Prime Minister Nguyen Tan Dung has urged the Vietinbank to take drastic measures to become a large-scale commercial bank which operates safely and effectively in the banking system.—VNA/VNS Photo

HA NOI (Biz Hub)— Prime Minister Nguyen Tan Dung has urged the Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to take drastic measures to become a large-scale commercial bank which operates safely and effectively in the banking system.

Speaking at a ceremony in Ha Noi yesterday marking the bank's 25th anniversary, the PM also asked Vietinbank to strive to compete domestically and internationally, meeting regional governance, technology and competitiveness standards.

PM Dung directed the bank to quickly improve its scale, financial capacity and assets, credit control quality and reduce bad debts, as well as to renovate its banking administrative system in accordance with international standards.

Vietinbank should also strengthen its restructuring and develop a new business strategy in line with the country's socio-economic development condition, he added.

The PM commended the bank's achievements and contributions to the banking system.

He also stressed the banking system needs to uphold its role as an effective instrument in regulating the macro-economy and ensuring sustainable socio-economic development.

The Government leader called on the system to combine monetary and fiscal policies to effectively implement measures to stabilise the macro-economy and curb inflation, while managing monetary policies suitable for the changing market to reduce prime interest rates.

It should try to attain 12 per cent credit growth in 2013, mobilise capital for prioritised sectors, stabilise the exchange rate and value of the Viet Nam dong, as well as take drastic measures to stabilise the gold market, he said.

Vietinbank has a network of 160 exchange offices, branches and affiliates, over 1,000 exchange bureaus nationwide and three overseas branches.

By the end of 2012, the bank's total asset value surpassed VND503.5 trillion (US$23.9 billion), an increase of 9.4 per cent from the previous year, while its credit balance and investment reached nearly VND470 trillion ($22 billion).

The bank's loans increased 13.6 per cent, mobilised funds rose by 9.3 per cent and profit before tax stood at over VND8.1 trillion.

These figures are indicative of Vietinbank's leading position in the industry and are truly remarkable given the adverse conditions seen through the entire banking sector over the past year. — VNS