return icon Vietnamnet.vn

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.

 

{keywords}

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.

MORE NEWS

Quang Ninh has new acting chairman

Standing Deputy Prime Minister Pham Binh Minh has signed a Decision No 1509/QĐ-TTg on December 2th 2022 to assign the acting chairman of People’s Committee of Quang Ninh to Cao Tuong Huy.

Vietnam to develop strategic infrastructure to lure more RoK investment: President

Vietnam will strongly develop its strategic infrastructure system to lure more investment from the Republic of Korea (RoK), President Nguyen Xuan Phuc told more than 500 enterprises attending the Vietnam-RoK Business Forum in Seoul on December 6.

Central bank to raise credit limit, banks slash interest rates

The State Bank of Vietnam has raised the domestic banking system’s credit growth by 1.5-2.0 percentage points from the previous 14% limit on December 5.

Vietnam and RoK sign MoU on sports training

Vietnam and the Republic of Korea (RoK) have signed a Memorandum of Understanding (MoU) relating to sports training, to promote international sports cooperation between the two countries in the future.

Roaming Hanoi for 1,001 specialties from different parts of Vietnam

There is no need to travel far, just a walk around Hanoi will help you taste specialties across Vietnam.

VIETNAM NEWS HEADLINES DECEMBER 6

PM to attend ASEAN-EU commemorative summit, visit three European countries

VIETNAM BUSINESS NEWS DECEMBER 6

Da Nang to host Vietnam International Travel Mart

Share purchases by foreign investors hit record

In the week from November 28 to December 2, the Vietnamese stock market saw foreign investors’ net purchases reaching VND9.15 trillion, raising the total net purchase since early November to VND20.2 trillion.

Employers sell private assets to offer Tet bonuses to workers

Many enterprises in Vietnam are struggling to give Tet bonuses for their workers.

Promoting PPP cooperation to develop green agriculture in Vietnam

Promoting public-private partnerships will help improve sustainability in the agricultural sector, according to experts speaking at an event in Hanoi on Monday.

Undervalued banks winning bet for investors

The recent declines of the securities market have moved bank stocks to an 'attractive zone'. Banks were trading at a P/E multiple of 7.1 and P/B of 1.3 in late November, equivalent to the lows in March 2020.

Park Hang-seo receives Order of Diplomatic Service Merit

Head coach of the Vietnamese national team Park Hang-seo has been awarded the Order of Diplomatic Service Merit, Heungin Medal, by the Republic of Korea’s President Yoon Suk-yeol for his contribution to promoting friendly ties with Vietnam.

HCM City Party Secretary: robbery must not exist on streets

HCM City Party Secretary Nguyen Van Nen said the city has a bad reputation for robbery and he has asked relevant bodies to deal with this.

Positive prospects for Vietnam’s stock market in 2023

The stock market saw a trading session with the strongest growth rate in Asia on December 2 as the Vietnam-Index surged by 4.22 percent.

A look at VN fashion through “Taste of Heritage”

After three years of suspension due to the Covid-19 pandemic, the Vietnam International Fashion Week Fall/Winter 2022 returned to Hanoi in late November with eye-catching collections in the spirit of 'Taste of heritage'.
back_to_top