VietinBank Hai Phong: Fortifying Stature in the Port City

3:39:50 PM | 17/6/2024

With flexible direction, strong administration of the management and with the determination and continuous effort of all employees, VietinBank Hai Phong has managed to grasp both advantages and difficulties of the economy and the banking industry. In 2023, the branch achieved optimistic results, especially impressive capital growth, outstanding loans, profitability and bad debt control.

VietinBank Hai Phong coordinates with Hai Phong City Social Security office to give social insurance books and health insurance cards to individuals facing challenging circumstances

Meaningful figures

VietinBank Hai Phong recorded positive growth in 2023. Its credit supply rose by 16% year on year while outstanding loans also climbed 19%, led by outstanding retail loans and SME loans. The bad debt ratio was kept at a very low level, only 0.001%, an impressive figure amid the economic slowdown. Operating profit was up 15%, with service income soaring more than 30%.

In 2024, VietinBank Hai Phong has focused on five key business targets and five underlying targets to improve business performance and reaffirm its position in the market. Its main goals in the year are to grow credit and increase income from products and services to make VietinBank Hai Phong a top lender in the region.

Right in the first quarter of 2024, VietinBank Hai Phong obtained extremely impressive results. Specifically, international payment and trade finance revenue up 40% year on year, with the doubled revenue earned from FDI customers. Trade finance payment revenue nearly tripled year on year. Net revenue from trade finance fees rocketed 137.1% from a year earlier. In particular, the number of international payment and trade finance customers increased by 28%, of which importers and exporters accounted for 40%.

In the first four months of 2024, the branch’s credit size doubled over a year ago and its capital size grew by over 12%, with the CASA indicator equaling 151% a year earlier. Its total assets stood among the largest in the region and Hai Phong City. The total asset scale of VietinBank Hai Phong ranks prominently among the branches within the VietinBank network in Hai Phong City.

Speeding up digital transformation

Despite its impressive achievements, VietinBank Hai Phong still faced numerous challenges in the development process. Fierce competition from competitors as well as a volatile financial market required the branch to keep improving and reforming its operations to maintain and heighten its position in the market. Particularly, digital transformation played a very important role.

In the context of powerful technological development, a company will lose to competitors if it fails to keep up. VietinBank Hai Phong has focused on developing digital products and services according to VietinBank's program. This has not only helped enhance customer experiences, but also helped improve its operational performance and competitiveness. The branch launched marketing and communication campaigns for digital products such as VietinBank iPay Mobile and VietinBank eFAST, which were widely interested and used by many customers.

Boosting pro-community activities

In addition to business, VietinBank Hai Phong places great importance on social security, community-sharing responsibility, charity activities and contributions to support social funds. Through its involvement in social initiatives, philanthropic endeavors, and community development projects, VietinBank Hai Phong consistently endeavors to foster sustainable growth.

With its flexible business approaches, digital service development and effective marketing, VietinBank Hai Phong has constantly strengthened its presence and reputation in the port city of Hai Phong, while contributing to the sustainable development of the Vietnamese economy.

From 2021 to 2023, the branch carried out various social security activities with a total budget of nearly VND2 billion in Hai Phong City. Typical activities included giving Tet gifts to the poor in the city; coordinating with Thuy Nguyen District People's Committee to sponsor the construction of two charity houses to celebrate the 75th anniversary of the Thuy Nguyen uprising (October 25, 1948 - October 25, 2023); and providing support for families with meritorious service to the revolution through the Fatherland Front of Dang Cuong commune, An Duong district on the 76th anniversary of War Invalids and Martyrs' Day (July 27, 1947 - July 27, 2023).

VietinBank Hai Phong's social security activities have demonstrated not only its responsibility to the social community but also its engagement with Party committees, authorities and local people. Such activities have won the strong affection of people and left deep impressions on public opinion.

By Ngo San (Vietnam Business Forum)