Vietcombank named Vietnam’s Strongest Bank by Balance Sheet for six consecutive years

Vietcombank’s Chief Accountant Le Hoang Tung. (Photo: Vietcombank)

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) topped the rankings in Vietnam and placed 55th in Asia-Pacific in The Asian Banker’s Strongest Bank by Balance Sheet this year.

This was the sixth consecutive year it has been awarded the title. It was also one of nine among the 500 largest banks in the region honoured at this year’s virtual awards ceremony.

Speaking at the ceremony, Vietcombank’s Chief Accountant Le Hoang Tung said that in the face of the unprecedented and complex impact of COVID-19, Vietcombank fulfilled the dual goals of maintaining safe and effective operations and sharing difficulties of affected borrowers last year, thanks to its strong financial foundation and sound strategy.

It contributed over 9 trillion VND (389.8 million USD) to the State budget in 2020. Its total assets, deposits, and borrowings grew 8 percent, 11 percent, and 14 percent, respectively.

The Asian Banker has been publishing the Strongest Bank rankings annually since 2007, based on balance sheet strength.

Rankings are determined on a detailed and transparent scorecard that evaluates commercial banks in six areas of balance sheet financial performance: the ability to scale, balance sheet growth, risk profile, profitability, asset quality, and liquidity./.