{{Short description|Vietnamese bank}} {{Use British English|date=November 2015}} {{Use dmy dates|date=November 2015}} {{Infobox company | logo = File:Vietcombank logo fixed.svg | name = Joint Stock Commercial Bank for Foreign Trade of Vietnam | image = Promenantoj apud lago Hoan Kiem vespere.jpg | image_caption = Vietcombank headquarters seen from Hoàn Kiếm Lake | trade_name = Vietcombank | native_name = Ngân hàng Thương mại cổ phần Ngoại thương Việt Nam | type = Joint stock bank | traded_as = {{HOSE|VCB}} | founded = {{Start date and age|1963|04|01|df=y}} | predecessor = | location_city = Hanoi, Vietnam | key_people = Pham Quang Dung (chairman and chief executive officer) | industry = Banking and Finance | products = {{Collapsible list|Consumer banking<br />Corporate banking<br />Investment banking<br />Insurance<br />Mortgages<br />Real estate}} | revenue = VND 36.84 trillion (US$ 1.72 billion) | revenue_year = 2014 | assets = VND 5.88 trillion (US$ 280 million) | assets_year = 2014 | num_employees = + 23,000 <ref>{{Cite web |title=Company details |url=https://hr.asia/awards/categories/most-caring-company-awards/vietnam-mcc-winner-2025/vietcombank-mcc-vn-2025/ |website=HR Asia}}</ref> | num_employees_year = 2025 | homepage = {{URL|http://www.vietcombank.com.vn/}} | parent = | net_income = VND 577 trillion (US$ 27.01 billion) | net_income_year = 2014 | equity = VND 94.095 trillion | equity_year = 2020 }}
'''Vietcombank''' or formally the '''Joint Stock Commercial Bank for Foreign Trade of Vietnam''' ({{Langx|vi|Ngân hàng TMCP Ngoại thương Việt Nam}}) is a major commercial bank in Vietnam.
== Overview == Vietcombank's headquarters are located in Hanoi, Vietnam. {{As of|2024}}, the bank had 131 branches and 536 transaction offices in Vietnam, 4 domestic subsidiaries, 3 international subsidiaries, 4 joint ventures and affiliates, and a representative office in Ho Chi Minh City, Singapore, and the United States.<ref name=":3">{{Cite book |url=https://www.vietcombank.com.vn/-/media/Project/VCB-Sites/VCB/Nha-Dau-tu/Files/BC-dinh-ky/BC-thuong-nien/2024/EN_VCB-Annual-Report-2024_Full_250426_FN_compressed.pdf |title=Vietcombank Annual Report 2024 |publisher=Joint Stock Commercial Bank for Foreign Trade of Vietnam |year=2025 |location=Ha Noi |language=en}}</ref> As of 30 June 2025, Vietcombank's market capitalization was VND 467.9 trillion (US$18.0 billion).<ref>{{Cite web|title=Investor Presentation 1Q 2021|url=https://portal.vietcombank.com.vn/content/en-us/Investors/Investors/Investor%20Presentations/Presentations/2021/1Q2021_VCB%20IR%20Presentation_20210428.pdf}}</ref>
== History == Vietcombank was formerly the Foreign Exchange Management Department (FEMD) of the National Bank of Vietnam (NBV), established on January 20, 1955.<ref>{{Cite web |date=2015-05-13 |title=Vietcombank khẳng định vị thế thương hiệu dẫn đầu |url=https://www.tinnhanhchungkhoan.vn/post-111804.html |access-date=2024-01-29 |website=Tin nhanh chứng khoán |language=vi}}</ref><ref>{{Cite web |last=Hưng |first=Lê |date=2016-04-27 |title=Vietcombank - Một giá trị, một thương hiệu lớn |url=https://tapchitaichinh.vn/vietcombank-mot-gia-tri-mot-thuong-hieu-lon.html |access-date=2024-01-29 |website=Tạp chí Tài chính |language=vi}}</ref> In 1961, the FEMD was renamed the Foreign Exchange Bureau (FEB) under the State Bank of Vietnam (SBV).