DOCSLIB.ORG

Ubsonvn2018.09.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ubsonvn2018.09.Pdf Downloaded from Capital IQ by Dung Hoang Nguyen (dung@albiziacap.com) at Albizia Capital Pte Ltd on Wednesday Sep 05 2018 02:00:14 AM, Sessionid:0os5r1xn3mu4dnmpear2nxem Global Research 4 September 2018 Vietnam Strategy Equity Strategy Financial deepening, the next leg higher Asia Ian Gisbourne Vietnamese capital markets are still at a very early stage of development Analyst The next five years should witness significant financial deepening in Vietnam. It is still ian-m.gisbourne@ubs.com the only country in the region (ex. China) where bank credit exceeds the sum of listed +662-613 5758 bonds and equities outstanding. We expect a pivot from dependence on bank loans in favour of capital markets. The government plans to divest shares in 400 SOEs by 2020 and we expect many new private companies to seek listings. For Vietnam to converge on the average for East Asia we estimate the value of outstanding bonds would have to grow by circa US$200bn, or 400%, and equities by US$173bn (+100%) by 2023. Our index targets are 1,070 (Dec/2018) and 1,360 (Dec/2019), equating to a total increase of 36%. This is based on the historic earnings yield gap and assumptions about 1) EPS growth and 2) benchmark bond yields. The sensitivity to changes in rates is significant, and remains one of the largest risks for investors (note, the consolidation since April correlates with the inflection in bond yields). Our most preferred stocks are Mobile World (Link), Military Bank (Link) and Techcombank (Link). A positive feedback loop between financial deepening and growth Total system credit has grown from 20% of GDP in 1997 to 130% in 2017. At the current rate, credit outstanding could exceed 250% by 2027. We believe this is unsustainable. Other challenges include: relatively high public debt and persistent fiscal deficits; lingering concerns around the level of banks' capital and profitability; and the size of the State and stagnant productivity. The good news is that we believe the government recognises these challenges and that capital markets can offer a solution. Financial deepening should allow for better allocation and pricing of credit. For these reasons we believe there is a positive feedback loop between financial deepening and growth. However, the converse is also true and thus it is key the government executes on its commitment to put the market economy at the heart of policy. The signposts to watch for In this report we discuss the signposts to watch out for to test our thesis: 1) the draft securities law to be discussed in parliament in October (it represents the next stage in development of local capital markets); 2) changes in foreign ownership for companies as a whole and banks in particular; 3) progress on equitisation and proposals for a new committee to manage State assets; 4) how many of the 700+ companies on 'UPCoM' get transferred to the main Board (UPCoM is a mezzanine exchange designed to prepare companies for a full listing); and 5) long standing speculation that Vietnam might make it onto the watch list to be reclassified as an 'emerging market' by MSCI. Today we are initiating upon six stocks with an average upside of 35% Our most preferred names are Mobile World, Military Bank and Techombank. Our least preferred name is Vietcombank (Link), on valuation; we rate it NEUTRAL. Whilst our positive stance on the banking sector is consensus, we believe our rationale is quite different. We do not believe the model of the past (rapid credit growth, especially to large corporates) is sustainable. Rather, we think growth should be driven by household credit and fee income; similar to what we have observed elsewhere in the region over the past 15 years. For consumer names, we believe the market is still under-estimating the growth in both Mobile World (Link) and Vinamilk (Link). The former because of the changing profile of growth; the latter because of weak sales of FMCG in Vietnam in Q118. www.ubs.com/investmentresearch This report has been prepared by UBS Securities (Thailand) Ltd. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 43. