Finance & Banking
Last updated: Monday, April 24, 2017
Vietcombank Quang Ngai: Vibrant Business and Social ActivitiesPosted: Saturday, April 15, 2017
In 2016, despite enormous hardships arising from volatile global and domestic economies, Vietcombank Quang Ngai Branch relied on the leadership of the Vietcombank Head Office and the direction of Quang Ngai province to flexibly respond to local market developments and achieved impressive results, thus giving a helping hand to the successful achievement of the province's socioeconomic development goals in 2016.
A very successful year
Ms Pham Thi Thuy Kieu, Director of Vietcombank Quang Ngai, said that before general economic difficulties, Vietcombank Quang Ngai’s business operations were significantly affected. However, with the great effort of the leadership and the determination of all employees, in 2016, the branch achieved remarkable results in deposit and credit growth. Its other retail products and services also produced notable outcomes and helped boost its profit in 2016 to VND115 billion, up 9.52 per cent year on year.
In 2016, competition among commercial banks became fiercer and fiercer. But, with appropriate business policy, Vietcombank Quang Ngai continued to expand its market share, and maintain its stable capital mobilisation and credit growth.
- Total local mobilised capital reached VND6,665 billion as of December 31, 2016, up 54.2 per cent year on year and 31 per cent higher than the full-year plan. With this result, Vietcombank Quang Ngai was the second largest bank after Agribank Quang Ngai, occupying 17.3 per cent of the market share, but it recorded the highest mobilised capital growth among 23 commercial banks in the province.
- In 2016, Vietcombank Quang Ngai actively carried out the credit growth policy in line with the direction of the Government, the State Bank of Vietnam and Vietcombank; focused on good performers in the economy such as heavy industry, agricultural product processing, marine economic development and rural agriculture. In particular, by the end of 2016, Vietcombank Quang Ngai had outstanding loans of VND750 billion for agriculture and rural development, mainly loans made under Government Decree 67 and Decree 68. Hence, the branch contributed significantly to the success of the National Rural Development Target Programme in Quang Ngai province. The branch’s total outstanding loans valued VND6,249 billion as of December 31, 2016, up 15 per cent year on year, leading the region in outstanding loans with a market share of 18.2 per cent. Credit quality also improved extensively. Bad debt slid from 1.95 per cent at the end of 2015 to 0.95 per cent at the end of 2016, a very prominent operating result of Vietcombank Quang Ngai in 2016.
- Apart from its main business operations, Vietcombank Quang Ngai achieved a range of encouraging results in other business fields. Specifically, the branch had an outstanding guarantee (a product of credit business) of VND573 billion as of December 31, 2016, equal to 208 per cent of the full-year plan and up 128.2 per cent over 2015. The branch’s guarantee balance was mainly L/C payment guarantee, tender guarantee and contract performance guarantee. In particular, in 2016, Vietcombank Quang Ngai issued many overseas guarantees to DOOSAN VINA Company, showing its readiness for deep international economic integration. Branch Director Kieu said, “In general, the guarantee service now has the highest-ever quality, has more new customers, has more products and contributes more to the overall success of the branch. Most customers in the province go to Vietcombank Quang Ngai when they want to use guarantee services, thereby boosting the brand name of Vietcombank - a reliable trusted address for all customers.”
With regular customer contact and service quality improvement, the branch’s international payment value reached US$2.344 billion by the end of 2016, equal to 339 per cent of the annual plan and up 393 per cent over 2015. Vietcombank Quang Ngai is the most prominent branch of the Vietcombank system in this business, securing the top place in Quang Ngai province and one of the two top spots within Vietcombank.
Integrating business with social community
In addition to excellent business performance, the name of Vietcombank Quang Ngai has also been strengthened by its engagement in social security, community sharing, and active contribution to the cause of socialising industrialisation and modernisation of Quang Ngai province. This beautiful humanitarian culture of the branch is inherited from Vietcombank.
2016 was another active year of Vietcombank Quang Ngai when it had a lot of exciting activities engaged by all staff and mass organisations in the branch, including Party Committee, Union, Youth Union and Veterans Association. The branch actively funded VND4.31 billion for social activities such as thanking and charity movements. Furthermore, its employees were enthusiastic to go to remote areas to share food and personal items with flood victims or the poor on the occasion of major public holidays.
Without doubt, Vietcombank Quang Ngai’s efforts to participate in social security activities in recent years, especially in 2016, have brought in certain successes and significant contributions to the successful implementation of major policies of the Party, the Government and the State Bank of Vietnam (SBV) on hunger eradication, poverty alleviation and acts of gratitude to people with sacrifice to the nation. The branch’s charity programmes have not only brought joy to the needy in the province, but also attracted and encouraged more donors to give a helping hand. To write down more on this fine tradition of humanity, Vietcombank Quang Ngai will further take part in social security activities and sow the nice image of Vietcombank in Quang Ngai people's minds in a bid to make the Vietcombank brand outshine itself in the land of An Mountain and the Tra River.
In 2017, Vietcombank Quang Ngai aims to keep its leading position by maintaining the credit market share and increasing the retail market share. The branch strives for outstanding loans of VND7,178 billion in the year, up 14.9 per cent over 2016, and for mobilised capital of at least VND7,964 billion, up 11.7 per cent.
In addition, the branch will make an effort to secure its top position in import-export payment in the province, and bring international payment value to at least US$2,462 million, 5 per cent higher than that in 2016. Vietcombank Quang Ngai will endeavour to achieve the business plan after risk provision in 2017 assigned by Vietcombank. The branch will also seek permission from Vietcombank to establish a new business location and secure its leadership, not only in business operations but also in all other activities, to further strengthen the position of Vietcombank in Quang Ngai province.