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The story
Vietcombank was formerly the Foreign Exchange Management Department (FEMD) of the National Bank of Vietnam (NBV), established on January 20, 1955. In 1961, the FEMD was renamed the Foreign Exchange Bureau (FEB) under the State Bank of Vietnam (SBV).
Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded on 1 April 1963 as Bank for Foreign trade of Vietnam. It was span off from the Foreign Exchange Bureau of the State Bank of Vietnam to be an exclusive bank for foreign trade.
In 1990, Vietcombank diversified its services from being exclusively focused on foreign trade to become a mass market commercial bank. In 1996 the bank's official name was changed to Joint Stock Commercial Bank for Foreign Trade of Vietnam.
In 2008, Vietcombank was selected by the government to be the pilot for privatization of state-owned companies. The bank was then after listed on the Ho Chi Minh Stock Exchange on 30 June 2009 after a successful IPO that raised US$652 million making it the biggest Vietnamese firm to conduct an initial public offering.
In 2011, Vietcombank signed a strategic shareholder agreement with Mizuho Corporate Bank, a member of Mizuho Financial Group, Japan. In 2013, Vietcombank launched a new brand identity system with the slogan "Shared trust - Strong future". In 2016, Vietcombank regained the top position in terms of profit in the Vietnamese banking market.
In 2018, Vietcombank became the first bank to be officially granted the decision to apply Basel II under Circular 41 by the State Bank of Vietnam. In 2019, Vietcombank became the first Vietnamese bank to have profit reaching the milestone of US$1 billion. In 2020, Vietcombank successfully went live with the core banking system.
In 2019, Vietcombank announced the opening of its representative office in New York on November 1. This opening was licensed by the New York State Department of Financial Services on June 17 and received official approval from the Federal Reserve Board.
In October 2024, Vietcombank became the second largest shareholder of Eximbank.
From Wikipedia’s article on Vietcombank, shared under CC BY-SA 4.0.4