target of more than VND1.5 trillion, up by 8.3 per cent compared to the previous year. The target is fairly modest as SeABank’s pre-tax profit in 2019 increased by more than two times, reaching VND1.39 trillion.

For MSB, with credit growth of 20 per cent and mobilization growth of 10 per cent set for 2020, the bank expects a pre-tax profit of VND1.44 trillion, up by 12 per cent. MSB also targets an asset increase of VND170 trillion, up by 8 per cent, while the bad debt ratio will be held below 3 per cent.

At the annual general meeting held late last month, Kienlongbank’s shareholders approved a business plan with a profit target of VND750 billion, 8.7 times higher than 2019, and credit and mobilization growth targets of 13 per cent and 16 per cent, respectively.

Kienlongbank has a history of setting breakthrough growth even when most banks expect to record a decrease in accrued interest receivables than in previous years after completing the settlement of secured collateral. The bank also has the advantage of not being required to set a provision for bad debts at the Vietnam Asset Management Company (VAMC).

However, Kienlongbank also said its plan was based on the best COVID-19 scenario, and could be adjusted if the prolonged epidemic negatively affected its business operations.

— VNS

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Finance

Vietnam’s banks offer higher rates for online savings

by Vietnam Insider

To encourage customers to deposit money online amid the COVID-19 pandemic, many banks have raised interest rates for online savings by up to 1.4 per cent higher than over-the-counter deposits.

Short-term interest rates (below six months) are prevalent at 4.3-4.75 per cent per year at most banks and do not differ much from over-the-counter deposits due to the rate cap set by the State Bank of Vietnam

However, a few banks have listed lower rates for traditional deposits and offer higher online rates such as Techcombank (up 0.45 percentage points), SeABank (up 0.4 percentage points), ACB (up 0.25 percentage points) and BIDV (up 0.2 percentage points).

The disparity is clearer for terms from six months and above.

Among the Big Four, Vietinbank is offering customers up to 0.3 percentage points per year higher for online savings compared to over-the-counter deposits (depending on term of deposit).

BIDV made a similar move with an increase of 0.2 percentage points for online savings.

Vietcombank and Agribank have yet to announce any changes in their interest rate policies.

Among commercial joint stock banks, Saigon Bank (SCB) and Nam A Bank have launched the highest online saving interest rates for six-month and 12-month terms, between 8.03 per cent and 8.66 per cent per year – 0.9-1.2 percentage points higher than traditional deposits.

Some banks have listed interest rates above 7 per cent per year for six-month terms including OCB, Viet A Bank, Vietbank, PVcomBank, Viet Capital Bank and Eximbank.

Many are offering interest rates from 6.2 to 7 per cent per year such as SeAbank (6.2 per cent), ACB and Maritime Bank/ MSB (6.7 per cent), VIB and TPBank (6.8 per cent) and Eximbank (7 per cent).

For 6-month terms, Eximbank has the biggest difference between online savings and over-the-counter savings of 1.4 percentage points per year.

Disparity at other banks such as Techcombank, Viet Capital Bank, Sai Gon-Hanoi Bank, TPBank, SeABank and Maritime Bank is between 0.4 and 1.1 percentage points for terms of six months and 12 months.

For 12-month terms, only a few banks have listed interest rates below 7 per cent per year such as Techcombank (6.5 per cent) and Vietcombank (6.6 per cent), while most banks have kept interest rates between 7 per cent to 7.8 per cent.

Interest rates for 18-month terms are similar or slightly higher than 12-month terms. Meanwhile, the majority of banks have maintained or slashed interest rates for longer terms (24 months and 36 months).

– VNS

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Vietnam’s MSB has completed all three pillars of the Basel II

by Vietnam Insider

The Vietnam Maritime Commercial Joint Stock Bank (MSB) said it has completed all three pillars of Basel II standards that is supervisory review nearly one year ahead of the schedule set by the State Bank of Vietnam.

Together with the realization of the first and third pillars of Basel II – minimum capital requirement and market discipline – in July 2019, MSB has become one of the first banks to complete all of the three pillars.

Basel II is the second edition of the Basel Accords, which are recommendations on banking law and regulations issued by the Basel Committee on banking supervision. It aims to enhance competition and transparency in the banking system and make banks more resistant to market changes.