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should For the exclusiveconsider use this of Dung report Hoang as Nguyenonly a single(dung@albiziacap.com) factor in making at Albizia their Capital investment Pte Ltd decision. Downloaded from Capital IQ by Dung Hoang Nguyen (dung@albiziacap.com) at Albizia Capital Pte Ltd on Wednesday Sep 05 2018 02:00:14 AM, Sessionid:0os5r1xn3mu4dnmpear2nxem Vietnam Strategy P2 UBS Research THESIS MAP a guide to our thinking and what's where in this report MOST FAVORED LEAST FAVORED Mobile World, Military Bank, Techcombank PIVOTAL QUESTIONS Q: Can Vietnam sustain rapid rates of economic growth? Yes if, we believe, financial deepening complements growth in trade and investment. The economy faces a number of particular challenges: over-dependence on bank credit; relatively high public debt and persistent fiscal deficits; lingering concerns around the level of banks' capital and profitability; and the size of the State and stagnant productivity. Financial deepening should allow for better allocation and pricing of credit. One of the biggest risks we see is delay in implementing reforms.more Q: Financial deepening, could this offer substantial opportunities? Yes. Six of the eight largest listed companies are former SOEs. The government plans to divest some or all of its shares in another 400 SOEs by 2020. The bond market is currently the smallest in East Asia; in order to reach a similar depth to peers it would have to quadruple over the next five years. We also see the potential for exponential growth in contractual savings e.g. life assurance. more Q: Are there structural factors particular to Vietnam behind recent volatility? Our base case is that Vietnamese equities will continue to get 'more valuable' but that government policy, limited liquidity and information and increasing foreign flows should also mean the market remains highly volatile. more UBS VIEW Vietnamese capital markets are still at a very early stage of development. Our base case is that the next five years will witness significant financial deepening. Vietnam is also the only country other than China where bank credit exceeds the sum of listed bonds and equities. We expect a pivot away from dependence on bank loans to capital markets. For Vietnam to converge on the average for East Asia we estimate the value of outstanding bonds would have to grow by circa US$200bn, or 400%, and equities by US$173bn (+100%) by 2023. Our VNINDEX targets are 1,070 (Dec/2018) and 1,360 (Dec/2019), equating to a gain of 7% in the remainder of 2018 and a total gain of 36%. EVIDENCE The Financial Sector Road map until 2020 and a paper published in 2016 by the World Bank and Vietnamese Ministry of Planning and Investment (MPI) entitled 'Vietnam 2035, Toward Prosperity, Creativity, Equity and Democracy' are significant statements of intent. They acknowledge the challenges described above and commit to targets for deepening capital markets. WHAT'S PRICED IN? The forward PE for Vietnam on 2019 EPS remains below the average for ASEAN despite superior growth prospects. This is despite circa. 80% outperformance over the past five years. Most of the gains were achieved between April 2017 and April 2018. Since then, the Index has corrected by 20% in US$-terms. Why? Five-year yields have increased by circa 200 bps since March. We believe this is discounted in current share prices but further, sharp increases in yields would cap any equity gains, in our view. more UBS recommendations and valuations PE P/BV Div Yld Price UBS PT Upside Mkt Cap ADV, 30D 2018 2019 2018 2019 2018 2019 Company (Local) (Local) (%) (US$m) (US$000) (x) (x) (x) (x) (%) (%) Military Bank 23,700 33,500 41% 2,197 6,219 9.0 7.4 1.6 1.4 2.5% 2.5% Mobile World 120,000 160,000 33% 1,663 2,924 12.9 11.4 5.4 4.8 1.5% 1.7% Techcombank 26,300 42,500 62% 3,946 1,740 11.3 10.2 1.8 1.5 0.0% 0.0% Vietcombank 62,500 64,500 3% 9,650 5,885 20.0 16.5 3.7 3.2 1.3% 1.3% Vietnam Dairy 156,700 190,000 21% 9,760 6,880 26.8 23.6 7.9 6.9 3.2% 3.7% VP Bank 25,900 38,000 47% 2,693 5,292 7.8 6.9 1.7 1.3 0.2% 0.0% Average 35% 4,985 4,824 14.6 12.7 3.7 3.2 1.5% 1.5% Source: UBS estimates Vietnam Strategy 4 September 2018 2 For the exclusive use of Dung Hoang Nguyen (dung@albiziacap.com) at Albizia Capital Pte Ltd Downloaded from Capital IQ by Dung Hoang Nguyen (dung@albiziacap.com) at Albizia Capital Pte Ltd on Wednesday Sep 05 2018 02:00:14 AM, Sessionid:0os5r1xn3mu4dnmpear2nxem Vietnam Strategy UBS Research Sector Q1 SIGNPOSTS – Vietnam Strategy In order to see whether our thesis is playing out, here’s what we’ll be tracking: WHAT WE EXPECT Oct 2018 Draft Securities Law The next stage in development of capital markets The State Securities Commission is drafting a new Securities Law. It is, to be presented to the National Assembly this October. We expect it to address issues such as information disclosure, market conduct, regulatory and supervisory authority, listing procedures and foreign participation in local capital markets.
