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NGÂN HÀNG CÔNG THƯƠNG VIỆT NAM Vietnam Bank for Industry and Trade
A N N U A L R E P O R T
BÁO CÁO THƯỜNG NIÊN
CO
NTE
NT
Corporate Profile
Financial Highlights 2003 – 2007
Message from Chairman of The Board of Directors
VietinBank Performance in 2007
Fund Mobilization
Loans to the Economy
Investments
Joint-ventures and Capital Contribution Activities
Subsidiaries
Banking Service Development
International Banking Activities
Social Activities
VietinBank and Equitization Process
Business Plan for 2008
VietinBank Brand Identity
Financial Statements
Independent Auditors’ Report
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Cash Flows
Interpretation on Financial Reports
Organization Chart
VietinBank Nationwide Network
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Corporate Profile
Vietnam Bank for Industry and Trade – VietinBank (formerly Industrial and Commercial Bank of Vietnam – Incombank) was established in 1988, on its separation from the State Bank of Vietnam. VietinBank is one of the four largest commercial banks in Vietnam and is ranked as one of the 23 special state-owned corporations.
VietinBank’s Head Office
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Financial Highlights 2003 – 2007 (as of 31 December)
in million VND
2003 2004 2005 2006 2007
Total assets 94,979,062 98,601,171 115,765,970 135,442,520 166,112,971
Total loans and investments 83,539,096 90,186,620 103,405,483 125,088,497 153,860,348
Total loans 61,751,878 69,238,983 74,632,271 80,152,334 102,190,640
Total mobilized funds 89,680,881 92,530,427 108,605,615 126,625,018 151,459,336
Deposits from customers 70,079,035 72,258,562 84,387,013 99,684,234 116,364,837
Total equity 3,921,638 4,593,153 4,999,839 5,637,625 10,646,529
After-tax profit 233,666 276,521 423,093 602,800 1,149,442
Return on Average Assets (ROAA) 0.26% 0.29% 0.39% 0.48% 0.76%
Return on Average Equity (ROAE) 6.81% 6.50% 8.82% 11.33% 14.12%
Capital Adequacy Ratio (CAR) 6.08% 6.30% 6.07% 5.18% 11.62%
VietinBank’s extensive network includes 3 Main Transaction Centers (in Hanoi and Ho Chi Minh City), 138 branches, 185 transaction offices, 428 savings bureaus, 750 ATMs, a Human Resource Development and Training Center (in Hanoi) and an Information Technology Center (in Hanoi).
VietinBank subsidiaries are VietinBank Leasing Company, VietinBank Securities Limited Company, VietinBank Asia Insurance Company and VietinBank Real Estate and Financial Investment Company.
VietinBank is a co-founder and major shareholder of Indovina Bank and Vietnam National Financial Switching JSC (Banknet).
VietinBank manages correspondent banking relationships with over 850 banks worldwide and thus can send authenticated SWIFT messages to more than 19,000 banks and their branches globally.
VietinBank provides a wide range of banking and financial products and services including deposits and savings, local and international payments, loans, guarantees and counter-guarantees, trade finance, remittances, issuance and payment services for domestic and international cards, travelers’ checques,
foreign exchange, securities trading, insurance and financial leasing and etc.
VietinBank is the full member of:
• The Asian Bankers Association (ABA)
• The ASEAN Bankers Association
• Vietnam Bankers Association (VNBA)
• Society for Worldwide Inter-bank Financial Telecommunication (SWIFT)
• Visa/ Master Services Association
• Vietnam Chamber of Commerce and Industry (VCCI)
• APEC Financial Institutions dealing with Small and Medium-Sized Enterprises
• Vietnam Association of Small and Medium Enterprises
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One year after WTO entry, Vietnam’s economy recorded substantial gains in most sectors in 2007, with GDP growth of 8.48% - the highest growth rate over the past 10 years. The confidence and expectations of both local and foreign investors in Vietnam’s economy increased, as shown by the strong growth in investment capital, while FDI of USD 20.3 billion was double the amount received in 2006; industrial output rose by 17.1%; export turnover rose by 22% reaching USD 48.4 billion; official foreign currency reserves increased significantly. A large number of major and high-tech projects were signed, creating opportunities for Vietnam to accelerate national industrialization and modernization. However, in addition to the above solid achievements, in 2007 Vietnam’s economy had to deal with a high inflation rate of 12.3%, a large trade deficit and an unstable real estate market.
The Banking industry was considered to have had a successful year in 2007, contributing strongly to GDP growth. With total loans and investments to the economy increasing by 38% compared to 2006, commercial banks continued to maintain their impressive business performance.
In 2007, under the strict anti-inflation monetary policy imposed by the State Bank of Vietnam and in the context of fierce competition in the banking sector, Vietnam Bank for Industry and Trade (VietinBank) continued its sustainable development momentum thanks to the direction given by the Board of Directors, and the ongoing efforts of the Board of Management and all employees. Total assets went up 24%, total capital increased by 19%, asset quality improved demonstrably, with year end NPLs of 1.02% (compared to 1.38% at the beginning of the year). The branch network was strengthened and the focus was in investments in modern banking technology. Furthermore, banking operations and banking services recorded good growth rates; risk provision increased by 47% and total income increased by 85%. VietinBank’s good performance contributed positively to the socio-economic development and industrialization of the country.
With the strategy of becoming a leading bank in the region, VietinBank must transform itself into an efficient universal bank and offer a full products suite to corporate, commercial and retail customers, supported by the latest technology. This will require substantial and ongoing investments in human resources (training programs, including developing management/leadership skills). However, this can only be achieved with sound financials and sustainable growth, sound principles to which VietinBank’s Management is firmly committed. In 2008, VietinBank’s management approved a business plan with the following targets: total capital to increase by 20%, total loans and investments to increase by 25%, NPLs below 2%, loan loss provision of VND 1,500 billion and fee income of VND 700 billion. The year 2008 will witness many important events among which the most significant will be the 20th anniversary of Vietnam Bank for Industry and Trade’s establishment, the official introduction of new brand identity “VietinBank” and the new logo. The new brand name has already been registered and protected at Vietnam’s National Office of Intellectual Property and will then be registered in 40 countries in the world. Furthermore, VietinBank will launch its IPO in the local market, list on the stock exchanges and offer shares to strategic foreign investors. VietinBank will make all the necessary preparations to become “VietinBank Financial Group” and actively promote its regional and international integration.
On this occasion, on behalf of the Board of Directors, Board of Management and VietinBank staffs, we would like to express our sincere thanks for the valued guidance and support of the Government, the State Bank of Vietnam and other relative bodies and authorities and to our distinguished customers, domestic and foreign partners who greatly contributed to the success of VietinBank in the year 2007. We hope that VietinBank will continue to receive your kind assistance and cooperation.
Dr. Pham Huy HungChairman
The Board of Directors
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t FUND MOBILIZATION
Thanks to the large network countrywide, diversified deposit products with multi benefits for depositors, the total mobilized funds increased year by year.
In 2007, deposit interest rate increased to a very high level due to competition by a many newly-established joint-stock commercial banks anxious to gain market share and meet liquidity needs. This situation had an overall negative effect on banking business. VietinBank has implemented many measures to maintain the stability of its deposit base and to increase mobilized funds, including actively adjusting interest rates and tenors, enhancing marketing activities, expanding funding channels, launching flexible funding products and improving customer service.
As of 31st December 2007, total mobilized funds were VND 151,459 billion, an increase of VND 24,835 billion, or 19.6% up on 2006 and accounted for a
VND 151,459 billion total mobilized funds
FY03
FY04
FY05
FY06
FY07
VND
Tri
llion
70.1 72
.3 84.4
91.5
112.
7
Funding Mix developMent
Borrowings & Other liabilities
Capital & Reserves
Deposits
3.9
19.6
4.6
20.3
6.0
24.2
5.6
26.9
10.6
35.1
The Governor of the State Bank of Vietnam at VietinBank’s 20th Anniversary
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10.5% market share of the whole banking system. Deposits in local currency were VND 127,947 billion, an increase of VND 26,067 billion, or 25.5% up on 2006 and accounted for 84.5% total mobilized funds. Deposits in foreign currency were VND 23,512 billion equivalent, a decrease of VND 1,233 billion, or 5%. Deposits from economic entities reached VND 55,083 billion, accounting for 36.4% of total mobilized funds and increased by 35.5% as compared to 2006, in which deposits from enterprises were VND 28,836 billion, accounting for 52.3% of total deposits from economic entities, 38.5% up on 2006. Deposits from businesses and enterprises increased due to the fact that state-owned enterprises gained a comparatively large surplus capital from equitization, which were not yet invested in business but deposited temporarily in banks. Deposits from state-owned enterprises were VND 43,802 billion, an increase of VND 8,883 billion (25.4%) as compared to 2006; deposits from private enterprises reached VND 8,486 billion, an increase of VND 4,081 billion (93%) compared to last year; deposits of foreign-invested enterprises were VND 2,795 billion, up by VND 1,476 billion compared to 2006. Term deposits from enterprises accounted for about 30%-35% over total mobilized funds.