Under the second pillar, a bank must have an Internal Capital Adequacy Assessment Process (ICAAP) in place. A bank must conduct periodic internal capital adequacy assessments in accordance with their risk profile and determine a strategy for maintaining the necessary capital level.

To meet the standards, the MSB has adopted a risk governance model based on big data analysis using artificial intelligence to seek and assess potential clients for credit card products. Accordingly, clients could apply online for credit cards within 24 working hours without submitting income statement or visiting its branches or transaction offices.

Nguyen Hoang Linh, the Acting CEO of MSB

“The early completion of the three pillars of Basel II will create a premise and momentum for the bank to gear towards higher international risk governance standards like Basel III, while helping the bank operate in a transparent, safe and sustainable way” said Nguyen Hoang Linh, the Acting CEO of the bank.

The bank’s net profit before provisioning of MSB in 2019 exceeded 2.2 trillion VND (94.3 million USD), up 23.5 percent over 2018. Its total assets reached nearly 157 trillion VND, up 14 percent year-on-year and surpassing its target by 3 percent.

The bank’s total pre-tax profit was 1.28 trillion VND, up more than 20 percent over 2018./.

– VNA

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Finance

MSB donates VND10 billion to fight against the spread of Covid-19

by Neoma Simpson

Vietnam Maritime Joint Stock Commercial Bank (MSB) has contributed VND10 billion to the fight against the novel coronavirus (COVID-19) pandemic in Vietnam. The bank expected that its contribution would help to fight against the pandemic and bring socio-economic activities back on track early.

The donation has been collected by the Vietnam Central Bank and come to the Vietnam Fatherland Front’s central committee and other relevant agencies, including the Ministry of Health, to increase measures to prevent and fight the global pandemic.

As the coronavirus pandemic was having negative impacts on a wide range of sectors, MSB from the beginning of the outbreak acted to support its customers to overcome the difficult time.

In early February, MSB announced a support package with preferential interest rates for small and medium sized enterprises who were suffering the most from the pandemic.  The bank was also actively working with its customers to evaluate the impacts of the COVID-19 pandemic to raise measures to overcome difficulties.

MSB also offers its individual customers who open new credit card, borrow or deposit at the bank nationwide the “Corona Guard” package from March 13, 2020.

The bank also encouraged its customers to move online, providing fee reductions for transactions conducted via the MSB Mbank app for Android or iOS.

 

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Vietnam’s bank announces relief measures for Coronavirus affected customers

by Vietnam Insider

MSB and other credit institutions in Vietnam have acted in accordance with the guidance from the State Bank of Vietnam to make available a credit relief package to assist more than 44,000 Coronavirus (COVID-19) affected customers.

Facing the increasingly complicated situation of the Coronavirus outbreak which has caused significant impacts on the global economy and Vietnam’s itself, banks and credit institutions have together rolled out measures in a form of pragmatic solutions to promptly help customers tide over the impact of the outbreak. Solutions including giving out hand sanitizers, masks when customers transact on Internet Banking and Mobile Banking; introducing incentives for e-banking transactions to mitigate the risk of virus spreading among customers etc. Various measures have been carried out by the Vietnam Maritime Commercial Join Stock Bank (MSB Vietnam) since February 2020.

Related: Mambu’s composable banking platform to power Vietnam’s first digital-only bank

Besides the above mentioned solutions, MSB customers will be waived 100% the 24/7 quick transferring fee and enjoy the interbank transfer limit up to 6 billion dong/day when using one of the account packages including M1, M-Money, M-Business; These packages also offer customers extra value when opening up fixed deposit accounts online. In more details, customers using the packages will not be charged card opening fee and annual fee; and can enjoy up to 50% discount when using MSB cards on MSB Joy Hub; also, interest rate of up to 0.5%/ year higher than the counter interest rate is offered to customers when opening up call deposit/term deposit account.

At the same time, when making online payments with MSB Visa Online credit cards, customers will receive super reimbursements of up to 20% and be waived all transaction fees when paying utility bills via M-Banking.

To further step up the efforts, MSB has also introduced a special mortgage loan package with super attractive interest rate of 6.59% to aid our customers. This loan package, winged by an extended tenure of 40 years can meet the needs of up to 95% of customers. Simple and fast procedure and acceptance of diverse mortgage assets such as real estate, cars, assets derived from loans/ other assets of customers or relatives make this a perfect ideal relief measure.

