Vietnam International Commercial Joint Stock Bank (VIB Bank) officially came into operation in September 18, 1996 with its initial charter capital of VND 50 billion. After 10 years in operation, VIB Bank affirmed its position on Vietnam’s money and financial market.
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| VIBs transaction office in Tan Phong ward, Bien Hoa city |
Vietnam International Commercial Joint Stock Bank (VIB Bank) officially came into operation in
VIB Bank has been awarded A grade for many successive years in accordance with such criteria of capital, asset management, liquidity, profitability and administration capacity as regulated by the Governor of Vietnam State Bank. Besides, it was granted a certificate of excellence by the international finance-banking firm CitiGroup. VIB has also received an award in recognition for the bank’s services in the local banking and financial industry for the second consecutive year.
Chairman of board of directors of VIB Bank Trinh Van Huan said “ During the operation process, the bank always commit to fully observe legal provisions and apply risk management principles to minimise any potential negative impact on its operation, protect interests of shareholders and clients who put their trust in the bank”.
In 2006, VIB Bank has increased its chartered capital to VND 711 billion, 14 times higher than that of 1996. The bank is planning to join the "VND 1,000 billion club” in the end of this year. In comparison with other banks, VIB has a high capital safety ratio and a low overdue debt rate (less than 2%). The bank’s pre-tax profit, total mobilized capital, credit balance have increased year on year. Until September, 2006, VIB has had 50 branches and transaction offices in the whole country and total employees of the whole system were 1,500. An experienced, dynamic, creative staff forms a part of cultural values for VIB
Until the end of August, 2006, Dong Nai branch of VIB’s mobilized capital achieved 95 percent of the year’s plan. The branch’s loan turnover reached 75 percent of the plan and number of clients of the branch increased quickly.
Reported by Kim Loan