Load more

Recommended publications
  • Seperated Audited Financial Statements 2016
    Joint Stock Commercial Bank for Foreign Trade of Vietnam Separate financial statements 31 December 2016 i.» In. in. n-...I||llLLLLLLL 1 '1 Joint Stock Commercial Bank for Foreign Trade of Vietnam TABLE OF CONTENTS TI Pages 1 ll General information 1-2 TI Report of the Board of Management Independent auditors’ report Separate balance sheet Separate income statement 9-10 Separate statement of cash flows 11-12 Notes to the separate financial statements 13-73 "l "1 ‘1'1'1'1‘1'1‘1’1’1 “ii —"'1' Joint Stock Commercial Bank for Foreign Trade of Vietnam GENERAL INFORMATION Banking Licence Licence No. 138 GP-\.’li\.'\_' dated 23 May 2008 t's’~_‘:e‘d b} the (joy ernor of the State Bank of Vietnam (“the SBV'L Dec.‘7si:: \_':z A 3 “ l) 2719 QD—NHNX dated 22' December 2011. Decisim \,':. 5 A o \fHNN dated 22 March 2012. Decision No. 154' OD-NHNN d m (1' (l ox ‘4 I August 201-1 and Decision No. 2182 QD—\_‘H\_‘\f dated 2 O U i 'l '10 . " ’2 2015 promulgated by the State Bank of Vietnam amendux a :1 (A. 1 supplementing the Bank’s operations. Business Registration Business Registration Certificate No. 0103024468 dated 2 Jame 2008 Certificate issued by Hanoi Authority for Planning and 1m estment. Business Registration Certificate No. 0100] 12-13" renev. ed for the t“ eitth time on 16 December 2016. Members of the Board of Directors during the year and at the date of this report Mr. Nghiem Xuan Thanh Chairman Appointed on 1 \f0\ ember 2014 Ms.
    [Show full text]
  • The Effect of Bank Service Quality to Customer Satisfaction in Vietcombank Banking (A Case Study of Vietcombank Banking, Ha Noi Sub Brand, Viet Nam)
    THE EFFECT OF BANK SERVICE QUALITY TO CUSTOMER SATISFACTION IN VIETCOMBANK BANKING (A CASE STUDY OF VIETCOMBANK BANKING, HA NOI SUB BRAND, VIET NAM) By TRI DUC TAI ANH (RONALDO) 014200900159 A thesis presented to the Faculty of Economics President University In partial fulfillment of requirement for Bachelor Degree in Economics Major in Management March, 2013 PANELOFEXAMINERS APPROVALSHEET The Panel of Examiners declares that thethesis entitled “The effect of bank servicequality tocustomersatisfaction in Vietcombank(Case study in Vietcombank, Vietnam)”.Thatwassubmittedby TriDuc Tai Anh majoring inBanking & Financefromthe Faculty of Economic was assessed and approvedtohave passed theOral Examinations. Filda Rahmiati, MBA ___________________________ Chair-PanelofExaminers Geraldine B. Advincula, MBA _________________________ Examiner I Dra.Genoveva, M.M ________________________ Examiner II CHAPTER I INTRODUCTION 1.1 Background of study An Automatic, Automated Teller Machine or Bank service is a magnetic- stripped bank service that was primarily introduced to allow customers to withdraw cash from their account without human intervention (Economy watch, 2010). Based on the world’s economy nowadays, there is a good chance that anybody has a BANK service, which stands for Automated Teller Machine. This service gives the ability to go to a BANK and perform transactions. Customers have access to their funds 24 hours per day, seven days per week (Rupa .R. Nakman, 2009). So, it will be easier for anybody, even for the student. BANK service is one of today's most ubiquitous financial instruments. For bank management perspectives, identifying the appropriate market for the BANK service, interpreting consumers’ needs for the product and developing business strategies are crucial to cope with fierce competition in the BANK service market.