In addition to all the preferentiality in products & services, MSB has also implemented many health protection mechanisms for employees. Nearly 7,000 employees are equipped with antivirus cloth masks and hand sanitizer at all MSB transaction points as well as MSB head offices. Branches and offices are weekly disinfectant sprayed to ensure a virus-free workplace for employees. At the same time, to ensure business is not disrupted by the coronavirus, MSB has put in plan various contingency activities such as: work rehearsal at backup facilities, working online in emergency situations.

With all these aggressive measures inside out, MSB is confidently prepared and ready to protect the customers and work together to overcome the Coronavirus pandemic.

Visit the website www.msb.com.vn for more information.

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Mambu’s composable banking platform to power Vietnam’s first digital-only bank

by Neoma Simpson

Vietnam Maritime Bank (MSB), one of Vietnam’s leading commercial banks, has announced it will adopt Mambu’s cloud-native banking platform as its key technology solution to help the business undergo a radical digital transformation.

MSB plans to launch Vietnam’s first digital bank by the end of 2020.

Mambu’s composable banking platform will underpin MSB’s move to digital as the business aims to be the first to market with a cloud-based bank offering in the region. Mambu’s pure SaaS technology will be a critical tool to enable flexibility as MSB seeks to better understand customer needs and provide superior customer service.

“There’s no denying that the future of banking is digital, and we want to be a big part of it. We’re investing heavily in our digital transformation and have also assigned significant resources to ensuring we have improved product offerings for our valuable customers. We’ve selected Mambu’s composable platform to build Vietnam’s first digital only bank as it is fully scalable, allowing us to grow quickly and respond with agility to customer needs as they arise. The Mambu platform is also completely configurable, meaning we can design it to meet our specific requirements.” Bryan Carroll, CDO of MSB commented on the deal:

“MSB has a target of becoming the best commercial bank in Vietnam and we will have a hand in helping the business achieve its goal as it undergoes this exciting digital transformation. Mambu’s cloud-native technology is the ideal platform to consolidate MSB’s position as a first-mover in the digital banking landscape in Vietnam.” Said Myles Bertrand, Mambu’s Managing Director APAC.

MSB’s digital bank will be Vietnam’s first purely digital only, cloud-based bank with no physical branches.

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Finance

EU Investors can purchase upto 49 percent stake of two Vietnamese banks

by Neoma Simpson

Investors from the EU will have opportunities to own higher stakes in Vietnamese banks than those from other countries under Vietnam’s commitments in the EU-Vietnam Free Trade Agreement (EVFTA).

Under the EVFTA signed this week by the European Parliament, Vietnam and the EU have committed to facilitate the investment environment for businesses of the two sides, in which the first will allow the latter’s investors to enjoy an exception – holding up to 49 per cent charter capital at two Vietnamese banks. Vietnam News Agency reports.

Related: EU Parliament approves landmark free-trade agreement with Vietnam

According to Vietnam’s existing legal regulations, the maximum rate of foreign ownership in a commercial bank is capped at only 30 per cent.

The offer will apply only to joint stock banks, excluding BIDV, Vietinbank, Vietcombank and Agribank in which the State still holds the controlling stakes.

The offer will be valid for five years after the pact takes effect. After the five-year deadline, the offer expires, and any proposals will be rejected.

The implementation must also comply with all of Vietnam’s current regulations on procedures for mergers and acquisitions as well as safe and competitive conditions, including limits on the shareholding ratio applicable to each individual and institutional investor on the basis of national treatment. Currently, the stake owned by an individual foreign investor in a Vietnamese bank is capped at 5 per cent and the maximum rate for a foreign institutional investor is 15 per cent.

Experts believed European investors would eye banks which have some good criteria, such as clearing bad debts, focusing on core credit activities and meeting the State Bank of Vietnam’s standards.

In the list of top ten joint stock banks released last year, Techcombank, VPBank, and ACB took the leading positions, followed by TPBank, SHB, HDBank, Sacombank, VIB, MSB and SCB.

Techcombank, VPBank, and ACB took the leading positions, followed by TPBank, SHB, HDBank, Sacombank, VIB, SCB and MSB

Foreign investors have shown interest in the Vietnamese banking and financial market in recent years, given the country’s population of nearly 100 million with only 30 per cent of them having access to banking services.