Deposits from residents reached VND 55,060 billion, accounting for 36.4% of total mobilized funds, increasing by 4.3% compared to 2006. Stable, long term savings reached VND 51,388 billion, accounted for 33.9% of total mobilized funds and increased by 15.2% compared to last year. Debt issuance at VND 3,672 billion, accounted for 2.4% of total mobilized funds, was down 55% compared to 2006.
in VND billion2007 2006
Deposits from customers 116,365 99,683
(i) Deposits from economic entities: 55,083 40,643
Local currency 41,368 36,544
(ii) Deposits from residents 55,060 52,773
Savings 51,388 44,595
Local currency 39,515 32,172
Debt issuance 3,672 8,178
Local currency 85 4,715
(iii) Deposits from others 6,222 6,267
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t Through better liability management, tenor structures were changed, with the holding of lower cost funds increasing. Demand deposits increased by 20.5% compared to 2006, time deposits increased by 13.6%, however, medium and long-term mobilized capital (more than 1 year), which accounted for 25.5% of total mobilized funds, decreased by 0.7% compared to 2006. In 2007, VietinBank was successful in offering two issuances of long-term certificate of deposits and notes.
With a reasonable growth rate and capital structure, the diversified mobilization products of VietinBank proved to be suitable to depositors’ needs and meet the increasing demands of the market.
LOANS TO THE ECONOMY
Loans to the economy as at 31st December 2007 were VND 102.19 billion, rose by VND 22,039 billion, representing an increase of 27.5% compared to 2006. To-date, VietinBank’s market share accounted for 10.5% of the banking industry. Loans in VND made up 82.5% or VND 84,308 billion of total loans, and increased by 26%. Loans in foreign currencies were the equivalent of VND 17,883 billion, increased by VND 4,658 billion or 35.2%. Medium and long-term loans accounted for 38.9% of total loans.
in VND billion2007 2006
Short-term loans 60,529 47,329
In VND 51,466 40,857
Medium-long term loans 39,707 31,388
In VND 30,998 24,776
Financial Leasing (VND) 613 625
Loans to international credit program 938 714
Other loans 404 96
102,191 80,152
in VND billion2007 2006
Demand deposits 29,354 24,342
Local currency 26,095 22,000
Time deposits (including debt issuance) 83,300 73,338
Local currency 65,758 56,282
VietinBank’s Corporate Customer - Vietnam Petroleum Group
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tLoans to corporates accounted for 37.9%, loans to SMEs accounted for 41.8% and loans to individuals and households accounted for 20.3%.
VietinBank offered syndicated loans, with 10% of total loans to 84 key projects of importance to national economy. In 2007, VietinBank acted as the arranger for two hydroelectricity projects: Song Tranh 2 project and Da Dang project with the amount of VND 1,860 billion (of which VND 850 billion was lent by VietinBank). VietinBank also signed the loan agreement committing the bank to lend VND 5,000 billion to Son La hydroelectricity project.
VietinBank focused on financing major projects in the fields of oil and gas, coal, real estate, steel and mining to diversify the medium and long term loan portfolio.
Being a state-owned bank that traditionally served large corporations and groups, VietinBank has signed cooperation agreements with eight partners including Vietnam Cement Industry Corporation, Binh Minh Import-Export Production and Trade Company, Vietnam Coal and Mineral Corporation, Vietnam Posts and Telecommunication Group, Vietnam Petroleum Group, Vietnam Steel Corporation, Vietnam Northern Food Corporation, Vietnam Petrolimex Corporation.
In 2007, VietinBank paid special attention to expanding its market share of retail and SME banking. Three new credit programs to small and medium enterprises were implemented, which are JIBIC – Phase 2, loans and guarantees to effective energy savings projects, and micro loans entrusted by the U.S. Save the Children. Total loans to SMEs from foreign organizations amounted to VND 1,000 billion. These types of loans not only provide financing but also non-financial services including training, consistency in project preparation, providing information, and audit services. These are good bases to attract more customers as well as create strong linkages for good customers with VietinBank.
Regarding individual customers, in 2007 VietinBank developed a wide range of products such as advances against proceeds from the sale of securities on official stock exchanges, house loans and car loans. VietinBank also signed agent contract with American International Assurance (AIA) to provide a credit-insurance combined product.
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t Credit quality has been improved and restructured to maintain effective and secure CAR (Capital Adequacy Ratio):
- Ratio of Non-performing loans (group 3,4 and 5): 1.02% (against plan of less than 3%)
- Ratio of loans with collateral: 72.67% (against plan of less than 75%)
- Ratio of medium-long term loans: 38.9% (against plan of less than 40%)
With the determination to enhance credit quality, VietinBank has applied tight credit policies to reduce loans categorized as group 2 and recover non-performing loans. VietinBank classifies the loans portfolio in accordance with the regulation of the State Bank of Vietnam. Due to enhanced risk management, robust internal controls and effective resolution of bad debts over the past several years, VietinBank’s financial stiuation improved substantially, with gained a healthy status, thereby creating resources for better business performance.
VND 12,841 billion Investments in the inter-bank market
INVESTMENTS As a leading financial institution, VietinBank has taken an active part in the government bonds market, supporting the liquidity of commercial banking system and maintaining stable solvency of VietinBank in particular and the banking industry in general. Internal procedure for investment activities was updated, supplemented and adjusted to be in conformity with the model of a modern commercial bank. The investment portfolio in the money market and capital market which amounted to VND 51,669 billion, increased by 15% as compared to 2006 and accounted for 31.1% of total assets with the following structure:
Vinasat I – a Project financed by VietinBank
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t • Investments in the inter-bank market totaled VND 12,841 billion, a substantial reduction compared to 2006, as VietinBank restructured its portfolio and shifted funds to investment in valuable papers to earn higher interest and benefit from a more stable income stream.
• Investment in securities were VND 38,144 billion, or a double the amount invested in 2006, mainly driven by increases in government bonds and bonds issued by other credit organizations.
VietinBank continued to support the payment needs of other commercial banks and at the same time fullly satisfied payment needs of the whole economy. By 31 December 2007, short-term investment in the inter-bank market amounted VND 12,841 billion, including VND 1,566 billion deposited with Vietnam Bank for Social Policy, in compliance with the regulations of the Government for the on-lending to customers under social policy programs aimed at hungder eradication and poverty alleviation initiated by the Government. VietinBank also actively participated in open market operations together with the State Bank of Vietnam, and contributed significantly to the implementation of national monetary policy targets.
Investment in securities saw a high growth rate in 2007, with investments being mainly in government bonds, treasury bills, and commercial bonds issued by reputable financial institutions. All securities held by VietinBank have high liquidity and are easily convertible to cash, or serve as borrowing collateral when nessesary. Investment securities was a key instrument in managing the Bank’s liquidity position. The strong growth rate of investments in securities reflected a shifting asset management strategy oriented to profitable asset portfolio diversification, increasing in risk free to low risk security investment, decreasing dependency on traditional credit activities, improving the efficent use of fund and supplementing secondary asset reserve for the liquidity purpose.
As of 31st December 2007, the outstanding balance reached VND 38,144 billion accounting for 73.8% of total investments. The securities portfolio has been diversified, details of which are as follow:
- Marketable securities valued at VND 32,353 billion, accounting for 84.8% of total investment in securities, increased by 2.7 times against 2006, and included government bonds, treasury bills, municipal bonds, VDB bonds, EVN bonds, bonds issued by other major corporation and enterprises in Vietnam.
Vietinbank Branch No.11 in Ho Chi Minh City
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t - Held-to-maturity securities valued at VND 5,052 billion, decreased by 2.4% against last year as debt securities issued by other financial institutions became due. These securities included treasury bills, government special bonds, educational bonds, municipal bonds, notes and certificates of deposits issued by other financial institutions, bonds of irrigation work, Petro Vietnam bonds and bonds issued by major corporations and enterprises in Vietnam.
VietinBank is a major commercial bank with substantial investments in money and capital markets and has maintained its role as market maker, contributed actively in terms of liquidity support for the market and enhanced the development of the bond market in Viet Nam. Investment in valuable papers is an important option for re-arranging the Bank’s asset mix, enhancing both liquidity management and portfolio diversification. Simultaneously, through investment in securities, and in particular government securities, VietinBank has contributed to the State’s plans for the development of socio-economic industries.
JOINT-VENTURE AND CAPITAL CONTRIBUTION ACTIVITIES
VietinBank joint-venture and capital contributions increased by VND 174 billion resulting in total capital contribution and share purchasing of VND 684 billion, an increase of 34.1% as compared to 2006. Due to credit institutions’ need to increase chartered capital to meet anticipated 2007 customer loan demands, VietinBank contributed to the capital increase of Indovina joint venture bank, Saigon Bank and Gia Dinh Joint-Stock Bank. On the other hand VietinBank decided to divest its holdings in the joint-venture Vietnam International Leasing Company (VILC). Additionally, VietinBank made strategic investments in equitized enterprises such as Ha Tien Cement Company, Phuoc Hoa Rubber Company and participated in the establishment of UDIC, Vietnam
VND 5,052 billion Held-to-maturity securities value
VietinBank’s Corporate Customer - Vietnam National Shipping Lines (Vinalines)
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VND 684 billion total capital contribution and share purchasing
Private Credit Information Company, Vietnam Health Care Financial Investment Joint-stock Company. VietinBank initiated planning on projects on financial consultancy, fund management, debt sales, real-estate, gold investment and trading, etc.
SUBSIDIARIES
VietinBank Securities Company
VietinBank Securities Company is limited company, wholly owned by VietinBank with equity of VND 300 billion. The company’s main services are brokerage, trading, underwriting, portfolio management and securities investment consultancy. In 2007, the Company completed the necessary conditions for equitization. The Company also maintained good performance and high growth in its business activities.