<ref>{{Cite web |title=Bài dự thi Giải Búa liềm vàng Khối Doanh nghiệp Trung ương - năm 2022:Vietcombank - 60 năm lớn mạnh cùng đất nước và cội nguồn sức mạnh |url=http://doanhnghieptrunguong.vn/giai-bua-liem-vang/202211/bai-du-thi-giai-bua-liem-vang-khoi-doanh-nghiep-trung-uong-nam-2022-vietcombank-60-nam-lon-manh-cung-dat-nuoc-va-coi-nguon-suc-manh-5794441/ |access-date=2024-01-29 |website=Cổng TTĐT Đảng Ủy Khối DNTW |language=vi}}</ref>
Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded on 1 April 1963 as '''Bank for Foreign trade of Vietnam'''. It was span off from the Foreign Exchange Bureau of the State Bank of Vietnam<ref name=":0">{{Cite web|url = http://www.vietcombank.com.vn/About/General.aspx?lang=en|title = Vietcombank - About us|access-date = 2015-11-20|publisher = Vietcombank}}</ref> to be an exclusive bank for foreign trade.<ref name=":1">{{Cite web|url = http://www.vietcombank.com.vn/About/Milestones.aspx?lang=en|title = Vietcombank - Milestones|access-date = 2015-11-20|publisher = Joint Stock Commercial Bank for Foreign Trade of Vietnam}}</ref>
In 1990, Vietcombank diversified its services from being exclusively focused on foreign trade to a become a mass market commercial bank.<ref name=":1" /> In 1996 the bank's official name was changed to Joint Stock Commercial Bank for Foreign Trade of Vietnam.<ref name=":1" />
In 2008, Vietcombank was selected by the government to be the pilot for privatization of state-owned companies. The bank was then after listed on the Ho Chi Minh Stock Exchange on 30 June 2009 after a successful IPO<ref name=":0" /> that raised US$652 million making it the biggest Vietnamese firm to conduct an initial public offering.<ref>{{Cite web|url = https://www.reuters.com/article/asia-271328-vietnam-vietcombank-ipo-idUSHAN2103920071227#fBtOPqZWKDobzjDC.97|title = Vietcombank IPO raises $652 mln, market cautious|date = December 27, 2007|access-date = November 20, 2015|website = Reuters|publisher = Thomson Reuters|last1 = Lam|first1 = Nguyen Nhat|last2 = Minh|first2 = Ho Binh}}</ref>
In 2011, Vietcombank signed a strategic shareholder agreement with Mizuho Corporate Bank, a member of Mizuho Financial Group, Japan.<ref>{{Cite web |title=Vietcombank phát huy hơn nữa vai trò chủ lực, dẫn dắt thị trường |url=https://dangcongsan.vn/lanh-dao-dang-nha-nuoc/vietcombank-phat-huy-hon-nua-vai-tro-chu-luc-dan-dat-thi-truong-634622.html |access-date=2024-01-29 |website=dangcongsan.vn |language=en-US}}</ref><ref>{{Cite web |last=baochinhphu.vn |date=2011-09-30 |title=Vietcombank và Ngân hàng Mizuho ký thỏa thuận hợp tác chiến lược |url=https://baochinhphu.vn/news-10293491.htm |access-date=2024-01-29 |website=baochinhphu.vn |language=vi}}</ref><ref>{{Cite web |date=2018-06-01 |title=Vietcombank - 55 năm, một hành trình đáng tự hào |url=https://www.tinnhanhchungkhoan.vn/post-187687.html |access-date=2024-01-29 |website=Tin nhanh chứng khoán |language=vi}}</ref> In 2013, Vietcombank launched a new brand identity system with the slogan "Shared trust - Strong future".