Banking expert Nguyễn Trí Hiếu told Vietnam News that while it was hard for investors to own wholly foreign owned banks in Vietnam, especially after the Government stopped issuing new licenses for the establishment of wholly-owned foreign banks in the country, the best option for foreign investors to enter the Vietnamese market now was through mergers and acquisitions (M&A) with local banks and financial firms.

“In the current context, the most common way for foreign investors to enter the Vietnamese financial market is to acquire stakes in local banks or buy financial companies instead of establishing new ones,” Hiếu said, adding M&A would also help reduce many legal and procedural difficulties for foreign investors.

“Therefore, instead of paying a huge amount and spending a lot of time establishing a new company, M&A with local partners has more advantages, especially when local banks are also expecting to raise capital from foreign shareholders to meet the central bank’s stricter capital requirements due to the underdevelopment of the domestic capital market,” Hiếu explained.

– VNS

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South Korea’s Hyundai Card is set to acquire a 50 percent stake in a Vietnamese financial firm for $42m

by Son Bui

The Korean credit issuer Hyundai Card has struck a deal that allows it to buy half of total shares at the consumer finance firm FCCOM, member company of the Maritime Joint StockCommercial Bank (MSB) for nearly $42 million.

The deal will help the foreign credit card issuer expand its business in Vietnam, where consumer lending is booming on high domestic consumption, Yonhap News Agency reported.

The deal is expected to complete in the first quarter of 2020and the post-merger company will start operating in the second half of 2020.

“The entry into the Vietnamese market has a significant meaning in that it will mark Hyundai Card’s first direct entry into a foreign market,” Hyundai Card told Vietnam Insider.

“Vietnam is one of the world’s fastest growing markets. Its market for individual loans is currently growing at an annual average of 60percent, with the number of credit card holders surged 27 percent on-year to7.4 million last year.” according to Hyundai Card.

The Korean firm also plans to explore other markets in Southeast Asia, the Deal Street Asia reported.

Hyundai Card’s officers will be responsible for the finance while MSB staff will take care of sales and operations in the post-merger business.

In addition to consumer lending, FCCOM will also cover other sectors such as credit card issuance, automobile financing and corporate financing, which is expected to support the operation of two automobile firms Hyundai andKia Motors in Vietnam.

Before Hyundai Card, some Korean finance firms had enteredVietnam. In 2017 Lotte Card bought out Techcom Finance and launched its unit Lotte Finance in late June 2019. In early 2018, Shinhan Card acquired Prudential Vietnam for 150million USD. The merged business started operating in May 2019.

Aside Korean investors, Japanese firms have appeared on theVietnamese consumer lending market such as Credit Saison and Shinsei Bank, which have formed joint ventures with HDBank and Military Bank.

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Moody’s takes positive actions on Vietnamese banks

by Vietnam Insider

Moody’s Investors Service has today upgraded the long-term local and foreign-currency issuer ratings and long-term local-currency deposit ratings of five Vietnamese banks, and affirmed the same for the other 11 Moody’s-rated banks in Vietnam. Moody’s also upgraded the long-term foreign-currency deposit ratings of two Vietnamese banks, and affirmed the same for the other 14.

At the same time, Moody’s has upgraded the long-term Counterparty Risk Ratings (CRRs) and Counterparty Risk Assessments (CRAs) of eight banks and affirmed the same for the other eight. Finally, Moody’s has upgraded the baseline credit assessments (BCAs) and Adjusted BCAs of 12 banks and affirmed those for the other four.

The affected banks are: (1) An Binh Commercial Joint Stock Bank (ABB), (2) Asia Commercial Bank (ACB), (3) Ho Chi Minh City Development JSC Bank (HDBank), (4) JSC Bank for Foreign Trade of Vietnam (Vietcombank), (5) JSC Bank for Invstmnt & Developmnt of Vietnam (BIDV), (6) Lien Viet Post Joint Stock Commercial Bank (Lien Viet), (7) Military Commercial Joint Stock Bank (Military Bank), (8) Orient Commercial Joint Stock Bank (OCB), (9) Saigon – Hanoi Commercial Joint Stock Bank (SHB), (10) Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), (11) Tien Phong Commercial Joint Stock Bank (TPBank), (12) Vietnam International Bank (VIB), (13) Vietnam JSC Bank for Industry and Trade (VietinBank), (14) Vietnam Maritime Commercial Joint Stock Bank (MSB), (15) Vietnam Prosperity Jt. Stk. Commercial Bank (VP Bank), and (16) Vietnam Technological and Comm’l JSB (Techcombank).

