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Tut-3 Group-15 Vietcombank-Report

Project Management (Hanoi University of Science)

Studocu is not sponsored or endorsed by any college or university

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HANOI UNIVERSITY
FACULTY OF MANAGEMENT AND TOURISM

TREASURY REPORT ON
JOINT STOCK COMMERCIAL BANK FOR
FOREIGN TRADE OF VIETNAM
VIETCOMBANK

Lecturer: Đào Thị Thanh Bình

Tutor: Nguyễn Thị Minh Hằng– Tut: 03

Group members: Nguyễn Linh Chi – 1704040017

Võ Thị Trà Giang – 1704040024
Vũ Thị Bích Ngọc – 1704040086
Vương Minh Ngọc – 1704040087

Hanoi, 29th May 2020

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Contents
Abstract............................................................................................................................................4
I. INTRODUCTION..................................................................................................................5
1. General introduction..........................................................................................................5
2. Vietcombank’s risk management committee...................................................................5
II. LIQUIDITY REPORT.......................................................................................................6
1. Minimum capital adequacy ratio CAR:...........................................................................7
2. Cash stas index....................................................................................................................8
3. Lending capital ratio..........................................................................................................8
4. Loan-to-deposit ratio (LDR)..............................................................................................9
5. Deposit structure index....................................................................................................10
III. IRR REPORT...................................................................................................................10
IV. SCENARIO ANALYSIS OF CAPITAL AND INCOME..............................................12
1. Scenario analysis of capital..............................................................................................12
2. Scenario analysis of Income.............................................................................................14
V. CURRENT CREDIT............................................................................................................15
1. Capital and mobilized capital analysis...........................................................................15
2. Mobilized capital analysis................................................................................................16
VI. CREDIT SITUATION ANALYSIS..................................................................................17
VII. HEDGING PROPOSAL..................................................................................................18
1. Supporting tools that VCB are using to minimize credit risks.....................................18
2. Credit derivatives are used by VCB to mitigate the credit risk....................................19
VIII. CONCLUSION...............................................................................................................20
REFERENCES............................................................................................................................21

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Abstract

Risk management in banking refers to the practice of scientific and systematic risk approach to
identify, control, prevent and minimize the potential losses and negative impacts that risk bring.
How a scheme is rationally developed and executed to manage potential losses is the
characteristics of risk management Therefore, this paper is dedicated to the purpose of giving a
brief look about the risk management procedures of Vietcombank and providing the differential
analyses about Current credit, Liquidity, IRR of Vietcombank and Scenarios analysis on the
impact of income and capital, Hedging proposal. Hopefully, this paper will give an overview of
the risk management of Vietcombank.

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I. INTRODUCTION
1. General introduction

Join Stock Commercial Bank for Foreign Trade of Vietnam, formerly known as Bank for Foreign
trade of Vietnam – Vietcombank. It was established on April 1, 1963 from the Foreign Exchange
Bureau (of the State Bank of Vietnam). Vetcombank has been constantly developing with
excellent business achievements and considered as the highest ratings among Vietnamese banks
by international credit rating firms with its total assets of over VND 1 quadrillion (US$43.1
billion) by the end of 2018. Moreover, in 2009, this bank was officially listed on the Ho Chi
Minh Stock Exchange (HOSE) with the code VCB (Annual report 2018). In addition, it’s profit
in 2018 approximated 18.4 trillion VND which increased 63.5% from 2017. In 2019,
Vietcombank successfully raised charter capital to VND 6,200 billion, surpass Vietinbank to take
the lead among Vietnamese banks.
Vietcombank has not only a wide working network with 537 branches and transaction offices
throughout the country but also develop a huge system of 2105 correspondent banks over 131
countries and regions. Vietcombank has also developed an autobank system with over 2.300
ATMs and more than 43,000 merchants nationwide and gained the trust of more than 10 million
retail customers and nearly 30.000 corporate customers. Thanks to the process of building the
banking system as well as developing and upgrading services, Vietcombank has achieved the
trust of customers as well as the prestigious awards today.