    [Show full text]
  • 14. Proposal on Charter Capital Increase Plan 2021
    2021 ANNUAL GENERAL SHAREHOLDERS MEETING JSC BANK FOR FOREIGN SOCIALIST REPUBLIC OF VIETNAM TRADE OF VIETNAM Independence - Freedom - Happiness Address: 198 Tran Quang Khai, Hanoi Business Registration No. 0100112437 Hanoi, April 23rd 2021 (13th revision dated 16/01/2019) AGM PROPOSAL ON THE CHARTER CAPITAL INCREASE PLAN 2021 To realize the strategic development direction of VCB to 2025 with the vision up to 2030; to improve the financial capability to meet the business development requirement and risk management, the BOD would like to present the charter capital increase plan 2021 as follows: 1. The expected charter capital increase: 1.1. Component 1: Issuance of share to increase charter capital from 2019 retained earnings after paying 8% cash dividend - Charter capital pre-issuance: VND 37,088,774,480,000. - Expected charter capital increase post-issuance: VND 10,236,501,750,000. - Expected charter capital post issuance: VND 47,325,276,230,000. (detailed component 1 as in Article 2) 1.2. Component 2: Private placement with the proportion of 6.5% of the VCB Charter Capital at the time offering (Specific Charter Capital will be adjusted according to the Charter Capital at the time offering) - Charter capital pre-issuance: VND 47,325,276,230,000. - Expected charter capital increase post-issuance: VND 3,076,142,950,000 - Expected charter capital post-issuance: VND 50,401,419,180,000. (Detailed component 2 as in Article 3) 2. Component 1: Issuance of share to increase charter capital from 2019 retained earnings after paying 8% cash dividend 1 2021 ANNUAL GENERAL SHAREHOLDERS MEETING - Type of share: common share; - Par value: VND 10,000 per share (ten thousand dong per share); - Number of outstanding shares: 3,708,877,448 shares; - Treasury shares: 0 share.
    [Show full text]
  • Consolidated Financial Statements for the Year Ended 31 December 2018 Joint Stock Commercial Bank for Foreign Trade of Vietnam Content
    Joint Stock Commercial Bank for Foreign Trade of Vietnam Consolidated Financial Statements for the year ended 31 December 2018 Joint Stock Commercial Bank for Foreign Trade of Vietnam Content Page Bank Information 1-2 Report of the Board of Management 3 Independent Auditor's Report 4-5 Consolidated balance sheet 6-8 Consolidated statement of income 9-10 Consolidated statement of cash flows 11 - 12 Notes to the consolidated financial statements 13 -76 Joint Stock Commercial Bank for Foreign Trade of Vietnam Bank Information Establishment and Establishment and Operation Licence No. 138/GP-NHNN dated Operation Licence 23 May 2008 issued by the Governor of the State Bank of Vietnam ("the SBV"), Decision No. 2719/QD-NHNN dated 27 December 2011, Decision No. 523/QD-NHNN dated 22 March 2012, Decision No. 1547/QD-NHNN dated 6 August 2014, Decision No. 2182/QD-NHNN dated 26 October 2015, Decision No. 95/QD­ NHNN dated 18 January 2017, Decision No. 891/QD-NHNN dated 8 May 2017, Decision No. 2293/QD-NHNN dated 31 October 2017 and Decision No. 300/QD-NHNN dated 21 February 2019 promulgated by the State Bank of Vietnam amending and supplementing the operations of Joint Stock Commercial Bank for Foreign Trade of Vietnam. Business Registration Business Registration Certificate No. 0103024468 dated 2 June Certificate 2008 issued by Hanoi Authority for Planning and Investment, Enterprise Code No.0100112437 was reissued for the thirteenth time on 16 January 2019. Members of the Board of Directors during the year and until the issuing date of the consolidated financial statements Mr.
