TRUSTBank - Limelight on Vietnam Financial Market

Persistently desiring to become a leading modern retail bank in Vietnam and in the region, during the past 22 years, TRUSTBank continuously improves quality of all operations to provide fully covered financial services for customers and create more valuable benefits for employees, shareholders, investors and the society. Starting from a very small credit unit with three transaction points, the bank - under the flexible leadership of the Executive Board and continuous efforts of all employees - has overcome numerous difficulties to attain sustainable development until today. At present, the lender has an authorised share capital of over VND3,000 billion. Sustainability and quality of banking services in the past 22 years strengthened the trust of customers.

 

In 2010, amid mixed blessing, TRUSTBank confirmed its robustness and impressive achievements. Total assets were valued at VND19,762 billion, an increase of 132 percent from the start of the year and equal to 124 percent of the full-year plan. Aggregate income reached VND1,666 billion, up 138 percent from 2009; and profit was VND302 billion, up over 300 percent and equal to 104 percent of the yearly plan. The bank also focuses on investing in technologies to create new products and services like issuing domestic ATM cards. In addition, TRUSTBank completes procedures to become a member of international card issuers like Visa and MasterCard. TRUSTBank is also an official member of Banknetvn switching system and successfully connects with Smartlink and VNBC. It connects SWIFT (Society for Worldwide Interbank Financial Telecommunication) to serve international payment, builds the data centre, backup centre, electronics banking service (Internet Banking) and call centre.

 

Additionally, TRUSTBank develops nationwide network, differentiates products and services, and add more utilities for customers. To provide most convenient access to banking products and services, TRUSTBank focuses on expanding domestic and international markets. Last year, the bank opened 42 new transaction points, bringing its total transaction points to 103, surpassing the annual plan by 8.4 percent. At the same time, TRUSTBank has established relations with 32 banks in 10 countries around the world and opened seven payment accounts with other global banks. The bank attaches much importance to training its employees in both quality and quantity to raise their contributions to TRUSTBank and community consciousness.

 

Mr Hoang Van Toan, Board Chairman of TRUSTBank, said: Today’s positive achievements are mainly accrued from TRUSTBank’s frequent update of new technologies in the world. The bank continuously refines products to better serve customers and edge up competitive advantages against other banks operating in Vietnam. At the same time, TRUSTBank develops new products and services basing on its advanced technology and suiting e-commerce trend, knowledge economy, and prepares for integration with regional and global financial market.

 

With its continued successes, TRUSTBank name has gained a certain position in the retail banking sector, become a bright star on the Vietnamese financial market and is one of favoured and trusted banks of all Vietnamese people and foreign partners. According to business ranking reports released by Vietnam Report Company and VietNamNet online newspaper, TRUSTBank was rated one of 500 largest private enterprises in Vietnam in 2010 (VNR500) and ranked 30th out of 500 companies with highest annualised growth in Vietnam in 2010 (FAST500). Besides, TRUSTBank received a certificate of corporate credit evaluation from the Vietnam Union of Science and Technology Associations and the Centre for Corporate Credit Evaluation.

 

From January 1, 2011, wholly foreign-owned banks in Vietnam were treated equal to Vietnamese banks, according to Vietnam’s WTO entry roadmap. Mr Toan said an increasing presence of foreign banks in Vietnam will intensify competitive pressures and if Vietnamese banks do not improve their scale and enhance competitiveness, they will lose advantage in the competition with foreigners. Thus, to stand firmly and develop effectively in the context of fiercer competition, in 2011, TRUSTBank will continue pursuing policies of strengthening financial capacity, competitiveness, safety and operating efficiency. The bank will exert its core strengths to develop credit services for farmers, rural area and agriculture, especially in the Mekong Delta, quickly expand retail banking operations, and serve small and medium enterprises (SMEs) to ensure profit growth and revenue.

 

According to its business plans set for 2011, TRUSTBank’s charter capital will be raised from VND3,000 billion to VND5,000 billion, an increase of 67 percent; total assets will reach VND28,000 billion, up 42 percent from the start of the year; pre-tax profit will be VND550 billion, up 82 percent from 2010. In 2011, TRUSTBank targets to become a leading urban bank, satisfy all requirements of the State Bank of Vietnam, and meet all requirements of customers as provided by its business philosophy “Safety - development - efficiency - sustainability.” Specifically, the bank continues with its strategy of expanding and specialising core business lines, broadening cooperation with other companies, boosting operating performance of companies where it contributes capital like Dai Viet Securities and Hung Vuong Insurance Company. The bank will also continue promoting and improving organizational structure in accordance with a new model to enhance business efficiency, ensure risk management, and foster human resources.

 

TRUSTBank has put into operation a debt and asset management company called TRUSTAsset, a move to start up the development strategy in 2011. With a charter capital of VND100 billion, TRUSTAsset will giving a helping hand to the overall development target of TRUSTBank, specially business targets set for 2011. TRUSTAsset is carryout many investment projects and focusing on TRUSTBank’s assets, surveying real estate market and promoting the TRUSTBank’s strengths in financial investment.

 

Chairman Hoang Van Toan emphasised that “The year 2011 is a mixed blessing. TRUSTBank will snatch all opportunities to overcome difficulties. The year 2011 will mark new steps of development of TRUSTBank, aligning the TRUSTBank brand with the long-term development strategy and helping the bank to strengthen foothold on the domestic and international financial markets.