Vietcombank posts $1.56 bln profit in 2022

By Trang Nguyen
Tue, January 10, 2023 | 11:34 am GMT+7

Vietcombank's unconsolidated pre-tax profit was estimated at VND36,774 billion ($1.56 billion) in 2022, exceeding its target by 19% and up 39% year-on-year.

Its non-interest income was up 9.2% compared to 2021, exceeding its target by 8.7%, according to a report released at the bank's year review meeting on Monday.

Net income from foreign currency trading grew 31.7%, exceeding its plan by 24%.

Off-balance-sheet debt recovery reached VND2,393 billion ($102.04 million), reaching about 80% of the year target.

In 2022, credit exceeded VND1,150 trillion ($49.04 billion), up 19% compared to the end of 2021. Of this, wholesale credit was up 18.5%, and retail credit up 19.4% year-on-year. The bank's bad debt ratio remained at 0.67%.

A Vietcombank office. Photo courtesy of Vietnambiz.vn.

A Vietcombank office. Photo courtesy of Vietnambiz.vn.

In 2023, Vietcombank's leaders target total asset growth of 9% compared to 2022, and credit growth of 12.8%, including the outstanding loans of VND51 trillion ($2.17 billion) planned to be sold to a weak credit institution subject to compulsory takeover.

Pre-tax profit is expected to increase by at least 12% compared to 2022, estimated at over VND41 trillion ($1.75 billion), while the non-performing loan ratio below 1.5%.

Vietcombank is the second bank to announce its profit results for 2022. Previously, VietinBank reported unconsolidated pre-tax profit of VND20,500 billion ($874 million) in 2022, meeting its target, while the bad debt ratio was controlled at less than 1.2%.

On the Ho Chi Minh Stock Exchange, Vietcombank (VCB) closed Monday’s session at VND86,900 ($3.7). The lender, with the state as majority shareholder, is a "Big 4" bank in the country.

Comments (0)
  • Read More
Samsung Vietnam seeks VAT refund for HCMC subsidiary

Samsung Vietnam seeks VAT refund for HCMC subsidiary

Samsung Vietnam CEO Na Ki-hong brought up the issue of value-added tax (VAT) refunds for Samsung Electronics HCMC CE Complex (SEHC) in Ho Chi Minh City at his working session with Minister of Finance Nguyen Van Thang on Thursday.

Companies - Sat, May 24, 2025 | 2:48 pm GMT+7

Hundreds of wind, solar power investors petition Vietnam authorities to uphold feed-in tariffs

Hundreds of wind, solar power investors petition Vietnam authorities to uphold feed-in tariffs

Investors and financial institutions related to 173 wind and solar power projects in Vietnam have called on the government to maintain the feed-in tariffs (FIT) and commercial operation dates (COD) previously recognized.

Energy - Sat, May 24, 2025 | 12:30 pm GMT+7

Why Vietnam struggles to attract private aviation investment

Why Vietnam struggles to attract private aviation investment

Vietnam’s aviation sector has grown rapidly, but its airport infrastructure struggles to keep up with rising demand, posing challenges for expansion and efficiency, writes Dr Chu Thanh Tuan, associate program manager of the Undergraduate Business Program at RMIT Vietnam.

Consulting - Sat, May 24, 2025 | 8:00 am GMT+7

Sun Group seeks support to accelerate 2 urban area projects in southern Vietnam

Sun Group seeks support to accelerate 2 urban area projects in southern Vietnam

Sun Group, a leading real estate developer in Vietnam, on Thursday asked Binh Duong province authorities for more support to speed up its two major urban area projects.

Real Estate - Fri, May 23, 2025 | 11:16 pm GMT+7

Hyundai Life enters Vietnam’s consumer goods market

Hyundai Life enters Vietnam’s consumer goods market

Hyundai Life, a subsidiary of South Korea's top-tier industrial brand Hyundai Corporation Holdings, has officially entered the Vietnamese market, launching three product lines: home appliances, lighting equipment, and smart door locks.

