Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) now has five subsidiaries, two of which are registered overseas, namely the U.S-based Vietcombank Transfers Company and Hong Kong-based Vietnam Finance Co., Ltd. (Vinafico).
Vietcombank Transfers was established in 2009 with the main purpose of transferring remittances from the U.S. to Vietnam. Vietcombank holds 87.5 per cent Vietcombank Transfers with the investment amount of VND204 billion (equivalent to US$9 million). Since the end of 2016, it has opened a transaction office and 76 agents and has been granted business license for operations in 17 US states.
According to Vietcombank’s report in 2016, Vietcombank Transfers was in the stage of business development, and has not yet turned a profit.
Vinafico was established in 1978 and is totally owned by Vietcombank with charter capital of VND117 billion (roughly US$5.15 million). Its main business lines are receipt of deposits, credit, payment services and money transfer. In 2016, Vinafico’s after-tax profit reached VND6.54 billion (approximately US$288,296).
The other three subsidiaries of Vietcombank include Vietcombank Securities Co., Ltd (VCBS), Vietcombank Leasing Company (VCBL) and Vietcombank Fund Management (VCBF).
VCBS accounts for about 3.5 per cent of the securities brokerage market share on HOSE and has achieved impressive business results in recent years. In the first nine months of this year, the company earned VND107 billion (equivalent to US$4.7 million).
Regarding insurance sector, Vietcombank holds 45-per cent stake of Vietcombank – Cardif Life Insurance Co., Ltd, equaling VND270 billion (US$ 11.5 million).
In the domestic market, Vietcombak is currently holding stakes in other banks such as Marine Bank, Saigonbank, Eximbank and others. As planned, Vietcombank will sell all of its shares in Saigonbank by share offer on November 20, 2017.
According to Vietcombank’s consolidated financial report for the first 9 months, 2017, Vietcombank’s before-tax profit reached VND7,934 billion (roughly US$349,75 million).
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