In the case of Sacombank, the outlook was changed to stable from negative. The ratings outlooks on the ratings of the other 15 rated Vietnamese banks remain stable.

The rating action reflects Moody’s expectation that the strong economic growth evident in Vietnam will support the asset quality and profitability of the banks. To capture these developments, Moody’s increased Vietnam’s Macro Profile to “Weak+” from “Weak”.

Please click here for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

The upgrade of the BCAs of 12 Vietnamese banks is driven by the higher Macro Profile, and also by these banks’ progress in writing off legacy problem assets.

UPGRADE OF BIDV, VIETCOMBANK, AND VIETINBANK’S BCAs

The upgrade in the banks’ BCAs largely reflects improvements in asset quality. Funding and liquidity for these banks are stable, a result of their relatively lower reliance on market funds.. At the same time, capital remains a weakness for all three.

UPGRADE OF ABB, ACB, MILITARY BANK, OCB, TPBANK, VIB AND TECHCOMBANK’S BCAs

The upgrade in these banks’ BCAs reflects improvements in their standalone credit strength, particularly progress in writing off legacy problem assets, and in the case of OCB, TPBank and Techcombank, a strengthening of their capitalization.

Moody’s expects profitability for these seven banks to improve over the next 12 — 18 months as the burden of credit costs reduces.

UPGRADE OF VP BANK’S BCA

The upgrade of VP Bank’s BCA takes into account its high profitability and strong capitalization, which offset the high credit risks from its consumer finance portfolio.

UPGRADE OF HDBANK’S BCA

The upgrade in HDBank’s BCA reflects improvements in the bank’s capitalization and profitability. At the same time, this rating action also takes into account the impending merger between HDBank and Petrolimex Group Commercial Joint Stock Bank (PGBank, unrated), a small private sector bank in Vietnam.

Based on the two banks’ financials for 2017, the key credit metrics of the merged entity, with the exception of asset quality, will be broadly similar to that of HDBank.

Moody’s calculates the proforma problem loan ratio of the merged entity — including loans under categories 2-5 of Vietnamese accounting standards, and gross bonds issued by the Vietnam Asset Management Company (VAMC) — to be at around 6.8%, while that of HDBank is 4.9%.

Post-merger, Moody’s expects the merged entity’s return on tangible assets to decline because of higher credit and operating costs. Moody’s expects funding and liquidity for the bank to remain stable.

AFFIRMATION OF MSB, SACOMBANK, SHB, AND LIEN VIET’S BCAs

The affirmation of MSB, SHB, and Lien Viet’s BCAs reflects Moody’s expectation that the banks’ credit profiles will broadly remain stable over the next 12 – 18 months.

The solvency of these banks is modest compared to that of other rated Vietnamese banks, but somewhat balanced by their funding and liquidity.

The BCA of Sacombank was affirmed because the bank still faces a significant risk from its problem assets, which exceeded 20% of total assets as of 30 June 2018.

The adjusted BCAs of all rated Vietnamese banks are at the same level as their BCAs as we do not factor in any affiliate support for these banks.

GOVERNMENT SUPPORT ASSUMPTIONS REMAIN UNCHANGED FOR ALL THE AFFECTED VIETNAMESE BANKS

Moody’s factors in the assumption of a “Very High” probability of government support in times of need into the ratings of the three government-owned banks — Vietcombank, BIDV, and VietinBank — and a “Moderate” probability of government support in times of need into the ratings of the remaining rated private sector banks.

Moody’s government support assumption is also driven by the relative systemic importance of these banks to the Vietnamese banking system as well as, in the case of government-owned banks, their ownership structures.

The upgrade of ACB, Military Bank, and Techcombank’s long-term local and foreign currency issuer ratings and long-term local-currency deposit ratings, as well as HDBank and OCB’s long-term local and foreign currency issuer and deposit ratings was driven by the upgrade in the banks’ BCAs.

Similarly, the upgrade in the long-term CRRs and CRAs of ABB, ACB, Vietcombank, Military Bank, TPBank, VIB, VP Bank and Techcombank was also driven by the upgrade in the banks’ BCAs.