In 2007, there were 10,117 new accounts opened, increasing the total number of investor accounts to 26,000, accounting for 8.5% of total investor accounts in the market. VietinBank Securities Company established more than 10 agencies in various provinces. Income from brokerage increased sharply as compared with 2006 and amounted to VND 39,849 billion and gained market share of 2.44% of total brokerage activities.
In 2007, the Company continued its focus on consultancy service for equitization of companies such as: Electricity Company No. 3, Tay Ninh Electricity Company, Hai Duong Electricity Company and etc., supported the public offering of the government’s stake of Pha Lai Thermal Power Company, Ninh Binh Thermal Power Company. The total value of consultancy contracts in 2007 amounted to VND 4.2 billion. Financial consultancy services for public offerings, private placements, corporate valuations and securities auctions were well received and appreciated by large corporates such as Vietnam Electricity Corporation, Vigracera Corporation and Vietnam Livestock Breeding Company.
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VND 18.3 billion Pre-tax profit
The Company successful met the financial targets set by the Board of Management. Income before tax was VND 98 billion, up 204.5% on 2007’s plan. ROAE was 23%.
Vietinbank Leasing Company
VietinBank Leasing Company was established as a Leasing Company with a separate legal status and independent accounting under Decision No. 53/1998/QĐ-NHNN5 issued by the Governor of the State Bank of Vietnam dated 26th January 1998. In 2007, VietinBank increased the company’s chartered capital from VND 105 billion to VND 300 billion. Total assets as at 31st December 2007 reached VND 839 billion, were up 20.5% in comparison with 2006.
Up to 31st December 2007, total working capital was VND 839 billion. This was 105% against plan and up 21% compared to the previous year. Total loans and investments of VND 841 billion, again was 105% against plan and an increase of 21% as compared with 2006. Due to strong internal controls, non-performing loans decreased and accounted for 4.9% of total loans and investments at year end 2007.
As at 31st December 2007, the leasing balance to non-state owned SMEs was VND 760 billion, and made up 90.3% of the total. Total finished financial leasing contracts were 220, 49 more than in 2006. Total value of liquidated leasing assets was over VND 328 billion, an increase of VND 61.8 billion over 2006.
Pre-tax profit which reached VND 18.3 billion, was up 43% year on year and equivalent to 102% against plan. Interest income from financial leasing accounted for 99% of total income. Year end 2007 provisions were VND 15.5 billion of which general provisions were VND 2.3 billion. VietinBank Leasing Company is required by law, contributed VND 5.1 billion to the state budget.
General Secretary Nong Duc Manh visits VietinBank
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Dr. Pham Huy Hung at the Vietnam Top Entrepreneurs Award Ceremony
BANKING SERVICE DEVELOPMENT
1. Domestic Money Transfer
With the advantage of a nationwide network, domestic money transfers continued to maintain high growth. The payment volume doubled as compared to 2006, amounting to 4.8 million transactions totaling VND 2,117 trillion. Bilateral payments with other financial institutions were 1.1 million transactions with a volume of VND 234,000 billion, up 37% against 2006. Interbank e-payment created 1.2 million transactions totaling VND 1.1 million, an increase of 28.3% against 2006. By year-end of 2007, VietinBank signed an agreement with the State Treasury on the implementation of tax collection through VietinBank’s network and ATMs, which will increase the effectiveness of tax collection and generate funding for VietinBank.
2. Import-Export Payment
In a fiercely competitive environment, VietinBank maintained its number two position among Vietnamese commercial banks in terms of trade finance volume, accounting for 7.9% of the country’s import-export turnover. The total trade finance volume amounted to more than USD 7.1 billion, an increase of 35% against 2006. Overseas guarantee issuance increased by 149%, confirming VietinBank’s international reputation as a major trade bank. Cross-border payments with Chinese banks grew rapidly, increasing by 58% against 2006 and totaled RMB 700 million. VietinBank was the first bank to apply e-banking in cross-border payments. In 2007, VietinBank installed the technology and trained the personnel to establish Vietinbank Main Operation Center III with the aim of centralizing all trade finance transactions.
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3. Card Service and E-banking
Card issuance turnover continued to increase. By the end of the year, the total number of issued cards was 1.2 million ATMs cards and 5,000 credit cards. New functionalities and services were added to VietinBank cards like savings accounts from ATM, mobile phone payment VNPay, S-phone payment, electric bill payment to EVN, train ticket payment for Vietnam Railway Corporation (VNR) through Banknet system, VietinBank ATM can be used in other banks’ ATMs such as BIDV, Sacombank, Agribank, ACB, Dong A Bank and etc.
VietinBank’s website has seen substantial improvements. With more updated information available, there are more than 3,000 visitors to the web site daily and the website is considered as the 2nd most visited webpage among Vietnamese banks.
General Secretary Nong Duc Manh visits VietinBank
Import
Export
2003
2004
2005
2006
2007
In U
SD m
illio
n
2,05
3
3,21
2
1,36
3
2,43
9
2,52
7
3,43
6
4,32
4
1,90
7
3,35
4
3,37
1
iMpoRt - expoRt vAlue tHRougH vietinBAnK FRoM 2003 -2007
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4. Overseas Remittance and Traveler’s Cheque
During 2007, VietinBank overseas remittance gained considerable achievements. The overseas remittance payment network has been implemented in almost every transaction office, transaction point and saving bureaus. Overseas remittance transactions are processed centrally in VietinBank Head Office, customer’s accounts are credited as soon as Head Office receives and processes the transaction. Non-account holders can receive their money at any branch or transaction point that is most convenient. The volume of overseas remittances in 2007 reached USD750 million, a 67% increase over 2006, giving the Bank a 15% market share of the official overseas remittance market in Vietnam. The application of a new software solution for overseas remittance service has created potential for cooperation with wide range of foreign partners such as correspondent banks and remittance companies.
Traveler’s cheques payments in 2007 continued to deliver positive results and contributed to the diversification of the services provided to international tourists. In 2007, the volume of cheque collection reached USD 2.9 million, up 26% against 2006. VietinBank implemented three operations for cheque collection, blank cheque selling and travelers’ cheque encashing. The implementation of travelers’ cheque authorization online for branches that have high revenues from cheques collection and which will authorize cheque 100%, contributed to the lower risks in cheque payment. In 2007, VietinBank opened a new EUR cheque collection service for branches in the network, which contributed to service diversification and has the potential to be developed as a good fee income stream.
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INTERNATIONAL BANKING ACTIVITIES - The year 2007 is considered a milestone as
it marked the 15th anniversary of the start of international banking activities. In 2007, VietinBank continued to expand the correspondent banking network and now has more than 850 banks in 80 countries and terrritories. Cooperation with foreign banks has been developed across wide geographies, with very many long standing ‘in depth’ relationships.
- VietinBank continues to actively explore foreign markets to meet growing customers’ demands; evaluates the financial, reputation, domestic and international reach, service quality and competitive advantages of foreign banks both to better serve our Vietnamese customers and to facilitate international entities in their business with Vietnam.
- VietinBank has always been active with correspondent banks in information exchange on markets and customers, so that reliable sources of information on foreign customers and partners can help to avoid risks and protect the interests of both customers and banks.
- In the end of 2007, VietinBank considered it a special honor to be the sponsor of and thereby contributed to the success of the 37th Asean Banking Association Council Conference in Hanoi hosted by Vietinbank Banks Association (VNBA). Participating at this prestigious conference were 130 delegates from the ten Asean Banking Associations. VietinBank made great efforts to ensure the success of the conference aimed at enhancing cooperation and development of member banks of Asean nations. The success of the conference will be measured by the heightened position of ABA, the favorable impression made on visiting delegates by Vietnam – the country, the people, the banking sector, the VNBA and VietinBank.
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Strong growth, prestige and efficiency in VietinBank business performance have been affirmed by public polls; in 2007 VietinBank was awarded five honorable prizes: Top Ten Vietnam Brand, Vietnam Golden Star, ISO Golden Cup, Brand Golden Cup, and Business Star Prize.
On November 2007, VietinBank successfully held “Respecting ceremony for VietinBank typical women” receiving 120 typical women delegates in the banking system and was honored to welcome Vietnamese Deputy President, Mrs. Nguyen Thi Doan. Many sporting events and other activities were hosted with customers and institutions to promote friendship and build relationships.
Social Activities
VietinBank charitable activities have a very special meaning and include the continuing support to 160 Vietnamese Heroic mothers; constructing more than 1000 charity houses, in which 100 charity houses were built in 2007; supporting the construction and establishment of Quang Tri Ancient Wall bell-tower and the upgrade to Quang Tri Cemetery; building 33 kindergartens; present 600 wheel chairs and 600 scholarships in 20 Northern provinces, via Children Protection Fund to help the fees for cardiac operation, building and running a recovery center for children of difficult situations, and etc.
VietinBank actively contributes to the public development, fully implements social works and returns to the community gifts of human culture and real social meaning.
Music Festival to Celebrate VietinBank’s 20th Anniversary
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Under the direct leadership from the Government, VietinBank set up an “Equitization Board” to prepare for the implementation of equitization. The Board consists of senior leaders from VietinBank and representatives from the Ministry of Finance, State Bank of Vietnam, Ministry of Jurisdiction, Ministry of Planning and Investment and Investment Bureau. From the bidding process, VietinBank has selected one of the leading investment banks as financial consultant for the equitization process.