<ref>{{Cite web |last=PV |date=2013-05-16 |title=Vietcombank - Biểu tượng xanh vì cộng đồng |url=https://tapchitaichinh.vn/vietcombank-bieu-tuong-xanh-vi-cong-dong.html |access-date=2024-01-29 |website=Tạp chí Tài chính |language=vi}}</ref> In 2016, Vietcombank regained the top position in terms of profit in the Vietnamese banking market.<ref>{{Cite web |last=Nhung |first=Thu |date=2019-06-11 |title=Vốn hóa trên 10 tỷ USD, Vietcombank bứt tốc mạnh mẽ và khẳng định vị thế trên trường quốc tế |url=https://kinhtedothi.vn/von-hoa-tren-10-ty-usd-vietcombank-but-toc-manh-me-va-khang-dinh-vi-the-tren-truong-quoc-te.html |access-date=2024-01-29 |website=Báo Kinh tế đô thị - Đọc tin tức thời sự kinh tế 24h mới nhất |language=vi}}</ref><ref>{{Cite web |last=VCCorp.vn |date=2017-02-16 |title=Sao đổi ngôi trong bức tranh lợi nhuận ngân hàng năm 2016 |url=https://cafef.vn/sao-doi-ngoi-trong-buc-tranh-loi-nhuan-ngan-hang-nam-2016-20170215153833538.chn |access-date=2024-01-29 |website=cafef |language=vi}}</ref><ref>{{Cite web |last=Đức |first=Minh |date=2016-01-04 |title=Vietcombank sẽ lấy lại ngôi đầu? |url=https://vneconomy.vn/vietcombank-se-lay-lai-ngoi-dau.htm |access-date=2024-01-29 |website=Nhịp sống kinh tế Việt Nam & Thế giới |language=vi}}</ref>
In 2018, Vietcombank became the first bank to be officially granted the decision to apply Basel II under Circular 41 by the State Bank of Vietnam.<ref>{{Cite web |last=Giang |first=Hương |date=2018-11-29 |title=VIB và Vietcombank là hai ngân hàng đạt chuẩn Basel II đầu tiên tại Việt Nam |url=https://vneconomy.vn/vib-va-vietcombank-la-hai-ngan-hang-dat-chuan-basel-ii-dau-tien-tai-viet-nam.htm |access-date=2024-01-29 |website=Nhịp sống kinh tế Việt Nam & Thế giới |language=vi}}</ref><ref>{{Cite web |last=baochinhphu.vn |date=2018-11-28 |title=Vietcombank là ngân hàng đầu tiên đáp ứng chuẩn mực Basel II tại Việt Nam |url=https://baochinhphu.vn/vietcombank-la-ngan-hang-dau-tien-dap-ung-chuan-muc-basel-ii-tai-viet-nam-102248522.htm |access-date=2024-01-29 |website=baochinhphu.vn |language=vi}}</ref><ref>{{Cite web |date=2018-11-28 |title=Vietcombank là ngân hàng đầu tiên đáp ứng chuẩn mực Basel II tại VN |url=https://tienphong.vn/post-1074715.tpo |access-date=2024-01-29 |website=Báo điện tử Tiền Phong |language=vi}}</ref> In 2019, Vietcombank became the first Vietnamese bank to have profit reaching the milestone of US$1 billion.<ref>{{Cite web |last=ONLINE |first=TUOI TRE |date=2020-01-10 |title=Vietcombank chính thức cán đích 1 tỉ USD lợi nhuận trước thuế |url=https://tuoitre.vn/vietcombank-chinh-thuc-can-dich-1-ti-usd-loi-nhuan-truoc-thue-20200110202059354.htm |access-date=2024-01-29 |website=TUOI TRE ONLINE |language=vi}}</ref><ref>{{Cite web |last=Trí |first=Dân |date=2020-01-10 |title=Vietcombank cán đích lợi nhuận 1 tỷ USD, Thống đốc nói gì? |url=https://dantri.com.vn/kinh-doanh/vietcombank-can-dich-loi-nhuan-1-ty-usd-thong-doc-noi-gi-20200110142703486.htm |access-date=2024-01-29 |website=Báo điện tử Dân Trí |language=vi}}</ref><ref>{{Cite web |last=Quoc |first=Bao |date=2020-09-09 |title=Vanilla gift card |url=https://vanillagift.io/ |access-date=2024-01-29 |language=en-GB}}</ref><ref>{{Cite web |last=baochinhphu.vn |date=2020-01-10 |title=Vietcombank đạt xấp xỉ 1 tỷ USD lợi nhuận, quản trị ngang tầm quốc tế |url=https://baochinhphu.vn/vietcombank-dat-xap-xi-1-ty-usd-loi-nhuan-quan-tri-ngang-tam-quoc-te-102266889.htm |access-date=2024-01-29 |website=baochinhphu.vn |language=vi}}</ref> In 2020, Vietcombank successfully went live with the core banking system.