TRUSTBank: 20 Years of Construction and Development

With an initial fund of only VND3.4 billion, TRUSTBank’s operating capital reached VND2,989 billion at the end of 2008, an increase of VND1,860 billion from the start of that year. Its chartered capital was VND1,000 billion in January 2009 and was expected to treble to VND3,000 billion in 2010.

 

With its striking achievements, TRUSTBank honourably became one of seven banks in Vietnam to take part in the Rural Development Fund I (RDF I) sponsored by the World Bank since 1998 and is now joining the RDF II arranged by the Bank for Investment and Development of Vietnam (BIDV) - Transaction Centre III. Additionally, TRUSTBank plans to join RDF III in the near future.

 

Amid international and regional economic integration, banks in general and TRUSTBank in particular must capitalise on its internal efforts to realise their orientations and strategies. On August 17, 2007, the Governor of the State Bank of Vietnam approved the operating model transformation into an urban joint stock bank from a rural joint stock bank and the renaming to Great Trust Commercial Joint Stock Bank. Arguably, the transformation of operating model is an important turning point for TRUSTBank to advance in the future.

In the past years, TRUSTBank has funded a large amount of capital for all economic sectors in the country. The capital from TRUSTBank is proven an important leverage for many enterprises and economic sectors to secure sustainable development.

 

In the 2008 - 2012 period, TRUSTBank’s operating objectives are “to continue enhancing financial capacity and competitiveness, to restructure its entire apparatus to become a world-class retailing bank capable of providing a wide range of high-grade banking products and services, to have a stable customer network, a good relationship with strategic partners, a system of basic bank products, and to become a top-notched bank in Vietnam.”

 

To realise these goals, TRUSTBank expanded its network to 46 transaction points as of July 1, 2009, including a head office, eight branches and 37 transaction offices. Thus, after nearly two years of transforming the operating model, TRUSTBank has obtained sustainable growth. In 2009, TRUSTBank will enlarge its network to 60 transaction points across the country. Besides, the bank has modernised its banking technology to provide best products and services for customers.

 

During its 20-year history, in addition to impressive business results, TRUSTBank has made significant contributions to community development by joining thanksgiving and charity activities. To date, the lender granted 250 scholarships worth VND190 million to primary, secondary and tertiary students, presented 7,000 uniforms valued at VND180 million and 20,000 notebooks worth VND60 million to students, donated 33 wheelchairs valued at VND49.5 million to the disabled, built three houses to present people with great contributions to the national liberation, 11 charity houses and 2 great unity buildings, valued at VND270 million in total, provided 10 tonnes of rice worth VND40 million for the poor, sponsored VND2 billion to the Ho Chi Minh City Student Support Centre, and financed VND2 billion to the volleyball squad of the Information Commander (the National Defence Ministry). Most recently, TRUSTBank sponsored VND300 million to the Dong Nai Golf Association, built houses for the poor in Dong Nai province, funded VND10.5 million to the Mercy Rhythm Programme to raise funds for the Ho Chi Minh City Poor Fund, supported VND550 million to the university and college entrance examination campaign in 2009 launched by the Ho Chi Minh City Youth Union, and supported study encouragement funds in Ba Ria - Vung Tau province and Can Tho City.

 

To develop, apart from realising its goals, TRUSTBank is sparing no effort to make new breakthroughs, helping the Vietnamese banking industry become a strong force in the regional and international financial markets in the 2010 - 2020 period.

Vietnam Business Forum would like to extract the letter of the Governor of the State Bank of Vietnam on 20^th Founding Anniversary of Great Trust Commercial Joint Stock Bank (September 1, 1989 - 2009): “As one of the first commercial joint stock banks established when the new management policy was started to be built, Great Trust Commercial Joint Stock Bank, which was formerly the Rach Kien Rural Commercial Joint Stock Bank, has lived through many difficulties and challenges. Starting from a rural commercial joint stock bank in a southern province, Great Trust Commercial Joint Stock Bank has gradually strengthened and developed to become an urban commercial joint stock bank. With its wide range of operations, the bank has step by step affirmed its position, its prestige and its name in the Vietnamese banking system.

 

Amid global financial crisis and economic recession, the fast-growing Vietnamese banking industry and the deepening international integration require Great Trust Commercial Joint Stock Bank to introduce sound strategies to enhance governance and capacity to compete and develop. I hope the bank, with its 20-year experience, will promote its strengths to develop and actively contribute to the national construction and development.”