The preparation process was taken with prompt action in 2007 with guidance from the Government and the State Bank of Vietnam. Overall, as the roadmap for VietinBank equitization was built, nearly VND 4,000 billion was injected by the Government to VietinBank’s chartered capital. Through the bidding process, JP Morgan Securities (Asia) was selected as financial consultancy for the equitization. The Equitization Plan was prepared for the Government’s approval and the necessary steps were taken to equitized subsidiaries together with a plan to look for strategic partners to set up new subsidiaries in banking and finance under the form of joint-stock company or joint venture.
Vietinbank and Equitization Process
2007
2008
2009
2010
2011
2012
(%)
100
75 60 51 51 51
goveRnMent owneRsHip liKelY tRend oveR tHe next 5 YeARs
SMS Banking Service Launching Ceremony Signing Ceremony of Financial Advisory Contract for Equitization between VietinBank and JP Morgan Securities Asia Pacific Limited
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In 2008, VietinBank set up major business targets for the year as follows:
1. Business targets for the year 2008
Total mobilized funds: from 15% to 20%Total loans and investments: from 15% to 20%.Non-performing loans (Group 3,4 and 5): under 5%/total loansMedium and long term loans: max. 40%/total loansSecured loans 75%/total loansLoans to state-owned enterprises: 32%/Total loansProvisioning in accordance with clause 7, Regulation 493/2005/QD-NHNN dated 22 April 2005 from State Bank of Vietnam After tax profit VND 800 billionNon-interest income: VND 450 billion
2. Orientation
Continuing to restructure overall banking operation and the processes of modernization, equitization, standardization of business procedures, management and human resources, ensuring the transparency and soundness of financial conditions;
Strong growth in terms of equity, loans and investments, fund mobilization and market share on the basis of prudence, efficiency and sustainability;
Enhancing the organizational structure, branch network, market and customers development; Ensuring financial prudence and safety in daily operations; Improving customer service, enhancing corporate culture, consolidating brand identity to benefit the whole network and VietinBank clients.
Business Plan for 2008
“The Asian Bankers” Magazine visits VietinBank
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Legal name Ngân Hàng Công Thương Việt Nam
English full name Vietnam Bank for Industry and Trade
Brandname VietinBank
Slogan Improving the Values of Life
Logo
Vietinbank Brand Identity
On 14 April 2008, Vietnam Bank for Industry and Trade officially launched its new brandname «VietinBank» to replace its former brandname Incombank.
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VietinBank Logo is a special design with the “VietinBank” letters and a symbol of a rising Earth embracing an ancient coin. The VietinBank Brand logotype expresses the harmonized union of Heaven and Earth, Yin and Yang (two complementary principles of Chinese philosophy) as a stable and perfect composition. The overall image of the symbol expresses a brightening new dawn with a rising sun and orbit movement, representing the motions and harmonized continuation of Heaven and Earth in the universe. Vietinbank also brings to mind implications relating to “Tin”, which means “trust” in Vietnamese, one of the most important factors in banking and finance business.
The brand positioning phrase “Improving the Values of Life” was developed to place emphasis on Efficiency, which is one of VietinBank goals, reflecting the bank’s dedication to support and assure customers of success as well as our efforts to build up a beautiful and meaningful life.
VietinBank’s New Brand Identity Lauching Ceremony
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INDEPENDENT AUDITORS’ REPORTon the consolidated financial statements of Vietnam Bank for Industry and Trade and its subsidiaries
as at and for the year ended 31 December 2007
To: The Board of Directors and Board of Management of Vietnam Bank for Industry and Trade
We have audited the accompanying consolidated balance sheet of Vietnam Bank for Industry and Trade and its subsidiaries (“the Bank”) as at 31 December 2007, the related consolidated income statement, consolidated statement of retained earnings, and consolidated statement of cash flows for the year then ended and the notes thereto (“the consolidated financial statements”), as set out on pages 2 to 68. These consolidated financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
Basis of Opinion We conducted our audit in accordance with the Vietnamese and International Standards on Auditing applicable in Vietnam. These standards require that we plan and perform the audit to obtain reasonable assurance to determine whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Bank as at 31 December 2007 and of the results of its operations and its cash flows for the year then ended in accordance with the Vietnamese Accounting Standards and System for Credit Institutions and comply with other relevant financial and accounting regulations stipulated by the State Bank of Vietnam and the Ministry of Finance.
Michael Yu Lim Tran Thi Thanh Thuy Deputy General Director Auditor in-charge Registered Auditor Registered Auditor Certificate No. 0629/KTV Certificate No. 0815/KTV
Hanoi, Vietnam 14 April 2008
Independent Auditors’ Report
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tConsolidated Balance Sheet as at 31 December 2007
2007 VNDm
2006 restatedVNDm
ASSETS
Cash and cash equivalents 1,743,604 1,436,603
Balances with the State Bank of Vietnam 8,496,135 5,620,312
Placements with and loans to other banks 12,841,040 26,229,341
Current accounts with other banks 4,829,941 4,731,685
Term deposits with and loans to other banks 8,011,099 21,497,656
Provision for placements with and loans to other banks - -
Trading securities 739,381 867,393
Trading securities 742,456 870,374
Less: provision for impairment (3,075) (2,981)
Derivative financial instruments and other financial assets 258 -
Loans and advances to customers 100,482,233 80,142,030
Loans and advances to customers 102,190,640 80,152,334
Less provision for credit losses (1,708,407) (10,304)
Investment securities 37,404,891 17,329,218
Securities – available-for-sale 32,352,839 12,148,027
Securities – held-to-maturity 5,052,052 5,181,191
Provision for impairment of investment securities -
Long-term investments 684,138 510,211
Fixed assets 1,214,196 1,157,037
Property and equipment 996,671 958,888
Cost 2,238,996 1,958,849
Accumulated depreciation (1,242,325) (999,961)
Intangible assets and land use rights 217,525 198,149
Cost 309,642 265,305
Accumulated amortization (92,117) (67,156)
Other assets 2,507,095 2,150,375
TOTAL ASSETS 166,112,971 135,442,520
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t Consolidated Balance Sheet as at 31 December 2007
2007 VNDm
2006 restatedVNDm
LIABILITIES
Borrowings from the Ministry of Finance and the State Bank of Vietnam
712,745 491,363
Deposits and borrowings from other banks 5,428,856 4,923,742
Current accounts from other banks 1,263,234 236,792
Term deposits and borrowings from other banks 4,165,622 4,686,950
Customer deposits and other amounts due to customers 112,692,813 91,505,860
Debts issued and other borrowed funds 28,952,892 21,525,679
Valuable papers issued by the Bank 3,672,024 8,178,374
Derivative financial instruments 6 -
Other liabilities 4,007,106 3,179,877
Accrued interest expenses 1,832,736 1,959,092
Other payables 2,013,942 1,220,785
Provision for contingent liabilities and commitments 160,428 -
TOTAL LIABILITIES 155,466,442 129,804,895
OWNER’S EQUITY
Capital 7,972,180 3,974,521
Chartered capital 7,608,643 3,616,043
Capital to purchase fixed assets 297,065 292,006
Other capital 66,472 66,472
Reserves 2,420,702 1,544,414
Foreign exchange translation reserve 61,585 61,139
Retained earnings 192,062 57,551
TOTAL OWNER’S EQUITY 10,646,529 5,637,625
TOTAL LIABILITIES AND OWNER’S EQUITY 166,112,971 135,442,520
OFF-BALANCE SHEET ITEMS2007
VNDm2006 restated
VNDm
Contingencies
Credit guarantees 75,402 46,717
Letters of credit commitments 13,995,644 8,897,617
Other guarantees 6,006,839 3,421,193
20,077,885 12,365,527
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2007 VNDm
2006 restatedVNDm
OPERATING INCOME
Interest and similar income 12,769,280 10,116,365
Interest and similar expenses (8,085,890) (6,571,160)
NET INTEREST AND SIMILAR INCOME 4,683,390 3,545,205
Fees and commission income 437,656 349,447
Fees and commission expenses (102,909) (76,763)
Net gain from fees and commission income 334,747 272,684
Net gain from dealing in foreign currencies 64,087 60,002
Net gain arising from trading securities 71,374 22,765
Net share of profit in associates and joint ventures and dividend income
88,247 64,638
Net other operating income 1,406,835 606,275
TOTAL OPERATING INCOME 6,648,680 4,571,569
OPERATING EXPENSES
Payroll and other staff costs (1,619,189) (1,118,567)
Depreciation and amortization charges (312,022) (302,987)
Other operating expenses (834,816) (719,768)
TOTAL OPERATING EXPENSES (2,766,027) (2,141,322)
Net profit before provision for credit losses 3,882,653 2,430,247
Provision of credit losses (2,353,568) (1,600,256)
PROFIT BEFORE TAX 1,529,085 829,991
Current enterprise income tax (379,643) (227,191)
Deferred enterprise income tax - -
Enterprise income tax (379,643) (227,191)
NET PROFIT FOR THE YEAR 1,149,442 602,800
Consolidated Income Statement
for the year ended 31 December 2007
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t Consolidated Statement of Cash flows as at and for the year ended 31 December 2007
2007 VNDm
2006 restatedVNDm
CASH FLOW FROM OPERATIONS
Interest and similar income receipts 12,390,675 9,861,044
Interest and similar expense payments (8,212,246) (5,805,002)
Fees and commission income receipts 334,747 272,684
Net gain from dealing in foreign currencies 64,087 60,002
Net gain arising from trading securities 71,374 22,765
Other operating income 61,212 598,833
Recovery from bad debts previously written-off 1,345,623 -
Payment to employees and suppliers (2,454,005) (1,656,455)
Taxation paid in the year (262,441) (217,495)