<ref>{{Cite news |last=VnExpress |title=Dấu ấn của Vietcombank trên hành trình chuyển đổi số |url=https://vnexpress.net/dau-an-cua-vietcombank-tren-hanh-trinh-chuyen-doi-so-4591663.html |access-date=2024-01-29 |work=vnexpress.net |language=vi}}</ref><ref>{{Cite web |last=Hàng |first=Thời Báo Ngân |date=2021-01-21 |title=Vietcombank Sở giao dịch: Tiếp tục vị thế dẫn đầu toàn hệ thống |url=https://thoibaonganhang.vn/vietcombank-so-giao-dich-tiep-tuc-vi-the-dan-dau-toan-he-thong-111160.html |access-date=2024-01-29 |website=Thời Báo Ngân Hàng |language=vi}}</ref>
In 2019, Vietcombank announced the opening of its representative office in New York on November 1. This opening was licensed by the New York State Department of Financial Services on June 17 and received official approval from the Federal Reserve Board.<ref>{{Cite web |date=November 5, 2019 |title=Vietcombank officially opens representative office in New York City |url=https://vir.com.vn/vietcombank-officially-opens-representative-office-in-new-york-city-71568.html |website=vir.com.vn}}</ref><ref>{{Cite web |date=November 1, 2018 |title=Vietcombank's application to establish a New York office approved |url=https://vietnamnews.vn/economy/468992/vietcombank-s-application-to-establish-a-new-york-office-approved.html |website=vietnamnews.vn}}</ref>
In October 2024, Vietcombank became the second largest shareholder of Eximbank.<ref>{{Cite web |date=October 18, 2024 |title=Vietcombank is now the second largest shareholder at Eximbank |url=https://vietnamnews.vn/economy/1665161/vietcombank-is-now-the-second-largest-shareholder-at-eximbank.html |website=Viêt Nam News}}</ref>
== Member companies == Other than providing banking services, Vietcombank has invested in subsidiaries, joint ventures and associates. These investments include but are not limited to the following:<ref name=":2">{{Cite book |url=http://vietcombank.com.vn/upload/2015/07/07/20150712%20VCB%20AR2014%20-%20EN.pdf?19 |title=Vietcombank - 2014 Annual Report |publisher=Joint Stock Commercial Bank for Foreign Trade of Vietnam |year=2014 |location=Hanoi}}</ref> {| class="wikitable" ! !Name !Shareholding !Industry |- |1 |Vietcombank Leasing Company Limited |100% |Financial leasing |- |2 |Vietcombank Securities Company Limited |100% |Investment banking |- |3 |Vietcombank Tower 198 Company Limited |70% |Real estate |- |4 |Vietnam Finance Company Limited |100% |Financial services |- |5 |Vietcombank Laos |100% |Commercial banking |- |6 |Vietcombank Money Incorporated |75% |Money transfer |- |7 |Vietcombank - Bonday - Ben Thanh Company Limited |52% |Real estate |- |8 |Vietcombank Fund Management Company |51% |Investment fund management |- |9 |Vietcombank - Cardif Life Insurance Company Limited |45% |Life insurance |- |10 |Vietcombank Bonday Limited |16% |Real estate |}
== Ownership == The shares of the stock of Vietcombank are traded on the Ho Chi Minh Stock Exchange, under the symbol: '''VCB'''. {{As of|2024}}, The shareholding in the bank's stock was a follows:<ref name=":3" />
