Vietnam Industrial And Commercial Bank (Vietnamese: Ngân Hà Ng Thng Mi Cphn Côte Ng Thng Vit Nam), Commonly Known As Vietinbank (Industrial And Commercial Bank Of China), Is A State-owned Joint-stock Commercial Bank In Vietnam.
The Bank's Major Customers For Hundreds Of Millions Of Dollars In Loans Include Vietnam National Oil And Gas Group And Vietnam Power Group.
History
The Bank Was Formerly Established In 1991 (also Recorded As Vietnam Industrial And Commercial Bank Of China (IncomBank) In 1988.
In 2000, The Total Assets Of Industrial And Commercial Bank Of China Were 48.70 Trillion Vietnamese Dong, 40.70 Trillion Dong In Deposits And 26.20 Trillion Dong In Debt. Its Loans Are Mainly For Large Government Projects In Priority Sectors Such As Postal Services, Communications, Processing And Building Materials, But Also For Non-commercial Purposes Such As Flood Relief And Charitable Funds To Support Poor Students. According To The Operating Model Of Vietnam's State-owned Commercial Banks, The Bank Has Also Continuously Provided Funds To Many State-owned Enterprises With Meager Profits Or Losses.
In April 2008, Its General Name Was Changed From IncomBank To Vietinbank. In July 2009, It Was Listed On The Ho Chi Minh City Stock Exchange.
In October 2010, It Signed A Cooperation Agreement With The International Finance Corporation To Establish A Strategic Partnership. In December 2012, It Established A Strategic Partnership With Japan's Mitsubishi UFJ Financial Group And Sold 20% Of Its Shares To It For 743 Million US Dollars.
As Of The End Of 2012, Its Market Value Was 53.22 Trillion VND