Net cash flow from operating profit before changes in operating as-sets and working capital
3,339,026 3,136,376
Changes in operating assets: (34,191,639) (19,704,597)
Decrease/(increase) in placements with and loans to other banks 8,272,339 (8,451,808)
Increase in investment securities (19,987,437) (4,201,862)
Increase in derivative financial assets instruments (258) -
Increase in loans and advances to customers (22,038,306) (5,518,777)
Bad debts written-off (495,037) (1,772,878)
Increase in operating assets 57,060 240,728
Changes in operating liabilities: 25,376,689 17,953,697
Increase in borrowings from the MOF and the SBV (15,583,770) (1,963,649)
Increase in term deposits and borrowings from other banks 505,114 2,356,843
Increase in customer deposits and other amounts due to customers 36,992,105 7,118,848
Increase in debts issued and other borrowed funds 7,427,213 2,328,988
(Decrease)/increase in valuable papers issued by the Bank (4,506,350) 8,177,547
Increase in derivatives financial instruments and other financial liabilities
6 -
Increase in other liabilities 678,924 27,773
Reserves utilization in the year (136,553) (92,653)
Net cash flows (used in)/from operating activities (5,475,924) 1,385,476
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of fixed assets and construction in progress (409,276) (234,013)
Proceeds from disposal of premises and equipment 4,920 38,188
Additional equity investments in associate and joint ventures (120,660) (80,505)
Receipts from equity investment in other entities 21,757
Dividend income from other long-term investments 53,445 32,606
Net cash used in investing activities (449,814) (243,724)
CASH FLOW FROM FINANCING ACTIVITY
Increase in chartered capital during the year 3,992,600 110,555
Net cash flows from financing activities 3,992,600 110,555
Net (decrease)/increase in cash and cash equivalents (1,933,138) 1,252,307
Cash and cash equivalents at the beginning of the year 14,951,633 13,699,326
Cash and cash equivalents at the end of the year 13,018,495 14,951,633
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tInterpretation on Financial Reports
ASSETS AND LIABILITIES STRUCTUREin VND billion
2007 2006
I-Funding 166,113 135,363
1 – Mobilized funds 151,459 126,624
1.1 – Deposits from customers 116,365 99,683
1.2 – Loans from State Bank of Vietnam 391 373
1.3 – Loans and deposits from institutions 34,703 26,568
2 – Shareholders’ equity 10,647 5,607
3 – Accounts payables 4,007 3,132
II – Use of funds 166,113 135,363
1-Balances at State Bank of Vietnam 10,240 7,057
2-Total loans and investments 153,860 125,089
2.1 – Loans and advances to customers 102,191 80,152
2.2 – Investments 51,669 44,937
3 – Fixed Assets 1,214 1,118
4 – Other assets 2,507 2,099
ASSETS
Total assets increased to VND 166,113 billion, or by 22.7% year on year. However, and most, important asset quality improved substantially. VietinBank accounted for 10.5% of total banking assets in Vietnam, thus securing its position as one of largest banks of Vietnam in terms of total assets.
In 2007, the asset structure shifted to improve asset quality, reduce risk, increase profitability and enhance liquidity. Total loans and investments at VND 153,860 billion, increased by 23% and accounted for 92.6% of total assets.
Total loans and advances to customers which rose 27.5% to VND 102,190 billion, for 61.5% (59.5% in 2006) of total assets. In 2007, VietinBank restructured its loan portfolio, by exercising prudence in selecting customers and reducing the number of customers with weak financials. Thanks to prudence measures, NPL ratio was reduced.
VietinBank short term placements in the inter-bank market declined in 2007 and made up 7.7% of total assets. In the early months of 2007, there was a surplus of capital in the market. However, as VietinBank doubled its compulsory reserves and placed these funds as deposits with the State Bank, this reduced the amount of VND available to the market and to most commercial banks. This is shown by the 51% reduction in interbank placements as at 31st December 2007.
Investment in securities was 2.2 time higher than in 2006 and accounted for 22.5% of total assets. Investment in medium term and long-term valuable papers were favored as this helped restructure both the securities portfolio, and assets, to enhance liquidity, reduce risks and deliver earnings stability.
Reserves and balances with the State Bank of Vietnam were VND 10,240 billion, or up by VND 3,183 billion
Free IncomeInvestmentLendingOthers
ContRiBution to totAl inCoMe oF vietinBAnK
5%3%71%21%
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or 45%, with the rise attributed to the tight monetary policy of the State Bank of Vietnam which increased compulsory reserves. Reserves and balances with the central bank were equal to 6.8% of total mobilized capital and 6.2% of total assets (including cash, compulsory reserves and current accounts).
LIABILITIES
VietinBank liabilities as of 31st December 2007 reached VND 155,466 billion, an increase of 19.8% over 2006. Total mobilized capital of VND 151,459 billion, rose by 19.6% and accounted for 97.4% of total liabilities.
Customers’ deposits totaled VND 116,365 billion, which accounted for the majority of liabilities (74.8%), increased by 16.7% compared to 2006.
Deposits and loans from financial institutions increased by 30.6% to VND 34,703 billion and accounted for 22.3% total liabilities. VietinBank, as a wholesale commercial bank, maintained its important role and ability as market maker in the interbank market. Borrowings from the State Bank of Vietnam included loans to overcome consequences of floods, loans to compensate frozen debts and borrowings for debt repayment and, finally, loans to implement the banking modernization project and payment system. These borrowings accounted for a small percentage (0.25%) of liabilities and care trending downward.
Payables accounted for 2.6% of liabilities.
LIQUIDITY MANAGEMENT
Liquidity management to ensure a reasonable liquidity level is considered one of the most important tasks for VietinBank. In 2007, solvency indicators reached the target set by management. Loans to deposits ratio as of December 31, 2007 was 87.8%, from which can be seen that VietinBank main funding for loans to the economy are mainly customer deposits, considered a stable source of funding. Loans to total fund mobilization were kept stable at 67.5%.
The ratio of liquid assets to total assets reached 31.1% compared to 30.7% recorded in 2006. Liquid assets are mostly securities with high liquidity, or valuable papers which can readily sold such as treasury bills, State Bank bills, government bonds, inter-bank short term deposits, cash and deposits at the State Bank.
EQUITY
VietinBank equity recorded significant increases. As of 31st December 2007, shareholders’ equity reached VND10,647 billion, an increase of VND 5,009 billion as compared to 2006. To improve the Bank’s financial capabilities to expand business, to successfully implement the equitization program and to fully integrate in regional and international markets, in 2007 the Government injected VND 3,920 billion, thereby increasing VietinBank’s chartered capital by two fold to VND 7,609 billion. The capital increase had positive impacts on VietinBank’s operations, enhancing investment in banking infrastructure and modernization herby strengthening the balance sheet.
The capital adequacy ratio (CAR) improved significantly, from the 5.18% recorded in 2006 to 11.62% as of 31st December 2007, or 3.62% higher than the minimum requirement of 8%.
The increase in shareholders’ equity positively impacted VietinBank performance, being reflected by the year-on-year rise in ROA from 0.45% as of 31st December 2006 to 0.69% as of 31st December 2007; ROE also also rose, from 10.7% to 10.8% respectively.
Interpretation on Financial Reports
(continued)20
03
2004
2005
2006
2007
(%)
0.25 0.
29 0.39 0.
48
0.76
RetuRn on Avg Assets (RoA)
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(continued)
INCOME - EXPENSE
Income before provision amounted to VND 3,882653 million and was up by 60% as compared to 2006. Loan loss provision of VND 2,353,568 million, increased by 47% compared to 2006. Net income was VND 1,149,442 million, an increase of 91% as compared to the VND 546,642 million reported in 2006. The main contribution to the growth in pre-tax profits was net interest income of VND 1,138,185 million, which recorded a 32% increase. A second important contributor was other operating income, which increased by 132% to VND 800,560 million compared to 2006. These could be broken down as:
- Net interest income of VND 4,683,390 million, accounted for 70% total net operating income, of which interest and similar income amounted VND 12,769,280 million, 73% of which was interest income from loans, 15% from securities investments (which was equivalent to VND 1,977,649 million). Interest expenses and
2003
2004
2005
2006
2007
(%)
5.99 6.
51 8.82 11
.33 14
.12
equivalent were VND 8,085,890 million, of which interest paid on deposits accounted for 82% and interest on borrowings accounted for 10% of total interest expense.
- Other operating income of VND 1,406,835 million accounted for 71% of total non-interest income, being mainly recovery of written-off NPLs which totaled VND 1,345,623 million.
- Commissions and fee income amounted to VND 334,747 million, and accounted for 17% of non-interest income.
The 2007 interest expenses increased by 23%. Deposit interest expenses rose by 19% and accounted for 82% total interest expenses. Debenture interest expenses were 7% while interest on borrowings was 10% of total interest expenses.
Together with the increase in total income and income before tax, operating expenses (included salaries, depreciation and other operating expenses) recorded a similar trend. The changes of other operating expenses and salaries were the major factors contributing to the change of total operating expenses. Of which, staff salaries were up 45% to VND 500,662 million compared to 2006; depreciation increased by 3% while other operating expenses grew by 16% compared to the previous year. These rises were totally in line with the business expansion reported by VietinBank in 2007.
