Vietcombank to select foreign investors for 6.5% stake
Leading Vietnamese lender Vietcombank said it will select foreign shareholders for a 6.5% stake via private placements.
At its annual general meeting on Friday, the state-run bank said it is hiring a financial consultant to support the selection of foreign shareholders, expected in 2023-2024.

The Vietcombank headquarters in Hanoi, northern Vietnam. Photo courtesy of the bank.
The State Bank of Vietnam on Wednesday approved Vietcombank’s proposal to increase its charter capital, sourced from the 2020 profit and the remained part of the 2019 profit. The lender said if things go smoothly, it would complete the plan in a month.
At an extraordinary general meeting of shareholders on January 30, Vietcombank approved a plan to increase its charter capital to more than VND75 trillion ($3.2 billion) from remaining profit in 2021, and the remaining profit accumulated up to 2018, becoming the leader in Vietnam's banking industry in terms of charter capital. The bank is carrying out procedures to seek regulatory approval of this plan.
The Hanoi-headquartered heavyweight reported positive business results in the first quarter of 2023, with credit growing by more than 2.5% and deposits by 3.2%. Its Q1 consolidated profit reached VND11.2 trillion ($476.7 million), up nearly 14% over the same period and equal to 26% of the year plan.
At the meeting, shareholders approved plans for 12-14%, 9-10%, and 10-11% in annual credit, total asset, and deposit growth, respectively, in the 2023-2028 period.
The bank’s before-tax profit in 2023 is expected to increase at least 15% from 2022, reaching nearly VND43 trillion ($1.45 billion), while its non-performing loan (NPL) ratio would be curbed at below 1.5%.
Shareholders also approved the election of the 11-member board of directors and four-member supervisory board for the new term 2023-2028.
They elected eight members of the board, with Vu Viet Ngoan being an independent member replacing Truong Gia Binh, chairman of Vietnam’s leading IT corporation FPT.
Listed on the Ho Chi Minh Stock Exchange as VCB, the lender is one of the "Big 4" banks in Vietnam.
Vietcombank's unconsolidated pre-tax profit was VND36.774 trillion ($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 yearly review meeting. Net income from foreign currency trading grew 31.7%, exceeding its plan by 24%.
Credit exceeded VND1,150 trillion ($49.04 billion) in the year, 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%.
The Japan Bank for International Cooperation (JBIC), Mizuho Bank, Joyo Bank, and Shiga Bank are providing funding totaling $300 million to renewable energy firms in Vietnam to support the country's decarbonization efforts. This financing will go via Vietcombank under a deal signed in Hanoi in late March.
Vietcombank has for decades maintained its No.1 position in Vietnam's banking system.
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