While both Vietcombank and BIDV announced significant profit growth, Vietinbank remained quiet and kept secret until the end.
Joint Stock Commercial Bank for Investment and Development of Vietnam has recently announced its specific plan on issuance of 600 million new shares to Korean based KEB Hana Bank to raise its charter capital.
This is the largest commercial loan that the Asian Development Bank has provided to an Asian commercial bank so far.
South Korea's KEB Hana Bank will spend $650-700 million to acquire a 15 per cent stake in BIDV.
A plan to increase the charter capital up to $1.53 billion from $504 million to become the third largest bank in Vietnam was approved in shareholders' extraordinary meeting of Techcombank held yesterday.
The ambitious targets set by banks in 2018 forecast that the private banks will usurp the state owned commercial ones.
Vietnam will attract more foreign capital, improve its transparency and the investment environment when its market is upgraded from frontier to emerging.
Being a billionaire by owning billions of dollar of assets, many Vietnamese businesses use these assets to secure their loans or related companies at banks.
Techcombank announced that its pretax profit in 2017 reached over VND8.03 trillion (US$354.4 million), doubling that in 2016 and naming Techcombank in Vietnam’s top five profitable banks.
VPBank's profit in 2017 surpassed Agribank and was only lower than that of Vietcombank, Vietinbank and BIDV.
Publication permit No. 348/GP-BTTTT dated July 19, 2017, granted by the Ministry of Information and Communications of the Socialist Republic of Vietnam
Editor-in-Chief: Nguyen Cao Cuong
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