In short, significant growth in income, expenses and profits could be seen in 2007. This is the result of ongoing efforts of the Bank to improve credit quality, reduce non-performing loans, diversify services and products and reinforce debt recovery from collateral of debts written-off.
RetuRn on Avg equitY (Roe)
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t Organization Chart
Credit Committee
Business Group Banking Service Group Risk Management Group
Corporate Banking Department Card Service Center Credit and Investment Risk
Management Department
SMEs Banking Department Credit and Investment Policy Department
Consumer Banking Department
Market & Operational Risk Management Department
Financial Institutions Department
NPLs Management Department
Board of Internal Controllers
Dealing Room
Investment Department
Cash Payment Department
Overseas Remittance Department
VND Remittance Department
VietinBank Main Operation Center
E-Banking Department
Corporate Service Department
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Board of Directors
General Director - CEO
Deputy General Directors & Chief Accountant
Supporting Group
General Director’s Office Financial AccountingManagement Department
IT Group
Supervisory Board
Planning and ALCO Supporting Department
Accounting PolicyDepartment
IT Center
Human Resources Department
Captital Construction and Purchasing Department
MIS DepartmentCash and Vault Management Department
Command Center & Helpdesk
Labour and Salary Management Department Emulation Department
Legal Department Back Office
VietinBank Human Resources Training & Development Center
Information Publicity Department
ISO Department Administraion Department
Call Center
The Board of Directors & Board of Management of VietinBank
Market & Operational Risk Management Department
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t Hội đồng quản trị The Board of Directors
Dr. PHẠM HUY HÙNGChủ tịch HĐQT Chairman
Dr. PHẠM XUÂN LẬPỦy viên HĐQT - Tổng giám đốcMember - Chief Executive Officer
Dr. PHẠM THỊ HOÀNG TÂMỦy viên HĐQTMember
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Dr. ĐỖ THỊ THỦYỦy viên HĐQTMember
Mr. TRẦN XUÂN CHÂUỦy viên HĐQTMember
Ms. NGUYỄN HỒNG VÂNỦy viên HĐQTMember
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t Ban Điều hànhThe Board of Management
1. Dr. PHẠM XUÂN LẬP Tổng giám đốc Chief Executive Officer (General Director)
2. Dr. NGUYỄN VĂN THẠNH Phó Tổng giám đốc Deputy General Director
3. Mr. NGUYỄN VIẾT MẠNH Phó Tổng giám đốc Deputy General Director
4. Mr. VÕ TẤN THÀNH Phó Tổng giám đốcDeputy General Director
1
3
4
2
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5. Ms. NGUYỄN PHƯƠNG LY Phó Tổng giám đốcDeputy General Director
6. Mr. NGUYỄN VĂN DU Phó Tổng giám đốc Deputy General Director
7. Mr. PHẠM ANH TUẤN Phó Tổng giám đốcDeputy General Director
8. Ms. BÙI NHƯ Ý Phó Tổng giám đốc Deputy General Director
9. Mr. NGUYỄN VĂN CHUNG Kế toán trưởng Chief Accountant
8
5 6 7
9
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Representative Office
Branches
108 Tran Hung Dao Street, Hoan Kiem District, Hanoi, VietnamTel: 04.39421191/39421186 – SWIFT CODE: ICBV VN VX
79 Ham Nghi Street, District 1, Ho Chi Minh City, VietnamTel: 08.38210502
36 Tran Quoc Toan Street, Hai Chau District, Da Nang City, VietnamTel: 0511.3843037
City/Province Branch Name Address Telephone SWIFT Code
HA NOI Main Transaction Office No. I
34 Hai Ba Trung St., Hanoi, Vietnam 04-39349590 ICBV VN VX 106
HO CHI MINH Main Transaction Office No. II
79 Ham Nghi, Dist. 1, Ho Chi Minh City 08-38290491 ICBV VN VX 900
AN GIANG
VietinBank An Giang Branch
270 Ly Thai To Str.,Long Xuyen City, An Giang 076-3943904 ICBV VN VX 740
VietinBank Chau Doc Branch
68-70 Nguyen Huu Canh, Chau Doc Town, An Giang 076-3866497 ICBV VN VX 742
BA RIA – VUNG TAU
VietinBank Ba Ria - Vung Tau Branch
10 Trung Trac, Vung Tau City, Ba Ria-Vung Tau 064-3852570 ICBV VN VX 880
VietinBank Ba Ria Branch
14-16 Nguyen Huu Tho, Ba Ria Town, Ba Ria-Vung Tau 064-3716730 ICBV VN VX 890
BAC GIANG VietinBank Bac Giang Branch
45 Nguyen Van Cu Str., Bac Giang Town, Bac Giang 0240-3856427 ICBV VN VX 280
BAC LIEU VietinBank Bac Lieu Branch
1 Hai Ba Trung, Bac Lieu Town, Bac Lieu 0781-3822678 ICBV VN VX 862
BAC NINH
VietinBank Bac Ninh Branch
31 Nguyen Dang Tao Str., Bac Ninh City, Bac Ninh 0241-3810939 ICBV VN VX 282
VietinBank Tien Son Branch
Tu Son Town, Tu Son Suburban District, Bac Ninh 0241-3760029 ICBV VN VX 284
VietinBank Tien Son Industrial Zone Branch
No.18 Central Road, Tien Son Industrial Zone, Bac Ninh 0241-3714188 ICBV VN VX 285
VietinBank Que Vo Branch
E6 Que Vo Industrial Zone, Van Duong, Que Vo, Bac Ninh 0241-3634899
BEN TRE VietinBank Ben Tre Branch
142A Nguyen Dinh Chieu, Ben Tre Town, Ben Tre 075-3824960 ICBV VN VX 780
BINH DINH
VietinBank Binh Dinh Branch
257 Le Hong Phong, Quy Nhon City, Binh Dinh 056-3823591 ICBV VN VX 540
VietinBank Phu Tai Branch
Hung Vuong Str., Quy Nhon City, Binh Dinh 056-3641472 ICBV VN VX 542
BINH DUONG
VietinBank Binh Duong Branch
330 Binh Duong Avenue, Thu Dau Mot Town, Binh Duong 0650-3822263 ICBV VN VX 640
VietinBank Binh Duong Industrial Zone Branch
20 Doc Lap Str., Di An suburban district, Binh Duong 0650-3790309
BINH PHUOC VietinBank Binh Phuoc Branch
622 14th Avenue, Dong Xoai Town, Binh Phuoc 0651-3887399 ICBV VN VX 504
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BINH THUAN VietinBank Binh Thuan Branch
2 Nguyen Tat Thanh, Phan Thiet City, Binh Thuan 062-3828079 ICBV VN VX 600
CA MAU VietinBank Ca Mau Branch
94 Ly Thuong Kiet, Ca Mau City, Ca Mau 0780-3831102 ICBV VN VX 860
CAN THO
VietinBank Can Tho Branch
9 Phan Dinh Phung, Can Tho City 071-3813865 ICBV VN VX 820
VietinBank Tra Noc Industrial Zone Branch
Block 30A9, Tra Noc Idustrial Zone, Binh Thuy Dist., Can Tho 071-3841317 ICBV VN VX 824
DA NANG
VietinBank Da Nang Branch
172 Nguyen Van Linh, Thanh Khe, Da Nang 0511-3691345 ICBV VN VX 480
VietinBank Ngu Hanh Son Branch
49 Ngu Hanh Son, Ngu Hanh Son Dist., Da Nang City 0511-3836272 ICBV VN VX 486
VietinBank Lien Chieu Branch
381 Nguyen Luong Bang, Lien Chieu Dist. Da Nang City 0511-3841520 ICBV VN VX 488
DAC LAC VietinBank Dac Lac Branch
35 Nguyen Tat Thanh, Buon Ma Thuat City, Dac Lac 050-3954266 ICBV VN VX 502
DONG NAI
VietinBank Dong Nai Branch
77D Hung Dao Vuong, Bien Hoa City 0613-3817034 ICBV VN VX 680
VietinBank Nhon Trach Branch
25B, Phu Hoi Commune, Nhon Trach, Dong Nai 0613-3521123 ICBV VN VX 681
VietinBank Bien Hoa Industrial Zone Branch
Quater No.10, An Binh Dist., Bien Hoa City, Da Nang 0613-3831202
VietinBank Long Thanh Branch
