Han Ngoc Vu, CEO of VIB (first from left), and representatives from HOSE pose for a photo. — Photo courtesy of VIB

Nearly one billion Vietnam International Bank (VIB) shares were listed on the Ho Chi Minh Stock Exchange (HOSE) on Tuesday with the reference price for the first day of trading set at VND32,300 (US$1.4).

“It is an important step for VIB to list shares on HOSE and this is also the basis to keep up the dynamic, high-speed and sustainable growth that has been established over the years. The listing will bring optimal value to customers, shareholders, investors and employees, and promote the prosperous development of Viet Nam's financial market,” said Han Ngoc Vu, CEO of VIB.

VIB is one of the leading commercial banks in the country. The bank has total assets of more than VND230 trillion, total credit of VND160 trillion and equity of more than VND17 trillion. VIB employs nearly 9,000 employees with a network of 165 business units in 27 provinces and cities serving three million customers nationwide.

In the first 10 months of 2020, VIB's pre-tax profit reached VND4.57 trillion, marking an increase of 40 per cent compared to the same period last year and hitting the target set for the whole of 2020.

Accounting for 24 per cent of total revenue, the bank's non-interest income gained VND2.16 trillion in that period. Its non-performing loan (NPL) ratio stood at 1.6 per cent, and the capital adequacy ratio (CAR) Basel II was over 9.5 per cent, higher than the 8 per cent stipulated by the State Bank of Viet Nam.

In recent years, VIB has maintained a stable dividend policy with rates from 5-5.5 per cent paid in cash dividends, and bonus share distribution from 20 to over 40 per cent.

In 2020, VIB and other banks have not paid cash dividends to reduce lending interest rates on current outstanding loans and new loans in accordance with Directive 02/CT-NHNN issued by the SBV. — VNS