    [Show full text]
  • Japanese Bank's Business Strategy in Asia
    ADBI-JFSA Joint Conference Session 2 March 8, 2013 Japanese Bank’s Business Strategy in Asia - Why Focus on Asia? March 8, 2013 Mizuho Corporate Bank, Ltd. Nobuhide Hayashi Mizuho Financial Group Japanese Bank’s Business Strategy in Asia - Why Focus on Asia? Key Points How can we best contribute to growth in Asia as a Japanese bank? - Both getting back to basics and sustainability are important ⇒ Focus on real customer demand (client-orientation) & long term relationship with local customers Converting to a new business model for Japanese banks based on global structural changes - Mizuho’s Stepping up to the Next Challenge <Agenda> I. The standing point of Japanese banks－the earnings position -P2 II. Changes in the world macro economy and industrial structure -P5 III. Mizuho’s international business strategy -P12 IV. Mizuho’s medium-term business plan (One MIZUHO New Frontier Plan) -P22 1 Mizuho Financial Group I. The standing point of Japanese banks－the earnings position 2 Mizuho Financial Group I-i The standing point of Japanese banks－the earnings position <Domestic-International Comparison> The current performance of Japanese megabanks continues to be strong The presence of international business in overall performance is expanding <Graph 1> <Graph 2> <Graph 3> [Megabanks: Gross Profit] [Megabanks: Interest Income] [Megabanks: Fee and Commission Income] (Domestic Sector/International Sector) (Domestic Sector/International Sector) (Domestic Sector/International Sector) International Sector International Sector International Sector
    [Show full text]
  • Jsc Bank for Foreign Trade of Vietnam
    JSC BANK FOR FOREIGN TRADE OF VIETNAM ANNUAL REPORT 2010 Contents 4 VIETCOMBANK PROFILE 8 Overview 10 Awards by international organizations 11 Recognitions by domestic organizations 12 MESSAGE FROM CHAIRMAN AND CHIEF EXECUTIVE OFFICER 14 KEY FINANCIAL FIGURES 2006 - 2010 16 REPORT FROM BOARD OF MANAGEMENT 20 Overview of Global and Vietnam economy in 2010 22 Analysis of key figures of the year 2010 24 Vietcombank’s performance in 2010 32 Business strategy in 2011 38 INFORMATION ON INVESTORS RELATION AND MANAGEMENT 41 Shareholding and changes in shareholding of members of the Board of Directors 41 Statistical data on shareholders 42 VIETCOMBANK’S RELATED COMPANIES 44 Companies own more than 50% of Vietcombank’s share capital 44 Companies with more than 50% stake owned by Vietcombank 45 Summary of operation of related companies 48 ORGANISATION AND PERSONNEL 50 Organisation structure 52 Board of Directors 54 Board of Management 56 VIETCOMBANK NETWORK 58 Head Office, Operation Center and domestic branches 61 Domestic subsidiaries, overseas network, HEAD OFFICE Representative office and joint - ventures, associates 198 Tran Quang Khai - Hoan Kiem - Ha Noi - Vietnam 62 FINANCIAL STATEMENTS 2010 Website: www.vietcombank.com.vn 64 Corporate information Tel : (84.4) 3934 3137 65 Independent auditors’ report Fax : (84.4) 3936 0049/3826 9067 66 Financial statements Swift : BFTV VNVX Vietcombank contact center: (84.4) 3824 3524/1900545413 Boundless Aspiration... 2006 - 2010 Vietcombank has been awarded “BEST BANK IN VIETNAM” for 5 consecutive years in many areas by Asiamoney VIETCOMBANK Profile Overview Awards by international organizations Recognitions by domestic organizations VIETCOMBANK www.vietcombank.com.vn 4 5 Vietcombank is THE FIRST state-owned bank selected for pilot privatization by the Government.
    [Show full text]
  • DR. LE NET Partner Email: Net.Le@Lntpartners.Com Practice
    DR. LE NET Partner Email: net.le@LNTpartners.com Practice areas Industry coverage Financial Services Banking Real Estate/ Infrastructure Energy International Arbitration FMCG M&A Healthcare and Pharmaceutical Tax Real Estate/ Infrastructure Profile Dr. Le Net is a partner in charge of LNT & Partners’ Infrastructure and Financial Services practice group, which is widely renowned for its capacity to tackle complex assignments. His deals have been highly regarded and contributed to the firm’s title of ALB Thomson Reuters Vietnam Firm of the Year 2019 and Deal Firm of the Year 2014. His most significant matters include major ODA infrastructure projects, complex ICC arbitrations, oil refineries, and oil rigs. Dr. Net has been selected as a leading lawyer in the fields of project finance, international arbitration, and infrastructure by IFLR1000, Legal 500 and Chambers Global since 2009. In 2012, Dr. Le was awarded the title of “Lawyer of the Year” by Vietnam’s Ministry of Justice. He is a lecturer of civil law at the Ho Chi Minh City University of Law, and has authored textbooks that have been published in Vietnam and internationally. Dr. Le is also an arbitrator at the Vietnam International Arbitration Centre (VIAC) in which he has chaired or co-arbitrated more than 30 cases and a member of Chartered Institute of Arbitrators (CIArb). Prior to co-founding LNT & Partners, Dr. Le worked at Baker & McKenzie and Clifford Chance. Banking & finance and energy sector work highlights Acted as lead counsel for a bank in a project finance for an oil rig of PetroVietnam Drilling Overseas. Advised Petro Vietnam on a USD 175 million syndicated loan agreement with Citibank (Hanoi) and Citibank (Tokyo).