Phuoc Hai, Long Thanh Town, Dong Nai 0613-3545390 ICBV VN VX 683
DONG THAP
VietinBank Dong Thap Branch
87 Nguyen Hue, Cao Lanh City, Dong Thap 067-38512095 ICBV VN VX 720
VietinBank Sa Dec Branch
209A Tran Hung Dao, Sa Dec Town, Dong Thap 067-3861647 ICBV VN VX 724
GIA LAI VietinBank Gia Lai Branch
1 Tran Hung Dao, Pleiku City, Gia Lai 059-3871045 ICBV VN VX 500
HA NAM VietinBank Ha Nam Branch
135 Nguyen Van Troi Str., Phu Ly Town, Ha Nam 0351-3854628 ICBV VN VX 384
HA NOI
VietinBank Hai Ba Trung Branch
285 Tran Khat Chan, Hai Ba Trung, Hanoi 04-39718251 ICBV VN VX 142
VietinBank Dong Da Branch
187 Nguyen Luong Bang, Dong Da, Hanoi 04-38515402 ICBV VN VX 126
VietinBank Hoan Kiem Branch
37 Hang Bo, Hoan Kiem, Hanoi 04-38254276 ICBV VN VX 122
VietinBank Cau Dien 72A Ho Tung Mau Str., Tu Liem, Ha Noi 04-37649176
VietinBank Cau Giay Branch
117A Hoang Quoc Viet, Cau Giay, Hanoi 04-37542059 ICBV VN VX 140
VietinBank Ba Dinh Branch
126 Doi Can, Ba Dinh, Hanoi 04-38452826 ICBV VN VX 124
VietinBank Thanh Xuan Branch
275 Nguyen Trai, Thanh Xuan, Hanoi 04-38585603 ICBV VN VX 127
VietinBank Chuong Duong Branch
32/298 Ngoc Lam, Long Bien Dist., Hanoi 04-38722725 ICBV VN VX 128
VietinBank Yen Vien Branch
284 Ha Huy Tap, Yen Vien Town, Gia Lam, Hanoi 04-38783159 ICBV VN VX 131
Branches (continued)
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HA NOI
VietinBank Bac Hanoi Industrial Zone Branch
Group No.11, Nguyen Van Linh Str.,Sai Dong Ward, Long bien Dist., Hanoi 04-38758414 ICBV VN VX 129
VietinBank Hoang Mai Branch
No.2-4 Kim Dong Str., Giap Bat, Hoang Mai, Hanoi 04-36648701
VietinBank Dong Anh Branch
Dong Anh Town, Hanoi 04-38835141 ICBV VN VX 144
HA TAY
VietinBank Ha Tay Branch
269 Quang Trung, Ha Dong Town, Ha Tay 034-3829471 ICBV VN VX 320
VietinBank Quang Trung - Ha Tay Branch
104 Tran Phu, Van Mo Ward, Ha Dong Town, Ha Tay 034-3210916 ICBV VN VX 324
VietinBank Nguyen Trai - Ha Tay Branch
39 Tran Phu, Van Mo Ward, Ha Dong Town, Ha Tay 034-3522604 ICBV VN VX 326
VietinBank Song Nhue - Ha Tay Branch
10 Ngo Quyen Str., Ha Dong Town, Ha Tay 034-3550591 ICBV VN VX 322
VietinBank Lang Hoa Lac
No.3 Tan Binh Zone, Xuan Mai Town, Chuong My, Ha Tay 034-3720102
HA TINH VietinBank Ha Tinh Branch
160 Ha Huy Tap Str., Ha Tinh Town, Ha Tinh 039-3850406 ICBV VN VX 430
HAI DUONG
VietinBank Hai Duong Branch
No.1 Hong Quang Str., Hai Duong City, Hai Duong 0320-3852280 ICBV VN VX 340
VietinBank Nhi Chieu Branch
Group II, Phu Thu Town, Kim Mon, Hai Duong 0320-3821336 ICBV VN VX 344
VietinBank Hai Duong Industrial Zone Branch
Km 51+900 Avenue No.5, Hai Duong City, Hai Duong 0320-3222961 ICBV VN VX 346
HAI PHONG
VietinBank Hai Phong Branch
36 Dien Bien Phu, Ngo Quyen, Hai Phong 0313-3859913 ICBV VN VX 160
VietinBank To Hieu Branch
116 To Hieu, Le Chan, Hai Phong 0313-3610343 ICBV VN VX 161
VietinBank Do Son Branch
193 Ly Thanh Tong, Do Son, Hai Phong 0313-3861276 ICBV VN VX 162
VietinBank Hong Bang Branch
90 Tran Quang Khai, Hong Bang Dist., Hai Phong 0313-3746682 ICBV VN VX 166
VietinBank Le Chan Branch
189 Hai Ba Trung, Le Chan, Hai Phong 0313-3854211 ICBV VN VX 164
VietinBank Ngo Quyen Branch
5 Pham Minh Duc, Ngo Quyen, Hai Phong 0313-3551525 ICBV VN VX 168
HO CHI MINH CITY
VietinBank HCM City Branch No.1
93 Ham Nghi, Dist. 1, Ho Chi Minh City 08-38210089 ICBV VN VX 902
VietinBank HCM City Branch No. 2
222-224 Phan Dinh Phung, Phu Nhuan Dist. Ho chi Minh City 08-39952269 ICBV VN VX 904
VietinBank HCM City Branch No.3
461 Nguyen Dinh Chieu, Dist. 3, Ho Chi Minh City 08-38398371 ICBV VN VX 906
VietinBank HCM City Branch No.4
57-59 Ben Van Don, Dist. 4, Ho Chi Minh City 08-39400263 ICBV VN VX 908
VietinBank HCM City Branch No.5
218 Tran Hung Dao B, Dist. 5, Ho Chi Minh City 08-38552613 ICBV VN VX 920
VietinBank HCM City Branch No.6
78 Thap Muoi, Dist. 6, Ho Chi Minh City 08-38572934 ICBV VN VX 922
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HO CHI MINH CITY
VietinBank Binh Tan Branch
Block No.9, C Str.,Tan Tao Industrial Zone, Binh Tan Dist., Ho Chi Minh City 08-37542193 ICBV VN VX 923
VietinBank HCM City Branch No.7
346-348 Bui Huu Nghia, Binh Thanh Dist., Ho Chi Minh City 08-38412329 ICBV VN VX 924
VietinBank HCM City Branch No. 8
196 H¬ung Phu, Dist. 8, Ho Chi Minh City 08-38596532 ICBV VN VX 926
VietinBank HCM City Branch No. 9
No.1 Nguyen Oanh, Go Vap Dist., Ho Chi Minh City 08-38946449 ICBV VN VX 928
VietinBank HCM City Branch No. 10
530 Le Hong Phong, Dist. 10, Ho Chi Minh City 08-38356058 ICBV VN VX 940
VietinBank HCM City Branch No. 11
1447-1449, 3/2 Road, Dist. 11, Ho Chi Minh City 08-39604240 ICBV VN VX 942
VietinBank HCM City Branch No. 12
366 Tr¬uong Chinh, Tan Binh Dist., Ho Chi Minh City 08-38121028 ICBV VN VX 944
VietinBank Tan Binh Branch
39 Ly Thuong Kiet, Tan Binh Dist., Ho Chi Minh City 08-39712927 ICBV VN VX 945
VietinBank HCM City Branch No. 14
35 Nguyen Van Ba, Thu Duc Dist., Ho Chi Minh City 08-38960799 ICBV VN VX 946
VietinBank Thu Duc Branch
No.1 Vo Van Ngan, Thu Duc Dist., Ho Chi Minh City 08-38966103 ICBV VN VX 947
VietinBank Cu Chi Branch
No. 35-37 Road No.8, Cu Chi Town, Ho Chi Minh City 08-37909896
HOA BINH VietinBank Hoa Binh Branch
186 Cu Chinh Lan Str, Phuong Lam Ward, Hoa Binh City, Hoa Binh
HUNG YEN
VietinBank Hung Yen Branch
No.1 Dien Bien, Hung Yen Town, Hung Yen 0321-3863741 ICBV VN VX 342
VietinBank My Hao Branch
Ban Yen Nhan Town, My Hao, Hung Yen 0321-3942285 ICBV VN VX 343
KHANH HOA VietinBank Khanh Hoa Branch
No.4 Hoang Hoa Tham, Nha Trang City, Khanh Hoa 058-3822981 ICBV VN VX 580
KIEN GIANG VietinBank Kien Giang Branch
63 Le Loi, Rach Gia Town, Kien Giang 077-3861974 ICBV VN VX 840
KON TUM VietinBank Kon Tum Branch
90 Tran Phu, Kon Tum Town, Kon Tum 060-3910209 ICBV VN VX 510
LAO CAI VietinBank Lao Cai Branch
7 Hoang Lien Str., Coc Leu Ward, Lao Cai City, Lao Cai 020-3824899
LAM DONG
VietinBank Lam Dong Branch
1 Le Dai Hanh, Da Lat City, Lam Dong 063-3823856 ICBV VN VX 620
VietinBank Bao Loc Branch
No.3 28/3 Str., Bao Loc Town, Lam Dong 063-3864304 ICBV VN VX 622
VietinBank Di Linh Branch
616 Hung Vuong, Di Linh Town, Lam Dong 063-3870680 ICBV VN VX 624
LANG SON VietinBank Lang Son Branch
51 Le Loi Str., Lang Son City, Lang Son 025-3876689 ICBV VN VX 200
LONG AN
VietinBank Long An Branch
396 National Highway 1, Tan An Town, Long An 072-3829425 ICBV VN VX 700
VietinBank Ben Luc Branch
234 Vo Cong Ton Str., Ben Luc Town, Long An 072-3211868 ICBV VN VX 704
VietinBank Chau Thanh Branch
219 827A Str., Tam Vu Town, Chau Thanh, Long An 072-3877212 ICBV VN VX 702
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NAM DINH