The foreign currency deposit ratings of all rated Vietnamese banks are capped at B1, because Vietnam’s country ceiling for foreign currency deposits is B1.

OUTLOOK ON SACOMBANK’S RATINGS CHANGED TO STABLE

The outlook on Sacombank’s ratings was changed to stable from negative, to reflect its stabilized solvency profile and some progress in the recovery of problem assets.

WHAT COULD MOVE THE RATING UP

The long-term bank deposit and issuer ratings of these Moody’s-rated Vietnamese banks could be upgraded if the sovereign rating is upgraded and/or if the banks post improved standalone credit metrics that lead to higher BCAs.

WHAT COULD MOVE THE RATING DOWN

The long-term bank deposit and issuer ratings of these Moody’s-rated Vietnamese banks could be downgraded if the sovereign rating is downgraded. At the same time, the long-term ratings of Vietcombank, BIDV, and VietinBank could also be downgraded if Moody’s assesses that government support for these banks has weakened.

The BCAs of these Moody’s-rated Vietnamese banks could be downgraded if their financial fundamentals deteriorate significantly. If all other rating factors are constant, the BCAs would come under adverse pressure if the banks report significantly increased problem loan ratios or significantly reduced capitalization. A material deterioration in funding and liquidity could also be negative for the ratings.

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

  1. An Binh Commercial Joint Stock Bank (ABB), headquartered in Ho Chi Minh City, reported total assets of VND88,586 billion ($3.84 billion) as of 30 June 2018.
  2. Asia Commercial Bank (ACB), headquartered in Ho Chi Minh City, reported total assets of VND309,968 billion ($13.45 billion) as of 30 June 2018.
  3. Ho Chi Minh City Development JSC Bank (HDBank), headquartered in Ho Chi Minh City, reported total assets of VND191,293 billion ($8.30 billion) as of 30 June 2018.
  4. JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered in Hanoi, reported total assets of VND977,682 billion ($42.42 billion) as of 30 June 2018.
  5. JSC Bank for Invstmnt & Developmnt of Vietnam (BIDV), headquartered in Hanoi, reported total assets of VND1,268,267 billion ($55.03 billion) as of 30 June 2018.
  6. Lien Viet Post Joint Stock Commercial Bank (Lien Viet), headquartered in Hanoi, reported total assets of VND175,833 billion ($7.63 billion) as of 30 June 2018.
  7. Military Commercial Joint Stock Bank (Military Bank), headquartered in Hanoi, reported total assets of VND333,203 billion ($14.46 billion) as of 30 June 2018.
  8. Orient Commercial Joint Stock Bank (OCB), headquartered in Ho Chi Minh City, reported total assets of VND90,831 billion ($3.94 billion) as of 30 June 2018.
  9. Saigon – Hanoi Commercial Joint Stock Bank (SHB), headquartered in Hanoi, reported total assets of VND303,930 billion ($13.19 billion) as of 30 June 2018.
  10. Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), headquartered in Ho Chi Minh City, reported total assets of VND400,686 billion ($17.39 billion) as of 30 June 2018.
  11. Tien Phong Commercial Joint Stock Bank (TPBank), headquartered in Hanoi, reported total assets of VND126,533 billion ($5.49 billion) as of 30 June 2018.
  12. Vietnam International Bank (VIB), headquartered in Hanoi, reported total assets of VND127,238 billion ($5.52 billion) as of 30 June 2018.
  13. Vietnam JSC Bank for Industry and Trade (VietinBank), headquartered in Hanoi, reported total assets of VND1,140,117 billion ($49.47 billion) as of 30 June 2018.
  14. Vietnam Maritime Commercial Joint Stock Bank (MSB), headquartered in Hanoi, reported total assets of VND123,299 billion ($5.35 billion) as of 30 June 2018.
  15. Vietnam Prosperity Jt. Stk. Commercial Bank (VP Bank), headquartered in Hanoi, reported total assets of VND293,112 billion ($12.72 billion) as of 30 June 2018.
  16. Vietnam Technological and Comm’l JSB (Techcombank), headquartered in Hanoi, reported total assets of VND300,405 billion ($13.04 billion) as of 30 June 2018.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Visit www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.

Read full press release from Moody’s here

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