    [Show full text]
  • Horizon Securities Company Notes
    VCB --- Joint Stock Commercial Bank for Foreign Market: HOSE HRS June 29, Sector: Banking Equity 2009 Trade of Vietnam (Vietcombank) Research Horizon Securities Company notes Joint Stock Commercial Bank for Foreign Trade of Vietnam Research team (Vietcombank(Vietcombank):): Established in 1963, Vietcombank (VCB) is first state-owned bank equitized at the end of 2007. The Marc Djandji, CFA bank is the third largest bank in Vietnam in term of assets Head of Research and the largest bank in term of profit earned in 2008. marcdjandji@horizonsecurities.com +84.90.318.9687 Investment Highlights Hong Luu Analyst It had been promoted as one of the most important hongluu@horizonsecurities.com equitizations of the country’s IPO history, but the actual event turned out to be rather disappointing. The State had offered 97.5 million shares to the public but was finally only able to sell 97% of the offering. Because of the sheer size of the offering the auction was only slightly oversubscribed; buyers paid an average successful price of VND107,572 (US$6.06) per share. At the time of the offering, a decision which would have required a strategic shareholder to pay the average successful price of the auction discouraged potential foreign strategics from partnering with Vietcombank. To date the giant bank has not yet chosen any foreign strategic partners although its IPO occurred nearly a year ago. Circumventing a rule which requires publicly-listed companies to have at least 20% of their shares the public’s hands, Vietcombank is set to list over 112.28 million shares (9.28% of chartered capital) on HOSE on June 30th 2009.
    [Show full text]
  • Realize Potentials Promote Advantages
    REALIZE POTENTIALS PROMOTE ADVANTAGES ANNUAL REPORT 2019 CONTENTS 01 GENERAL INTRODUCTION 03 ADMINISTRATIVE ORGANIZATIONAL STRUCTURE 06 Company information 08 Milestones 26 Organizational structure 12 Statements from Chairwoman and CEO 26 List of Boards’ members 15 Financial highlights 27 Executive Board introduction 16 Business development orientation 28 Management Board & Supervisory Board introduction 02 EXECUTIVE BOARD’S REPORT 04 BUSINESS OPERATIONS 20 Overview of Vietnam’s economy and stock market in 2019 32 Financial institutional clients 22 Business performance in 2019 34 Corporate clients 38 Individual clients 05 SUSTAINABLE DEVELOPMENT REPORT 44 Prestige and experience 45 Independent, objective and honest supervisory activity 46 Risk management system under international standards 50 Skilled Human Resource 51 State-of-the-art trading technology and diverse products 52 Social responsibility and community commitment 06 OPERATION NETWORK 07 FINANCIAL STATEMENTS GENERAL INTRODUCTION ON PRESTIGE WE FOUND OUR BRAND Ngân hàng TMCP Ngoại thương Việt Nam COMPANY INFORMATION Company name in Vietnamese: Công ty Trách nhiệm hữu hạn Chứng khoán Ngân hàng Thương mại Cổ phần Ngoại Thương Việt Nam. Company name in English: Vietcombank Securities Co., Ltd (VCBS). Date of establishment: January 07th 2002 under Decision No.27/ QĐ-HĐQT of the Board of Directors, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). The Establishment and Operation License No. 09/GPHDKD dated 24 April 2002 issued by the State Securities Commission. The latest adjustment no. 63/GPDC-UBCK granted by the State Securities Commission on December 29, 2017. Company business: VCBS is licensed to provide all securities-related products and services in accordance with legal regulations.
