The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) has been named Viet Nam’s best bank in 2018 by FinanceAsia.

This is the second consecutive year the bank has received this award from the Hong Kong-based magazine.

The award aims to honour outstanding banks based on criteria such as business strategy, offering customers services that meet international standards, growth, profitability, high-quality products and services and network development.

Vietcombank is rated among Vietnamese banks as the best in terms of asset quality and profitability. In 2017, Vietcombank made a strong impression by becoming the first bank in Viet Nam to report pre-tax profit of VND11.341 trillion (US$499 million). Its bad debts also fell to only 1.1 per cent, the lowest rate among major credit institutions.

Vietcombank aims to be the first bank in Viet Nam to become one of the 100 largest in the region and one of the 300 largest banks and financial companies in the world by 2020.

Vietcombank was also named Viet Nam’s best bank, best trade finance bank, best FX bank for corporate & financial institution in 2014 and Viet Nam’s best bank in 2015. — VNS