The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) plans to issue more than 3.5 million shares for its employees in the form of an employee stock ownership plan (ESOP) at the price of 10,000 VND per share.

A Techcombank office in Hanoi. (Photo: Techcombank) 

Techcombank said in a statement that of the total, 325,000 bonus shares will be set aside for the bank’s foreign employees while the remaining shares will be for Vietnamese workers.

The issuance will take place this year after it is approved by the State Securities Commission. The bonus shares will be available for trading.

 At Techcombank’s annual general meeting in April, the bank’s shareholders approved a plan to issue 10 million shares under the ESOP programme at a price of 10,000 VND to increase its charter capital to more than 35 trillion VND.

 Techcombank has targeted pre-tax profit of more than 11.7 trillion VND (504.3 million USD) for this year, which would represent a 10 percent year-on-year increase.

 The bank also plans to increase its total assets by 17 percent to 375.8 trillion VND this year while holding outstanding loans at 245.4 trillion VND, up 32 percent from last year. Its bad debts will be limited to less than 2.5 percent in 2019.

 Techcombank posted a pre-tax profit of 5.7 trillion VND and revenue of 9.1 trillion VND in the first half of 2019, up 32 percent and 19 percent from the same period last year, respectively.

 Techcombank's shares ended Monday’s morning trading session at 21,500 VND per share, down 1.8 percent from the end of last week.