    [Show full text]
  • Separate Financial Statements for the Year Ended 31 December 2017 Joint Stock Commercial Bank for Foreign Trade of Vietnam Content
    Joint Stock Commercial Bank for Foreign Trade of Vietnam Separate Financial Statements for the year ended 31 December 2017 Joint Stock Commercial Bank for Foreign Trade of Vietnam Content Page Bank Information 1-2 Report of the Board of Management 3 Independent Auditor's Report 4-5 ' OJ i Separate balance sheet 6-8 \1 Separate statement of income 9-10 ~ Separate statement of cash flows 11 - 12 ~ Notes to the separate financial statements 13 - 75 ~ f ( ~ ~ Joint Stock Commercial Bank for Foreign Trade of Vietnam Bank Information Establishment and Establishment and Operation Licence No. 138/GP-NHNN dated Operation Licence 23 May 2008 issued by the Governor of the State Bank of Vietnam ("the SBV"), Decision No. 2719/QD-NHNN dated 27 December 2011, Decision No. 523/QD-NHNN dated 22 March 2012, Decision No. 154 7 /QD-NHNN dated 6 August 2014, Decision No. 2182/QD-NHNN dated 26 October 2015, Decision No. 95/QD­ NHNN dated 18 January 2017, Decision No. 891/QD-NHNN dated 8 May 2017 and Decision No. 2293/QD-NHNN dated 31 October 2017 promulgated by the State Bank of Vietnam amending and supplementing the operations of Joint Stock Commercial Bank for Foreign Trade of Vietnam. Business Registration Business Registration Certificate No. 0103024468 dated 2 June Certificate 2008 issued by Hanoi Authority for Planning and Investment, Enterprise Code No. 0100112437 was reissued twelfth on 16 December 2016. Members of the Board of Directors during the year and until the issuing date of the separate financial statements Mr. Nghiem Xuan Thanh Chairman Appointed on 1 November 2014 Mr.
    [Show full text]
  • 198 Tran Quang Khai, Ha Noi Business Registration
    2017 ANNUAL GENERAL SHAREHOLDERS MEETING JSC BANK FOR FOREIGN TRADE OF VIET NAM SOCIALIST REPUBLIC OF VIETNAM Address: 198 Tran Quang Khai, Ha Noi Independence - Freedom – Happiness Business Registration No. 0100112437 ----------o0o---------- (12th revision dated 16th December, 2016) Hanoi, April, 2017 BOARD OF MANAGEMENT’S REPORT I. Business Performance in 2016 Global economy recovered modestly in 2016, prices of some basic commodities decreased; the global trade increased slightly, Vietnam’s economy grew at a slower pace of 6.21%. Macroeconomic stability was maintained. Inflation was contained at 4.74%, lower than the National Assembly’s target of 5%. Exchange rate and Forex market remained stable; interest rate levels declined; the international balance of payment returned to surplus. The banking system continued to grow steadily, contributing to macroeconomic stability and economic growth. Money supply increased by 18.38%; deposit by 17.75%; credit by 18.25% from those of 2015. The banking system’s NPL ratio was less than 3%. The process of restructuring the financial system was gaining momentum. Following the motto of “Speed - Efficiency – Sustainability”, and its corporate governance motto of “Innovative – Disciplined – Responsible”, Vietcombank exerted substantial efforts to achieve all 2016 business tartgets. 1. Assessment of Vietcombank’s 2016 Business performance Following the effective strategic directions in 2016, Vietcombank has surpassed all the key business targets set by the 2016 AGM. 1.1. Total assets and charter capital have increased considerably Total assets reached VND 787,907 billion, increased by 16.83%. Charter capital reached VND 48,102 billion, increased by 6.48%, of which non- distributed profits reached VND 5,831 billion.
    [Show full text]
  • 2017-08 ABA August Download
    ABA Newsletter August 2017 SBI releases 34th ABA General Meeting and Conference Brochure Host bank State Bank of India (SBI) recently released the brochure of the 34th ABA General Meeting and Conference, which is scheduled to take place on November 16-17, 2017 in Mumbai, India. What’s the Agenda Focusing on the theme “Asia’s Turn To Transform”, this year’s Conference will feature banking leaders, eminent speakers, and industry experts who will examine: · How the current global downturn will impact on the outlook of the Asian economies; · The economic consequences on the Asian region of the Brexit and the America-first policy of the incumbent US administration; · The implications for Asian banks of the rapid adoption of new financial technologies; · The impact of the so-called FinTech revolution on the customer experience, on other stockholders, and on the regulatory environment. In addition, the Mumbai Conference will feature “Discover ABA” session during which country presentations will be made by selected ABA member banks on current economic conditions and growth prospects in the banking and financial markets of their respective countries, as well as on any of their new products, services or activities that may be of interest to other member banks. Why You Should Attend Aside from having the opportunity to learn from and exchange views with the invited speakers on the above issues, your presence will also allow you to: • Establish new business relationships with banking leaders • Gather actionable banking information • Consolidate banking partnerships • Promote your brand among banking leaders Members’ attendance will provide them with the opportunity not only to experience and enjoy the attractions of the city of Mumbai – the financial, commercial and entertainment capital of India - but also to meet with local bankers and exchange views with them on how to grasp the opportunities and challenges presented by the ongoing transformation in the country’s banking industry.
    [Show full text]