VIB leads industry in 'Top 50 Most Effective Companies in Vietnam'
VIB leads industry in 'Top 50 Most Effective Companies in Vietnam'
During the recent ceremony to recognise the 'Top 50 Most Effective Business Companies in Vietnam in 2022,' eight banks with outstanding business performance and sustainable growth rates were named: VIB, Vietcombank, ACB, MB, VPBank, Techcombank, TPBank and SHB.
This was the second consecutive year that VIB had been honoured in the leading position in the banking industry.
These banks were selected by Nhip Cau Dau Tu magazine and Thien Viet Securities Co., with consultation from many leading economic experts from Harvard Business School. The jury tracked companies' business results over three consecutive years, based on three growth metrics: revenue, return on equity (ROE) and return on share. The measurement results aim to objectively assess the corporate governance capacity, thereby finding and honouring the most effective listed companies.
Over the past years, many banks in the top eight have made sharp strategic transformations. They have also made endless efforts to improve and diversify products and services. That helped their average revenue grow over three years by more than 17 per cent. Three of them recorded outstanding growth - VIB, TPBank and MB - with respective rates of 28 per cent, 26 per cent and 19 per cent.
The top eight banks saw an average ROE of 22 per cent, higher than the industry average of 17 per cent, in which, VIB led the industry with an average of 29 per cent for 2019-21.
According to analysts, banks have been making sufficient investments in human resources, technology and operating platforms. They cited Vietcombank and VIB as good examples. The two banks have been active in promoting digital platforms, building effective operating models, and standardising innovative products and services to better serve customers.
VIB was also recognised as one of the top seven listed banks in Vietnam in 2022 by Forbes magazine, along with Vietcombank, ACB, MBB, Vietinbank, BIDV and TPBank.
The ranking decided by Forbes honoured listed firms for their outstanding business results in the industry, their leading positions in the market and their optimal returns for investors.
In addition to pioneering quality and focusing on developing core products that have brought sustainable profits, these banks have maintained a sustainable growth momentum for many years.
In addition to high rankings offered by prestigious domestic and foreign organisations, some banks such as VIB, Vietcombank or ACB also received the highest ratings by the State Bank of Vietnam annually.
The state bank’s strict set of evaluation criteria in both qualitative and quantitative criteria under the CAMELS model, comprising C (Capital), A (Assets), M (Management), E (Earnings), L (Liquidity), S (Sensitivity to risk).
Banking experts described measurements and assessments by independent organisations and regulatory agencies as positive factors to help quality, and transparent banks ensure their dynamic and sustainable business performance, thus creating large, quality and reputable financial institutions that customers, regulators and investors can trust long term.
