VCB Tay Ninh Impressively Surmounting Hardships, Reaping Successes

With a sustainable and flexible development strategy that centers on customers, Joint Stock Commercial Bank for Foreign Trade of Vietnam - Tay Ninh Branch (VCB Tay Ninh) not only steadily overcame all difficulties and challenges in 2022, but also achieved optimistic outcomes that contributed to the overall success of the entire VCB system.

Vietcombank donates VND3 billion to build Ben Cau Town Primary School

Meaningful figures

In 2022, with the close direction of Party committees and authorities at all levels, the leadership of VCB; and the consensus, solidarity and determination of all the staff, VCB Tay Ninh completed and exceeded its key business targets assigned by VCB. In the year to December 31, the branch mobilized VND4,697 billion, a 15% increase over the end of 2021, and lent outstanding loans of VND10,519 billion, up 20.5% year on year. Its bad debt ratio was 0.01% to total outstanding loans. International payment - trade finance amounted at US$1,634 million, up 79% against 2021, while foreign currency trading valued US$634 million, up 39% year on year. The branch earned a profit of VND260 billion, up 13.3% year on year, and paid VND6.8 billion to the state budget, up 11%. All employees were offered social insurance, health insurance and unemployment insurance premiums valued VND4.16 billion, an increase of 4.8% over 2021.

In addition to constantly expanding and growing in scale, VCB Tay Ninh has also built and promoted the core values of VCB: Prestige, professionalism, respect to principles and standard conduct towards a modern and cultured service to customers and partners. At the same time, the branch always respects professional ethics of employees and creates intimacy and sympathy with customers in difficult times.

Given its attractive infrastructure, human resources and open investment environment, many large-scale FDI projects have been invested in Tay Ninh province and actively contributed to local socioeconomic development. VCB Tay Ninh Director Nguyen Hoai Phuong said, seizing this opportunity, the branch has focused on strongly developing the FDI customer segment and achieved very positive results, enabling it to develop outstanding credit balance and grow its services, cash payment, international payment, foreign currency trading and retail banking. This has helped strengthen the position and credibility of the local banking system, including VCB Tay Ninh, to international companies in service quality. With many solutions adopted, in 2022, VCB Tay Ninh continued to successfully develop the FDI customer segment with five new customers and increase the credit balance of the FDI customer segment to VND1,000 billion.

With its achievements in 2022, VCB Tay Ninh was honorably presented the "Leader in Emulation Movement 2022” Flag by the Chairman of the Provincial People's Committee. The Party Committee of VCB Tay Ninh was awarded a Certificate of Merit by the Party Committee of Provincial Agencies and Enterprises Bloc for excellent performance in 2022.

The continuous success of VCB Tay Ninh has come from the care of the Provincial Party Committee, the Provincial People’s Council, the Provincial People’s Committee and SBV Tay Ninh; the close guidance of VCB; the support of agencies, localities, the business community and people in Tay Ninh province, he explained. To appreciate this valuable support, VCB Tay Ninh always strives to side with the upward development of the province. The branch has continued to carry out effective monetary, interest rate and credit policies to help local enterprises to deal with their difficulties, especially in priority areas like agriculture and rural development, export, small and medium-sized enterprises, supporting industry and high-tech industry. Particularly, its outstanding loan for agriculture and rural development is currently valued VND8,113 billion, accounting for 77% of its total outstanding loans. The fund has helped farmers and producers in rural areas to expand their business operations, create jobs, ensure social stability in rural areas, and give a helping hand to the new rural development program in the province.

Siding with customers to overcome hardships

In response to the direction of the Prime Minister and the State Bank of Vietnam, VCB in general and VCB Tay Ninh in particular always actively cooperate with the community to support customers to ease their difficulties caused by the COVID-19 epidemic. Since 2020, VCB Tay Ninh has carried out many policy solutions to support its customers. Accordingly, the branch announced seven rate cuts for borrowers. Up to VND13,900 billion of loans was eligible for rate cut, with a total reduced rate value of VND148 billion. Borrowers are offered new loans with 1-3% lower interest rates to restore business operations. New interest-reduced loans reached VND18,300 billion and 12 borrowers had rescheduled repayment terms on their loans of VND657 billion.

The branch’s social responsibility is also clearly demonstrated with a series of community-oriented significant programs with a total fund of over VND1 billion. The branch presented eight houses to poor households in Chau Thanh, Go Dau, Trang Bang, Tan Chau and Tan Bien districts; granted scholarships and bicycles to well performing students from poor families; donated social insurance policies and health insurance cards; gave Tet gifts to poor households; and took care of heroic Vietnamese mothers. VCB Tay Ninh also received VND3 billion from Vietcombank to fund construction of Ben Cau Primary School.

Perhaps, its outstanding achievements in 2022 were significant to boost the spirit of all employees to work for bigger and higher business targets to bring outstanding values to customers. With the youth, valor and enthusiasm of the leadership and all the staff, VCB Tay Ninh is confident to make more strong leaps and bounds in the future to advance and achieve bigger outcomes, enabling the VCB system to maintain its leadership in Vietnam and realize the strategic goal of going global.

By Cong Luan, Vietnam Business Forum