The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been named the best bank of Vietnam in 2019 by Euromoney.

Vice General Director of Vietcombank Nguyen Thi Kim Oanh (second, right)
at the awarding ceremony (Source:  tienphong.vn)

This is the fifth consecutive year the bank has received this award from the Hong Kong-based magazine.

The "best bank" prize is one of over 20 international awards in the “Awards for Excellence” - the most prestigious banking and finance award system in the world selected by Euromoney. 

The “Awards for Excellence” aims to honour the bank for its sustainable development capacity, business performance, risk management, application of information technology, management quality, and contributions to the domestic finance market. 

Vietcombank was selected based on criteria such as total revenue and asset, pre-tax profit, net income.

Vietcombank recently has become one of the 30 strongest banks in the Asia-Pacific region in the recent rankings of The Asian Banker magazine.

Its total asset was estimated at over 1 quadrillion VND (43.1 billion USD) by the end of 2018. Its profit last year approximated 18.4 trillion VND, up 63.5 percent from 2017, taking the lead among Vietnamese banks.

The bank was also the first major bank of Vietnam to have brought the rate of non-performing loans to below 1 percent two years ahead of schedule.

Vietcombank aims to become the No. 1 bank in Vietnam, one of the 100 strongest banks in the region, and one of the 300 largest financial-banking groups in the world by 2020.