Thursday, 21/11/2024
VNBA Secretary General received and talked with Delegation from the Bond Connect Company Limited Techcombank wins a host of awards for excellence VietABank recruits attractive positions HDBank recruits many positions in 2024 VNBA requests members to comment on the draft Circular on consulting activities of credit institutions Top 10 reputable commercial banks for 2024 unveiled
   
Member Follow VNBA on VNBA trên Google news
Vietnam Bank for Agriculture and Rural Development (Agribank)

Vietnam Bank for Agriculture and Rural Development (Agribank)

Chairman

Mr Phạm Đức Ấn

CEO

Mr Phạm Toàn Vượng

Authorized capital

34.446.863.milions VND (up to date 31/12/2022)

Head Office

No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam

Website

https://www.agribank.com.vn

Share

More info

Vietnam Bank for Agriculture and Rural Development (Agribank) was established under Decree No. 53-HDBT dated March 26, 1988 of the Council of Ministers (now the Government). Through each development period with names associated with different missions, throughout 31 years of development, Agribank has always affirmed its position and role as one of the leading commercial banks in Vietnam, taking the lead in implementing monetary policies, contributing to macroeconomic stability, curbing inflation, supporting growth, accompanying the development of agriculture and rural areas, with magnitude of contributions to promoting the process of restructuring the economy, building new rural areas, and ensuring social security.

In the early days of its establishment with a low starting point, the total assets of less than VND 1,500 billion; total capital of VND 1,056 billion, of which 42% was mobilized capital, the remaining 58% was borrowed from the State Bank; total outstanding loans of VND 1,126 billion; NPL ratio of over 10%; Customers were state-owned enterprises and cooperatives, most of which were unprofitable, merged, dissolved, and disbanded themselves, etc. 31 years of development, to date, Agribank is the leading state-owned commercial bank in Vietnam, being the only commercial in which the State holds 100% of charter capital. Agribank has nearly 2,300 branches and transaction offices present in all regions of Vietnam, being the only commercial bank present in 9/13 island districts with nearly 40,000 employees. As of September 30, 2019, Agribank total assets reached VND 1,398,110 billion; mobilized capital reached VND 1,285,356 billion; credit and investment reached over VND 1,120,000 billion. Outstanding loans in agriculture and rural areas always account for over 70% of total loans and over 50% of agricultural and rural credit market share in Vietnam.

As one of the state-owned commercial banks playing a key role in the banking system, Agribank always promotes the pioneering and exemplary role of a State-owned commercial bank in leading the system of credit institutions to strictly and effectively implement the national monetary policy and policies of the Party and the State on monetary and banking issues, especially credit policies for agricultural and rural development. Agribank is effectively implementing seven policy credit programs (lending under credit policies for agricultural and rural development; lending to households and individuals through loan/affiliate groups; lending under the support policy to assist in reducing agricultural losses; Lending for cattle and poultry farming; lending for coffee replanting; lending under fisheries development policies; Preferential credit for "Clean agriculture") and two National Target Programs (New Rural Construction, Sustainable Poverty Reduction).

Agribank currently offers over 200 convenient banking products and services, improving access to banking services for the economy, especially in agriculture and rural areas, thereby making a positive contribution to the process of accelerating non-cash payments in Vietnam and the implementation of the National Strategy for Financial Inclusion.

By proactively making credit investments and providing convenient banking products and services, Agribank is opening opportunities for millions of Vietnamese farmers to have access to leading agricultural technology in the world, successfully applying the industrial revolution 4.0 to production and business, contributing to Vietnam's agriculture making great strides in joining the global playing field.

Besides business activities, Agribank has paid considerable attention to social security support with many long-term funding projects and programs nationwide, showing the sense of responsibility to the community, actively contributing to the implementation of the National target program on sustainable poverty reduction and new rural construction under the guidelines of the Party and State.

Over 31 years of development, Agribank has maintained a stable growth in terms of size, structure, quality and operational efficiency. For many consecutive years, Agribank has been in the Top 10 largest enterprises in Vietnam and won many awards from international organizations. Especially, on the occasion of the 30th anniversary of its establishment on March 26, 2018, Agribank was honored to receive the First-Class Labor Medal - the highest award of the Party and State of Vietnam to an organization for its contribution to the cause of national construction and for outstanding achievements in serving agriculture, farmers, and rural economic development in the Doi Moi era.

