The Most Valuable Bank in Vietnam Just Set Unprecedented Records

Vietnam’s largest bank, Vietcombank (VCB), achieved new records during the active trading session on August 27, with its shares rising the maximum limit of 7% to 69,100 VND/share and a market capitalization exceeding 577,377 billion VND (~22.2 billion USD). This marks the first time a Vietnamese enterprise has surpassed a market capitalization of 22 billion USD. Trading volume also reached a record, exceeding 31 million shares, worth 2.1 trillion VND. The government issued a decree modifying the exclusive gold production mechanism, enabling Vietcombank and other large-cap companies to participate. Although VCB reported a pre-tax profit of 21,894 billion VND, up 5.1% year-on-year, net interest income slightly dropped by 0.5%, while service income plummeted by 43%. However, a significant 48% decrease in risk provisions contributed to a slight increase in profit.

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