Companies - Fri, May 23, 2025 | 10:44 pm GMT+7

China’s C&D Group plans $2 bln paper, pulp facility in central Vietnam

China’s C&D Group plans $2 bln paper, pulp facility in central Vietnam

C&D Group of China, which ranks 85th on the Fortune Global 500, has proposed a $2 billion finished paper and pulp facility in Vietnam’s central province of Quang Binh.

Industries - Fri, May 23, 2025 | 4:50 pm GMT+7

Logistics, free trade zone projects proposed for My Thuy Port area in central Vietnam

Logistics, free trade zone projects proposed for My Thuy Port area in central Vietnam

My Thuy International Port Joint Venture Company (MTIP) has proposed studying several projects associated with its investment in My Thuy Port of Quang Tri province, central Vietnam.

Infrastructure - Fri, May 23, 2025 | 3:10 pm GMT+7

Packaging plays key role in attracting Thai consumers: Central Retail exec 

Packaging plays key role in attracting Thai consumers: Central Retail exec 

Vietnamese businesses need to prioritize eco-friendly and modern packaging designs to appeal to Thai consumers, said Chailermchai Pornsiripiyakool, head of CSR & international corporate affairs at Central Retail.

Companies - Fri, May 23, 2025 | 2:41 pm GMT+7

VSIP eyes $86 mln residential project in central Vietnam

VSIP eyes $86 mln residential project in central Vietnam

VSIP Nghe An Co. Ltd., the developer behind facilities under the Vietnam-Singapore Industrial Park (VSIP) model, has proposed a VND2.24 trillion ($86.3 million) residential area project in the central province of Nghe An.

Real Estate - Fri, May 23, 2025 | 1:16 pm GMT+7

Is Vietnam's steel major SMC emerging from shadows?

Is Vietnam's steel major SMC emerging from shadows?

Steel manufacturer SMC Trading Investment JSC (HoSE: SMC) has dodged delisting, but its path to recovery remains rocky as the steel industry grapples with mounting challenges.

Companies - Fri, May 23, 2025 | 12:08 pm GMT+7

Thailand sees car sales bounce back after nearly 2 years

Thailand sees car sales bounce back after nearly 2 years

Domestic car sales in Thailand rose by 1% year-on-year in April, the first increase in 23 months, according to the Federation of Thai Industries (FTI).

Southeast Asia - Fri, May 23, 2025 | 8:51 am GMT+7

US set to impose steep tariffs on solar panel imports from Southeast Asia

US set to impose steep tariffs on solar panel imports from Southeast Asia

The US International Trade Commission (ITC) determined on May 20 that domestic solar panel makers were materially harmed or threatened by a flood of cheap imports from four Southeast Asian nations, bringing the US a step closer to imposing stiff duties on those goods.

Companies - Fri, May 23, 2025 | 8:50 am GMT+7

Singapore launches five-year study on depression

Singapore launches five-year study on depression

Singapore’s Institute of Mental Health (IMH) has initiated a five-year study to look at the causes of depression among adults in the country, with the aim of finding ways to prevent it or halt its trajectory.

Southeast Asia - Fri, May 23, 2025 | 8:47 am GMT+7

Thailand aims to cut US trade gap by $15 bln

Thailand aims to cut US trade gap by $15 bln

Thailand expects to reduce its trade surplus with the U.S. by as much as $15 billion a year, or one-third, with its recent initiatives to prevent the misuse of origin rules for exports, according to Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira.

Southeast Asia - Fri, May 23, 2025 | 8:45 am GMT+7

Q1 revenue of LG Electronics’s Vietnam factories fall 12% to $2 bln

Q1 revenue of LG Electronics’s Vietnam factories fall 12% to $2 bln

LG Electronics’s factories in Vietnam, both in the northern port city of Hai Phong, recorded a total revenue of KRW2.84 trillion ($2.05 billion) in the first quarter of this year, down 12.3% year-on-year.

Companies - Fri, May 23, 2025 | 8:31 am GMT+7

'Reversal signal' from foreign investors after 2 years of net selling

'Reversal signal' from foreign investors after 2 years of net selling

Despite a persistent net selling trend since the start of the year, foreign investor activity in the first half of May has been described by several analysis groups as signaling a potential “reversal” after two years of consistent divestment.

Finance - Thu, May 22, 2025 | 10:51 pm GMT+7