VietinBank Nam Dinh Branch
119 Quang Trung, Nam Dinh City 0350-3867526 ICBV VN VX 380
VietinBank Nam Dinh City Branch
No.1, May To Str., Tran Hung Dao Ward, Nam Dinh City, Nam Dinh 0350-3849346 ICBV VN VX 382
NINH THUAN VietinBank Ninh Thuan Branch
468 Thong Nhat Str., Phan Rang-Thap Cham Town, Ninh Thuan 068-3920346 ICBV VN VX 610
NGHE AN
VietinBank Nghe An Branch
7 Nguyen Sy Bach, Vinh City, Nghe An 0383-3342797 ICBV VN VX 440
VietinBank Cua Lo Branch
62 Binh Minh Str., Thu Thuy, Cua Lo Town, Nghe An 0383-3952868 ICBV VN VX 441
VietinBank Bac Nghe An Branch
Block No.2, Cau Giat Town, Quynh Luu, Nghe An 0383-3643286 ICBV VN VX 444
VietinBank Ben Thuy Branch
229 Le Duan, Vinh City, Nghe An 0383-3842548 ICBV VN VX 442
NINH BINH
VietinBank Ninh Binh Branch
Tran Hung Dao, Ninh Binh Town, Ninh Binh 030-3872614 ICBV VN VX 400
VietinBank Tam Diep Branch
Group No.17, Trung Son Ward, Tam Diep Town, Ninh Binh. 030-3771317 ICBV VN VX 402
PHU THO
VietinBank Phu Tho Branch
1514 Hung Vuong Avenue, Viet Tri City, Phu Tho 0210-3846316 ICBV VN VX 240
VietinBank Den Hung Branch
Group 1, Van Phu, Viet Tri City, Phu Tho 0210-3970001 ICBV VN VX 248
VietinBank Phu Tho Town Branch
01 Phu An Str., Phu Tho Town, Phu Tho 0210-3846316 ICBV VN VX 244
VietinBank Nam Viet Tri Branch
No.806 Hung Vuong Avenue, Viet Tri City, Phu Tho 0210-3863527
PHU YEN VietinBank Phu Yen Branch
236 Hung Vuong, Tuy Hoa Town, Phu Yen 057-3828007 ICBV VN VX 560
QUANG BINH VietinBank Quang Binh Branch
215 Ly Thuong Kiet, Dong Hoi City, Quang Binh 052-3840582 ICBV VN VX 470
QUANG NAM
VietinBank Quang Nam Branch
22 Phan Boi Chau, Tam Ky Town, Quang Nam 0510-3852859 ICBV VN VX 482
VietinBank Hoi An Branch
4 Hoang Dieu, Hoi An Town, Quang Nam 0510-3911107 ICBV VN VX 484
QUANG NGAI VietinBank Quang Ngai Branch
97 Hung Vuong Avenue, Quang Ngai Town 055-3822599 ICBV VN VX 520
QUANG NINH
VietinBank Quang Ninh Branch
Kho than 1,2, Bê tông Str., Hong Gai Dist., HaLong City, Quang Ninh 033-3825713 ICBV VN VX 300
VietinBank Cam Pha Branch
378 Tran Phu, Cam Trung, Cam Pha, Quang Ninh 033-3862006 ICBV VN VX 302
VietinBank Uong Bi Branch
466 Quang Trung, Uong Bi, Quang Ninh 033-3854250 ICBV VN VX 304
VietinBank Bai Chay Branch
Ha Long Str., Bai Chay Ward, Ha Long City, Quang Ninh 033-3846560 ICBV VN VX 306
VietinBank Mong Cai Branch
01 Huu Nghi, Mong Cai Town, Quang Ninh 033-3881553 ICBV VN VX 308
QUANG TRI VietinBank Quang Tri Branch
64 Nguyen Trai, Dong Ha Town, Quang Tri 053-3550564 ICBV VN VX 450
SOC TRANG VietinBank Soc Trang Branch
67A Le Loi, Soc Trang Town, Soc Trang 079-3614655 ICBV VN VX 822
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TAY NINH
VietinBank Tay Ninh Branch
145, 30/4 Road, Tay Ninh Town 066-3822037 ICBV VN VX 660
VietinBank Trang Bang Industrial Zone Branch
Km 33 – 156A1 An Binh Hamlet, Trang Bang, Tay Ninh 066-3896386 ICBV VN VX 664
VietinBank Hoa Thanh Branch
145/12B, Hung Vuong Str., Hoa Thanh Town, Tay Ninh 066-3830006 ICBV VN VX 662
THAI BINH
VietinBank Thai Binh Branch
190 Trung Trac, Thai Binh Town, Thai Binh 036-3835939 ICBV VN VX 360
VietinBank Diem Dien Branch
Block No.5, Diem Dien Town, Thai Thuy, Thai Binh 036-3711798 ICBV VN VX 362
THAI NGUYEN
VietinBank Thai Nguyen Branch
62 Hoang Van Thu, Thai Nguyen City, Thai Nguyen 0280-3852258 ICBV VN VX 220
VietinBank Song Cong Branch
No.1 Thang Loi Str., Song Cong Town, Thai Nguyen 0280-3862085 ICBV VN VX 222
VietinBank Luu Xa Branch
Trung Thanh Ward, Thai Nguyen City, Thai Nguyen 0280-3861949 ICBV VN VX 224
THANH HOA
VietinBank Thanh Hoa Branch
17 Phan Chu Trinh, Thanh Hoa City, Thanh Hoa 037-3852318 ICBV VN VX 420
VietinBank Sam Son Branch
Tai Loc Str., Truong Son Ward, Sam Son Town, Thanh Hoa 037-3821540 ICBV VN VX 422
VietinBank Bim Son Branch
169 Tran Phu, Bim Som Town, Thanh Hoa 037-3824218 ICBV VN VX 424
THUA THIEN - HUE
VietinBank Thua Thien Hue Branch
2 Le Quy Don, Hue City, Hue 054-3825102 ICBV VN VX 460
VietinBank Phu Bai Industrial Zone Branch
Zone 1, Phu Bai Town, Huong Thuy, Thua Thien Hue 054-3863319 ICBV VN VX 462
TIEN GIANG
VietinBank Tien Giang Branch
15B Nam Ky Khoi Nghia, My Tho City, Tien Giang 073-3873025 ICBV VN VX 760
VietinBank Tay Tien Giang Branch
560 National Highway 1A, Block No.5, Cai Lay Town, Tien Giang 073-3826807 ICBV VN VX 762
TRA VINH VietinBank Tra Vinh Branch
15A Dien Bien Phu, Tra Vinh Town 074-3863827 ICBV VN VX 980
VINH LONG VietinBank Vinh Long Branch
143B Le Thai To, Vinh Long Town 070-3824180 ICBV VN VX 800
VINH PHUC
VietinBank Vinh Phuc Branch
No.4 Ngo Quyen, Vinh Yen Town, Vinh Phuc 0211-3862760 ICBV VN VX 246
VietinBank Phuc Yen Branch
No.4 Trn Hung Dao Str., Phuc Yen Town, Vinh Phuc 0211-3868388 ICBV VN VX 260
VietinBank Binh Xuyen Branch
Zone No.1, Huong Canh Town, Binh Xuyen, Vinh Phuc 0211-3887737 ICBV VN VX 262
VietinBank Quang Minh Industrial Zone Branch
Km9 Thang Long Highway, Noi Bai, Me Linh, Vinh Phuc 0211-3882798 ICBV VN VX 264
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VietinBank Leasing Company 16 Phan Dinh Phung Str., Hanoi Tel:+84.4.38233045
VietinBank Securities Company Ltd. 306 Ba Trieu Str., Hanoi Tel:+84.4.39741764
VietinBank Real Estate and Financial Investment Company
76 Nguyen Van Cu Str., Dist. 1, HCM City Tel:+84.8.38399049
Indovina Bank 36 Ton That Dam Str., Dist. 1, Ho Chi Minh City Tel: +84.8.38230130
VietinBank Insurance Company 141 Le Duan Str., Hanoi Tel: +84.4.39425650
VietinBank Training Center 133 Kim Ma Str., Hanoi Tel:+84.4.37332313
VietinBank IT Center 46A Tang Bat Ho Str., Hanoi Tel:+84.4.39712330
VietinBank Trade Union 27 Phu Dong Thien Vuong Str., Hanoi Tel:+84.4.39436642
Subsidiaries
Joint Ventures
Non-profit Making Units
HEAD OFFICE108 Tran Hung Dao Str., Hanoi, VietnamTel : 84.4.39421030Fax : 84.4.39421032Swift : ICBV VN VXWebsite : www.vietinbank.vn
FINANCIAL INSTITUTIONS DEPARTMENT108 Tran Hung Dao Str., Hanoi, VietnamTel : 84.4.39421186, 39421191Fax : 84.4.39421143Email : fi@vietinbank.vn
MAIN TRANSACTION OFFICE No. 134 Hai Ba Trung Str., Hanoi, VietnamTel : 84.4.39349590Fax : 84.4.38257308Email : icbt106@hn.vnn.vn
MAIN TRANSACTION OFFICE No. 279 Ham Nghi Str., Dist. 1Ho Chi Minh City, VietnamTel : 84.8.38290491Fax : 84.4.38295342
Corporate Information
VIETINBANK MAIN OPERATION CENTER108 Tran Hung Dao Str., Hanoi, VietnamTel : 84.4.39421108Fax : 84.4.39410925Email : haiph@vietinbank.vn
REPRESENTATIVE OFFICES79 Ham Nghi Str., Dist. 1, Ho Chi Minh City, VietnamTel : 84.8.38210502
36 Tran Quoc Toan Str., Hai Chau Dist.Da Nang City, VietnamTel : 84.511.3843037
VietiBank Management Team
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