First bank in Vietnam complete Basel II three pillars

Vietnam International Bank (VIB) has become the first bank in Viet Nam to complete the three pillars of Basel II, which are minimum capital, supervisory review and market discipline.

First bank in Vietnam complete Basel II three pillars

The bank's CEO Han Ngoc Vu delivers his speech at the ceremony on Thursday in Ha Noi. — Photo courtesy of VIB

Basel II is the second edition of the Basel Accords, which are recommendations on banking law and regulations issued by the Basel Committee on banking supervision. It aims to enhance competition and transparency in the banking system and make banks more resistant to market changes.

During an announcement ceremony in Ha Noi on Thursday, Tran Dang Phi from the State Bank of Viet Nam (SBV) said he believed VIB's completion of Basel II pillars marks an important foundation for the bank, supporting safer and more efficient business activities.

VIB has embarked on the Basel II journey since early 2018 and became one of the first banks in Viet Nam to fully comply with Circular 41 and now Circular 13 before the regulator’s deadlines.

At the event, the bank’s CEO Han Ngoc Vu said VIB considers the implementation of all Basel II three pillars as one of the important tasks in the long-term for the bank's risk management.

 

The bank posted revenue of more than VND5.87 trillion (US$252 million) and pre-tax profit of VND2.33 trillion ($100 million) in the past nine months of 2019.

Total assets amounted to nearly VND176 trillion while the bank’s credit outstanding balance reached VND127 trillion.

Non-performing loans decreased to 1.78 per cent as of September 30 from 2.24 per cent at the beginning of this year. Its equity saw a yearly increase 17 per cent to VND12.5 trillion, of which charter capital topped VND9.24 trillion, up 18 per cent year-on-year. — VNS

Basel II deadline rapidly approaching, are banks on course to meet norms?

Basel II deadline rapidly approaching, are banks on course to meet norms?

In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy.

 
 

Other News

.
Coronavirus outbreak to cost airlines almost $30bn
Coronavirus outbreak to cost airlines almost $30bn
BUSINESSicon  21/02/2020 

Airline industry body IATA predicts global air travel demand will fall for the first time since 2009.

Crackdown on over-charging online sites
Crackdown on over-charging online sites
BUSINESSicon  21/02/2020 

More than 30,000 stores have been closed on online shopping sites including Shopee, Tiki, and Lazada due to overcharging.

Super committee faces difficulties in checking SOE property
Super committee faces difficulties in checking SOE property
BUSINESSicon  21/02/2020 

The increasing amount of property and land under State-owned enterprises (SOEs) was mentioned as a factor in their slow equitisation.

Vietnam to simplify customs checks
Vietnam to simplify customs checks
BUSINESSicon  21/02/2020 

Vietnam plans to hasten the reform of customs checks to save time and costs for businesses and facilitate trade.

Investment funds make more stock purchase despite decling prices
Investment funds make more stock purchase despite decling prices
BUSINESSicon  21/02/2020 

Although the novel coronavirus epidemic COVID-19 has been continuously slamming the stock market, sending stock prices down, many investment funds are still actively buying.

Hanoi leader pledges best conditions for Japan’s Uniqlo
Hanoi leader pledges best conditions for Japan’s Uniqlo
BUSINESSicon  21/02/2020 

Chairman of the People’s Committee of Hanoi Nguyen Duc Chung pledged to create the best possible conditions for Japan’s Uniqlo company to do business in the city, during a reception on February 20 for Uniqlo Vice President Koyama Noriaki.

VN banks still living on credit
VN banks still living on credit
BUSINESSicon  21/02/2020 

Most banks made fat profits in 2019 and some of them had profit of over tens of trillion of dong. But their profits mostly came from lending.

Foreign brands shake up Vietnamese fashion market
Foreign brands shake up Vietnamese fashion market
BUSINESSicon  24/02/2020 

Vietnamese fashion brands are feeling the heat as more and more foreign brands have arrived.

Qantas warns coronavirus impact could hit $99m
Qantas warns coronavirus impact could hit $99m
BUSINESSicon  20/02/2020 

The warning comes as concerns grow over the impact of the outbreak on airlines and the global economy.

VN Industry Ministry no longer keen on bidding mechanism for solar power price
VN Industry Ministry no longer keen on bidding mechanism for solar power price
BUSINESSicon  20/02/2020 

The Ministry of Industry and Trade (MoIT) has had a change of heart on the bidding mechanism for solar power tariffs in Vietnam.

Vietnam braces for economic effects of COVID-19
Vietnam braces for economic effects of COVID-19
BUSINESSicon  20/02/2020 

Vietnam will optimise external resources to spur national economy as the impact of the outbreak of coronavirus on foreign investment flows into the country is visible, according to the Ministry of Planning and Investment (MPI).

The sun still shines in Vietnam: World Bank
The sun still shines in Vietnam: World Bank
FEATUREicon  19/02/2020 

Saying that ‘the sun is still shining above the Vietnamese sky’, the World Bank has also noted that the country should not ignore risks that could occur during bad times.

Some service businesses are thriving amid Covid-19 crisis
Some service businesses are thriving amid Covid-19 crisis
BUSINESSicon  20/02/2020 

While many industries have suffered from Covid-19 epidemic, taxi drivers and shippers are earning more money.

VN catfish sellers try to conquer home market
VN catfish sellers try to conquer home market
BUSINESSicon  21/02/2020 

Seafood companies have vowed to bring catfish to Vietnamese dining tables after their success in the world market.

Farm produce stuck at border, but farmers don't want to sell
Farm produce stuck at border, but farmers don't want to sell
BUSINESSicon  20/02/2020 

Thousands of trucks are still heading for the Vietnam-China border gates, though the exports are getting stuck because of the Covid-19 epidemic.

How much is needed to be listed among the top stock billionaires in Vietnam?
How much is needed to be listed among the top stock billionaires in Vietnam?
BUSINESSicon  22/02/2020 

In 2009, when the VN Index soared from 324 points to the year's peak of 630 points, the richest stock billionaire had total assets worth over VND9 trillion. 

Mekong Delta considers VND67-trillion expy projects
Mekong Delta considers VND67-trillion expy projects
BUSINESSicon  20/02/2020 

The Mekong Delta is expected to introduce two more major expressways, whose total investment exceeds VND67.4 trillion, in the years to come to bolster the region’s socioeconomic growth, according to the Ministry of Transport.

Govt’s new decree removes barriers to automobile imports
Govt’s new decree removes barriers to automobile imports
BUSINESSicon  19/02/2020 

Automobile importers in Vietnam will no longer have to obtain a Vehicle Type Approval (VTA) certificate from authorities in exporting countries, making it easier for them to import cars into the country.

VN investment inflow below expectations after CPTPP
VN investment inflow below expectations after CPTPP
BUSINESSicon  19/02/2020 

A year since the CPTPP came into force, trade between Viet Nam and other members of the trade deal had posted significant gains, but the potential to expand remained large, according to the Ministry of Industry and Trade.

VN central bank makes net cash withdrawal amidst high inflation pressure
VN central bank makes net cash withdrawal amidst high inflation pressure
BUSINESSicon  19/02/2020 

The State Bank of Vietnam made a net cash withdrawal worth VND86 trillion out of the economy through open market operations (OMO) from January 20 to February 14.

 
 
 
Leave your comment on an article

OR QUICK LOGIN