Published by Gbaf News
Posted on February 4, 2021
5 min readLast updated: January 21, 2026
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Vietnam International Bank (VIB) has published Financial Statements FY20, a year with many prosperities in terms of growth rate, quality, and high technology.
Pioneering in digital banking with high technology, outstanding features, and optimal security
VIB has increased its investment in the application of modern technology, Big Data, AI, and Cloud computing to drive businesses to adapt to the drastic change of customers’ demand for cashless payments in the new age. Hence, VIB has achieved a breakthrough growth of 300% in the number of customers registering for digital banking through MyVIB application, helping VIB’s customers reached over 3 million. The number of active customers for digital banking services increases 103% and the number of online transactions grows 110% in 2020. These factors brought VIB to be one of the leading banks with the highest proportion of online transactions, by 91% compared to the total number of transactions.
Leading the card trend in Vietnam and moving towards a cashless society
VIB is at the forefront of credit card lines development with features and the latest technology tailored for the needs, spending of customers including but not limited to those who use credit cards for the first time.
In 2020, VIB has been the first and only bank to successfully apply AI and Big Data, along with new modern technologies such as e-KYC, e-Signature into the credit card approval and issuance process. This hit a new record in the market as it takes only 15-30 minutes for the application to be fully approved, which is 1/500 of the average time in the market. As a result, VIB continues to be in the top leading banks in terms of growth in the number of credit cards and card spending in 2020, about 1.5 to 2 times higher than the industry average according to Mastercard report.
Strong increase of Non-interest income
Focusing on developing service quality, transaction banking, and digital banking in recent years, VIB’s non-credit activities have grown strongly, especially CASA, credit cards, and Bancassurance. In 2020, its non-interest income was over VND2,700 billion, accounting for 24% of total operating income and 41% increase compared to 2019. CASA balance increases by 30%, especially retail banking CASA grew impressively with 72% growth in 2020. In addition to the superiority of digital banking, payrolls, attractive free packages, premium offers, and especially the outstanding customer experience at all touchpoints with customers from branches, call centers to online have also contributed to the growth of CASA retail.
Heading in enhancing operational efficiency, proactively responding to Covid-19, and assisting affected customers
Following Circular No. 01 and Instruction No. 02 of the State Bank of Vietnam regarding operating model and supporting customers during the pandemic Covid-19, VIB has pioneered new packages for both existing and new loans, with supporting interest rate of up to 2.0% per year. The bank has implemented debt structuring for more than 2,500 customers with total outstanding loans of over VND3,400 billion, reaching the rate of 98% of total customer proposal for debt structuring. VIB reduced interest rates from 0.5% to 2% on existing loans for more than 8,300 customers, in which 8,100 customers were affected by the pandemic. Besides, VIB has proactively given new loans with interest rates down from 0.5% – 1.2% compared to 2019, nearly VND140 trillion, among that loans for improvement and production maintenance of industries affected by the Covid-19 is more than VND12,000 billion. At the same time, VIB has exempted and reduced many types of transaction fees for customers, including interbank transactions and online payments. The bank also donates VND10 billion to support and repel Covid-19 to accompanies the State Bank and other organizations.
In 2020, according to the direction of the State Bank of Vietnam, VIB did not pay cash dividends while enhancing cost-effectiveness and reducing unnecessary expenses. As a result, VIB’s cost-effectiveness ratio increases, with the cost to income ratio (CIR) decreasing from 42% in 2019 to 39.9% in 2020.
Maintaining a strong balance sheet, sustainable growth
As of December 31, 2020, VIB’s total assets grew strongly, reached VND245 trillion, Profit before tax was VND5,800 billion, increased 33% and 42% respectively compared to 2019.
Credit growth has been on the good trend with total exposure was VND171 trillion. VIB is one of the banks that has the highest retail credit portfolio, accounting for 84% of total credit, with low concentration risk and over 95% of retail loans book is secured loan. Non-performing loans plummeted to below 1.5% and no outstanding loans at VAMC since 2018.
VIB continues to be a pioneer in the application of international governance standards including Basel II and piloting of Basel III as well as complying with the safety indicators of the State Bank of Vietnam such as Loan to Deposit ratio (LDR) that is only 76.6% compared to the requirement of 85%, Short-term funds used for medium- and long-term loans (SMLR) ratio is 34%, and CAR Basel II is over 10% compared to the requirement of over 8%.
Promising a sustainable development
After 4-year-transformation out of 10-year roadmap of 2017-2026 with a basis of flourish and sustainable business, the 5th year, 2021 is believed that the bank will be in the momentum of these successes, will keep the leading position in retail banking segment along with technology investment and achieve more challenging business goals in 2021.
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