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto" |+ Joint Stock Commercial Bank for Foreign Trade of Vietnam ''' Stock Ownership''' ! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership |- |1||State Bank of Vietnam||74.80 |- |2||Mizuho Bank, Ltd||15.00 |- |3|| Others ||10.20 |- | ||'''Total'''||'''100.00''' |- |}
== Governance == Vietcombank is governed by a seven-person board of directors with '''Pham Quang Dung''' serving as chairman and CEO.<ref>{{Cite web|last=VIR|first=Vietnam Investment Review-|date=2021-08-31|title=Pham Quang Dung becomes new chairman of Vietcombank|url=https://vir.com.vn/pham-quang-dung-becomes-new-chairman-of-vietcombank-87166.html|access-date=2022-02-19|website=Vietnam Investment Review - VIR|language=en}}</ref>
== Vietcombank Tower == thumb|207x207px|Vietcombank Tower Vietcombank Tower, also known as Vietcombank Tower Saigon to distinct with the same name building in Hanoi, is a 35-storey building in Ho Chi Minh City, designed by Pelli Clarke Pelli Architects, an architects company of César Pelli.<ref>{{Cite web|url = http://pcparch.com/project/vietcombank-tower-|title = Headquarters & Office Buildings - Vietcombank Tower|work = Pelli Clarke Pelli Architects|access-date = 2015-11-20|archive-date = 21 November 2015|archive-url = https://web.archive.org/web/20151121015026/http://pcparch.com/project/vietcombank-tower-|url-status = dead}}</ref>
The tower is located at No.5 Mê Linh Square, District 1, Ho Chi Minh City. As of 2025, with the height of 206 meters, it is the fourth tallest building in Ho Chi Minh City and the ninth tallest building in Vietnam.
The construction began in 2011 and completed in 2014. Despite being said to be similar with Empire State Building, yet the differences of them is find from the modern architecture with gray colored-glass compared to the concept of Art Deco-style and the spire is put in the front façade not the center of the roof like the rest one. In addition to Vietcombank, corporate tenants with offices in the building include Lotte, Heineken Vietnam, Johnson & Johnson, SSI, Idemitsu, Sun Life Financial, and Pernod Ricard Vietnam.<ref>{{Cite web|last=vietcombanktower.vn|first=www vietcombanktower vn {{!}}|title=VIETCOMBANK TOWER|url=http://vietcombanktower.vn/en/|access-date=2022-02-19|website=vietcombanktower.vn|language=vi}}</ref>
== See also == * Banking in Vietnam * List of banks in Vietnam * State Bank of Vietnam {{Portal|Banks}}
== References == {{Reflist|30em}}
== External links == * [http://www.vietcombank.com.vn/ Joint Stock Commercial Bank for Foreign Trade of Vietnam] * [http://asia.nikkei.com/Company/082L0W-E ASEAN 100 - Joint Stock Commercial Bank for Foreign Trade of Vietnam] {{Webarchive|url=https://web.archive.org/web/20151121101519/http://asia.nikkei.com/Company/082L0W-E |date=21 November 2015 }}
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Category:Banks of Vietnam Category:Companies listed on the Ho Chi Minh City Stock Exchange Category:Vietnamese brands Category:Banks established in 1963 Category:Vietnamese companies established in 1963 Category:2009 initial public offerings