A Tien Phong Bank transaction counter. Bad debts at the bank has fallen from 6.4 per cent to 2.7 per cent. — Photo tpb.vn

HA NOI (Biz Hub) ― Tien Phong Joint Stock Commercial Bank has been presented a certificate of merit from Prime Minister Nguyen Tan Dung for its achievements in self-restructuring.

Since Tien Phong's reorganising scheme was approved by the State Bank of Viet Nam in July 2012, its charter capital has increased from VND3 trillion (US$142.86 million) to VND5.55 trillion ($264.28 million). Further, bad debt has fallen from 6.4 per cent to 2.7 per cent, the bank reported.

The bank hoped to earn about VND316 billion ($15.05 million) in profits in 2013, but profits have reached over VND350 billion ($16.67 million) so far.

Bank chairman Do Minh Phu said the bank is working to become among the top 20 leading banks in Viet Nam, with 5,000 employees and over VND1 trillion ($41.62 million) in profits, by 2017.

The bank has shortened its transaction name from TienPhong Bank to TPBank. ― VNS