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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

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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)

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