Skip to main content

Latest developments

The change of senior personnel along with the revision and amendment of the Bank’s Charter were the main contents of the 2nd extraordinary general meeting in 2017 held by Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) in Hanoi.

This General Meeting approved the resignation of Mr. Duong Cong Minh – Chairman of Board of Directors (BOD) and the election of Mr. Nguyen Duc Huong as an additional member of BOD. LienVietPostBank’s BOD unanimously agreed to appoint Mr. Nguyen Duc Huong to be the new Chairman of BOD, Mr. Pham Doan Son to be the Permanent Vice Chairman (cum. CEO), aiming to enhance the Bank’s senior management and further develop LienVietPostBank towards greater achievement.

Mr. Duong Cong Minh and Mr. Nguyen Duc Huong have been leading LienVietPostBank since the Preparatory board foundation in 2007. They are well known as the famous duos “Minh Him Lam – Huong Lien Viet”, one being a skillful, decisive captain while the other being a flexible yet sharp strategist. Mr. Huong is one of the key founders and leaders of the Bank from the start, greatly contribute to the Bank’s impressive growth of total assets, modernization, human resources management, and corporate governance towards international standards. Especially, thanks to the merger with Postal Savings Service Company, LienVietPostBank had the opportunity to expand its nationwide network with the speed of “1 year equaling 100 years” and has become the largest commercial bank in Vietnam in terms of network with more than 10,000 transaction points at the district and commune level and 100% coverage of branches in all 63 cities and provinces.

In the upcoming time, due to work requirement, Mr. Duong Cong Minh will focus on the newly important investment projects of Him Lam Corporation. The shift of high-level management will not affect LienVietPostBank’s operations. “Pursuing Mr. Duong Cong Minh’s mission is a very challenging task, however, together with LienVietPostBank’s family, I will dedicate all my effort to build a stronger and stronger Bank with a target of professional, transparent and modern bank; integrating society into business; being responsible to the society, the State Bank of Vietnam, the customer, the shareholders and the staff. We shall keep 3 core concepts of “Without people, the project is meaningless; Without clients, the Bank is purposeless; Without Conscience, Reputation, Talent and Vision, LienVietPostBank is useless.”, said Mr. Huong.

After 9 years of development, LienVietPostBank has achieved remarkable outcomes. As of June 30th, 2017, the total assets of the Bank reached USD 6.34 billion. Continuing its record-high profit before tax of 2016 at nearly USD 30.24million, LienVietPostBank’s profit before tax as of June 30th2017 reached USD 40.59 million (Exchange rate: USD 1 = VND 22,431 – As of 30/06/2017 – Source: SBV)

LIENVIETPOSTBANK OVERVIEW


Lien Viet Post Joint Stock Commercial Bank or LienVietPostBank, formerly known as LienVietBank, operates under Banking License No. 91/GP-NHNN issued by the Governor of the State Bank of Vietnam on 28th March 2008. By June 2017, LienVietPostBank is a private Vietnamese retail bank providing banking products and services through its 188 own transaction offices and 1,067 postal transaction offices across all the 63 cities and provinces in Vietnam.

 

After 9-year operation, LienVietPostBank is now in the top 10 largest private banks in terms of assets and owner’s equity, in the list of Top 100 Vietnam strong brands for 4 years consecutively and ranked 44th in VNR500 - Top 500 largest private companies in Vietnam in 2015.

In July 2011, Vietnam Post Corporation (VNPost) became the Bank’s major shareholder (besides Him Lam Corporation) by contributing capital to the Bank equal to the total value of the Vietnam Postal Savings Service Company (VPSC) and cash. This merger was one of the most notable M&A events in Vietnam at that time and was a milestone in the development of the Bank. LienVietBank then changed its name to Lien Viet Post Joint Stock Commercial Bank and became the first Postal Bank in Vietnam.

Besides, LienVietPostBank and VNPost signed a 50-year-co-operation agreement which allows LienVietPostBank to be an exclusive bank in providing postal savings services and other banking services throughout more than 10,000 post offices of VNPost. This gives LienVietPostBank the opportunity to be present in 63 cities and provinces with 90% coverage at communal level around the country and take advantage of the huge customer base of over 400,000 individual clients.

The Bank has been striving to become a leading retail and universal bank in Vietnam - “A bank for everyone” - by focusing on providing banking products and services for individuals, households and small and medium enterprises (SMEs) especially in the agriculture sector, expanding its activities to rural and remote areas via the post office network.


HISTORY

MISSION
To offer customers and society a wide range of products and services with excellent quality.
To create maximum benefits for the Bank and the Society.

VISION
To become a leading retail bank in Vietnam – A bank for everyone.

BUSINESS STRATEGY

To implement the strategy “NEW – BIG – TRANSFERANCE – SAFE” to level up LienVietPostBank, focusing on 4 main pillars: Total assets, Human resource management, Modernization and Management following international standard.

New:
- New ideas and actions for development.
- Compete on the fingertip, driving Banking operation toward the Fourth Industrial Revolution (Industry 4.0).

Big:
Accelerate and professionalize the four pillars above.

Transparent:
Fully comply with laws and regulations, listing on the stock exchange.

Safe:
- Respect the required indicators in Vietnam and on the international market.
- Follow the Bank’s culture: Do not do the wrong thing, only do the right thing.
- All operations ensure good risk management.

CORE VALUES
Discipline, creativity and humanity

BUSINESS PHILOSOPHY
3 Core Concepts:
- Without People, the project is meaningless;
- Without Client, the Bank is purposeless;
- Without Conscience, Reputation, Talent and Vision, LienVietPostBank is useless.


Shareholders: Are the foundations of the Bank.

Customers: Are the benefactors of the Bank. 
- Customers are not always right but always remain customer!

Employees: Are the strength of the Bank. 
- Take good care of employees’ lives under the motto “Live well with salary, get rich with allowances”.

Attitude to competition:
- Competitiveness is the key measure of corporate health.
- LienVietPostBank only has partners, not competitors.

Products and services
- Are continuously revised to offer what customers need instead of what are available at the bank.
- Are modernized towards Mobile Bank model.

Business awareness:
- Fully comply with laws and regulations; Integrate society into business.
- The key to success is to find business defects to complete and upgrade.

MAJOR SHAREHOLDERS
Vietnam Post Corporation (12.54%).

BUSINESS PARTNERS

 

Vietnam Post Corporation

www.vnpost.vn

 

Vietnam Bank for Agriculture and Rural Development (Agribank)

www.agribank.com.vn

 

French La Poste Group

www.laposte.fr

 

World Savings and Retail Banking Institute (WSBI)

www.savings-banks.org

United Nations Capital Development Funds www.uncdf.org

 

Oracle Financial Services Software Limited

www.oracle.com

 

World Bank and International Finance Corporation (IFC)

www.ifc.org

 

The Netherlands Development Finance Company (FMO)

www.fmo.nl

 

Asian Development Bank (ADB)

www.adb.org

 

Japan International Cooperation Agency (JICA)

www.jica.go.jp

 

Wells Fargo

www.wellsfargo.com

 

JP Morgan Chase

www.jpmorganchase.com

 

Credit Suisse

www.credit-suisse.com

 

Societe Generale

www.societegenerale.fr

 

Nomura Holdings

www.nomuraholdings.com

 

The Export – Import Bank of the Republic of China (Eximbank Taiwan)

www.eximbank.com.tw