In 2019, Agribank was assigned first-time Ba3 deposit and issuer ratings by Moody’s Investors Service which is the highest rating for commercial banks in Vietnam. Agribank was ranked 142/500 largest banks in Asia in terms of asset size. Agribank is currently focusing on effectively implementing the Business Strategy for the 2016-2020 period, with a vision to 2030, successfully implementing the phase 2 restructuring associated with the task of speeding up the implementation of the Agribank equitization plan under the Prime Minister's Decision, maintaining its leading position in the agricultural and rural financial market, making positive contributions to promoting socio-economic development of the country.

(Source: Website Agribank)

Related News

Showing 1-15 of 17 items.

Lowered lending rates to facilitate capital access

The fourth quarter is bringing soaring capital demand for production and housing, calling for timely preferential credit and rate cuts to empower businesses and citizens in driving consumption and robust growth

State-owned banks struggle to increase capital

While private joint stock commercial banks have increased capital significantly so far this year, the capital for State-owned commercial banks has remained stagnant.

Individual customers' bank savings hit record high

Individual customers' banking deposits hit a record high of more than VNĐ6.83 quadrillion as of the end of July 2024, newly released data from the State Bank of Vietnam (SBV) shows.

Several banks suspend interest payments for typhoon-affected borrowers

Several banks have granted borrowers affected by Typhoon Yagi and its aftermath interest waivers or reductions, as well as support for obtaining new loans.

Banks set to stimulate credit growth in last quarter

Banks are developing favourable credit schemes for the manufacturing and business sectors, while relaxing lending standards across all customer groups and the majority of loan sectors in the last quarter of the year.

Banks reduce interest rates, offer new loans for customers affected by Typhoon Yagi

Several private and State-owned banks have reduced interest rates and offered debt relief for customers affected by Typhoon Yagi.

Banks ramp up sale of real estate collateral to recover bad debts

Many banks have recently rushed to put up real estate collateral for sale to recover bad debts, but they are finding it difficult to sell the assets despite reducing prices.

Banks still counting profit from securities trading

Despite market volatilities, many banks still count healthy profits from securities trading.

Banks sharpen focus on scale-up of sustainability

Banks have demonstrated their determination to achieve sustainability in Vietnam by partnering with regional lenders and global investors, emphasising green finance and rigorous due diligence.

Bad debts remained a challenge for banks in H1

Banks' non-performing loans continued to grow in the first half of this year, with some banks even witnessing double-digit growth, whereas their loan loss reserve ratio trended downwards.

Low lending rates may boost credit growth

A slight increase in deposits recently has not affected lending rates, which banks are keeping low in hopes of facilitating the flow of credit.

Central bank targets ongoing price control of gold market

On June 5, the State Bank of Vietnam (SBV) announced the direct selling price of SJC-branded gold bars at four state-owned commercial banks at VND76.98 million ($3,200) per tael, down VND1 million ($41.50) per tael compared to the previous day.

Top 10 reputable commercial banks for 2024 unveiled

The Vietnam Report JSC on June 10 unveiled its annual list of Việt Nam’s Top 10 Reputable Commercial Banks for 2024.

Agribank honored to receive the STP award 2023 from Standard Chartered

On April 11, 2024, Agribank was honored to receive the Straight Through Processing (STP) Award in 2023 from Standard Chartered Bank with the Straight-Through Processing (STP) rate reaching 98.6%.

14 banks are systemically important in 2024

The State Bank of Vietnam (SBV) has issued the Decision No. 538/QD-NHNN approving the group of credit institutions and foreign bank branches which play an important role in the country's banking system in 2024.

Other Member

Join VNBA

VIETNAM BANK ASSOCIATION PORTAL

License No. 34/GP-TTĐT issued by the Ministry of Information and Communications

Address: No. 193 Ba Trieu, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi City, Vietnam

Phone: (024) 382 187 33

Email: info@vnba.org.vn - vnba1994@gmail.com

External Links:


© Copyright 2006 Vietnam Banks Association.
Specify the source 'www.vnba.org.vn' or "Vietnam Banks Association" when republishing information from this website. Externally linked pages will open in a new window. Vietnam Banks Association is not responsible for the content of externally linked pages.