With outstanding business results, VIB remains the industry leader in safety and efficiency

Its impressive profit growth results from its core businesses, especially retail banking. Specifically, total revenue grew by 21 per cent, which is higher than the growth rate of operating expenses at 17 per cent. This helps reduce VIB's cost-to-income ratio to 34 per cent. As a result, VIB is among the group of retail banks with the best cost management efficiency.

As of December 31, 2022, VIB's total assets reached more than $14.6 billion. Among them, the credit balance totalled $9.97 billion, an increase of 14.5 per cent on-year. Deposits from customers alone increased by more than 15.3 per cent due to the strong increase in its retail customer base.

The net profit margin experienced an increase of 4.5 per cent thanks to its retail-focused strategy and quality medium- and long-term mobilised capital. At the same time, the bank also maintained the stability of liquidity and interest rates in the context of a volatile market.

VIB’s ROE remains at the top of the industry reaching over 30 per cent for three consecutive years. The capital adequacy ratio according to Basel II reached 12.7 per cent, significantly higher than the rate of 8 per cent by the State Bank of Vietnam. With a strong risk management foundation, VIB controlled bad debt at a low level of 1.79 per cent.

VIB has announced the Resolution of the General Meeting of Shareholders approving the plan for cash dividend advances in 2022 at 10 per cent of the charter capital. Based on the profit results in 2022, VIB can pay dividends of up to 35 per cent, including both cash and stock dividends. At the 2023 Annual General Meeting of Shareholders, VIB will submit the dividend payout plan for shareholders' approval and implementation early this year.

Leading the innovative trend of products and services

In 2022, VIB will continue to implement its customer-centric strategy through its products and services to adapt to tastes and improve the user experience.

MyVIB 2.0 is the first digital bank to provide augmented reality experiences. It is also the first cloud-native mobile banking application in Vietnam with microservices deployed on cloud computing infrastructure. They are among the positive marks that VIB has left on the market as the pioneer of digital banking in Vietnam.

As a financial instrument designed on a mobile phone platform, MyVIB 2.0 is favoured by many Vietnamese users. MyVIB 2.0 boasts the latest technologies to meet most transaction needs with high security. It also brings a vivid and interesting experience to millions of customers.

With a strategy to lead the card trend, VIB has rolled out personalised card lines to meet the diverse spending needs of each customer group. Thanks to this strategy, VIB has been positioned at the top of the cashless payment market. As of December 31, 2022, VIB had issued more than 2.4 million cards, of which credit cards alone accounted for more than 600,000.

VIB accounts for more than 35 per cent of Mastercard's total spending in Vietnam, the highest rate in the market. This result was achieved through outstanding incentive programmes for card customers, thereby driving total card spending by more than $3.1 billion by 2022.

VIB has launched account packages with many accompanying services exclusively for individual and corporate customers. The Sapphire account package is dedicated to individual customers with regular transaction and payment needs. The Diamond account package is designed for customer groups wishing to enjoy priority privileges. The Reserved account package is for small business customers and is free of all transaction fees.

In 2022, VIB has garnered more than 1 million new customers by meeting their diverse needs, a growth rate of 200 per cent on-year. The bank also achieves its target ahead of schedule, acquiring 4 million customers in 2022.

In addition, VIB has spent $150 million in loan disbursements from the International Finance Corporation to boost its loan portfolio for individual customers who are looking to buy, build, and repair houses. At the same time, the bank also partners with the Asian Development Bank to support female leaders in developing management and operational skills for small- and medium-sized enterprises.

Creative when understanding and meeting customer needs

In 2022, the global economy experienced drastic changes post-pandemic, which resulted in changing demand and customer behaviour for daily transactions. With the advantages of AI, big data, and machine learning, VIB has a deep understanding of its customers and can deliver customised products and services to each segment. With its multi-cloud platform, the bank has constantly updated its features to meet the evolving demands of 4 million customers.

By the end of 2022, VIB had acquired 40 per cent more new customers registered via digital channels, a growth rate of 65 per cent compared to 2021. The number and value of transactions via VIB's digital channels have nearly doubled over the years.

The 3-First model, including mobile-first, cloud-first, and AI-first, has been effectively applied by VIB to build a digital interactive experience space. As a result, the model helps VIB secure more than 93 per cent of its total transactions, making it the industry leader in the proportion of activities on online platforms.

In 2022, VIB left a mark with its creative marketing and communication activities on different platforms. The bank appeared on the music show The Masked Singer to present a youthful and dynamic image, receiving over 1 billion views. As a result, VIB continuously leads the rankings of outstanding banks on social network sites.