2. Vietcombank’s risk management committee

Vietcombank’s risk management committee is established of Board of Directors for the aim of
approving appropriate policies and directions with regard to various types of risks such as credit
risk, market risk and operational risk in each period, including defining ratios, limitation and risk
appetite of the Bank. Vietcombank’s risk management committee is led by Mr. Nguyen Manh
Hung- a member of BOD

II. LIQUIDITY REPORT

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Liquidity is the ability to respond immediately to customers' demand for withdrawals at any time
and it is an important factor determining the safety of the operation in any credit institution. It
can be said that liquidity is a very sensitive issue in business activities of banks. If the bank fails
to meet customers' demand for withdrawals in time, the unfavorable information will spread
quickly, leading to a series of customers rushing to withdraw money. As a result, this might cause
insolvency or that bank might face a risk of bankruptcy, affecting the operational stability of the
whole system.
In order to estimate the liquidity management activities at Vietcombank, we base on these
criteria:

1. Minimum capital adequacy ratio CAR: Measures ratio of Equity / Assets converted
according to different risk levels.
Capital adequacy ratio represents the amount of equity available to support the bank's business
operations. Currently, the minimum capital adequacy ratio under Circular No. 41/2016 / TT-
NHNN takes effect on January 1, 2020 is 8% which was 9% before. Accordingly, CAR of the
bank period 2012-2018 was:

:
Car ratio 2012-2018
(Source: Documents for investors Q4/2019 Vietcombank)

In fact, on November 28, 2018, VCB was officially approved by the State Bank of Vietnam to
apply Circular 41 one year earlier than the effective period that makes it to be the first bank to
meet Basel II standards in Vietnam. Hence, this ratio in 2019 was 9.6%. In general, the average
CAR of the bank is in compliance with the regulations and tends to increase.

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2. Cash status index: calculated by (Cash + demand deposits at the State Bank (SBV) +
demand deposits at credit institutions (CIs)) / total assets. The higher this index is, the
better the liquidity.

2018 2019

Cash 12,792,045 13,778,358

Demand deposits at the 10,845,701 34,684,091

State Bank (SBV)

Demand deposits at credit 187,352,500 190,100,329

institutions (CIs)

Total assets 1,074,026,560 1,222,718,858

Cash status index 19.64% 19.52%

Cash status index 2018 - 2019 (Unit: million VND)

(Source: Summary of the 2019 consolidated financial statements VCB)

In 2018 and 2019, VCB's cash index was almost unchanged. This demonstrates that the bank has
a firm ability to handle immediate cash requirements. However, if this ratio is too high, it is also
a sign that the capital efficiency is not high because the bank will have to spend many
opportunity costs, which reduces the bank's profits.

3. Lending capital ratio: Calculated by outstanding debt / total assets, reflecting the loan
level on the bank's total assets. The higher this ratio is, the lower the liquidity.

2018 2019

Outstanding loans 631,866,758 734,706,891

Total assets 1,074,026,560 1,222,718,858

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Lending capital ratio 58.83% 60.09%

Lending capital ratio 2018-2019 (Unit: million VND)

(Source: Summary of the 2019 consolidated financial statements VCB)
VCB's loan capacity in 2018 was 58.83%, slightly rising in 2019 to 60.09%. It can be seen that
maintaining the loan ratio helps banks limit liquidity risks to ensure profitability and safety for
the bank's operations.

4. Loan-to-deposit ratio (LDR): Outstanding loans / deposits to customers. This indicator

reflects how much the bank lends compared to the mobilized capital, showing the
efficiency of the bank's mobilized capital

2018 2019

Outstanding loans 631,866,758 734,706,891

Deposits to customers 801,929,115 928,450,869

Loan-to-deposit ratio 78.79% 79.13%

(LDR)

Loan-to-deposit ratio (LDR) 2018-2019 (Unit: million VND)

(Source: Summary of the 2019 consolidated financial statements VCB)

According to the old regulations in Circular 36/2014 / TT-NHNN, the maximum LDR of
commercial banks is 90%; Joint stock commercial banks, joint venture banks, banks with 100%
foreign capital are 80%. The higher this ratio, the lower the liquidity and the higher the level of
liquidity risk. Therefore, when the LDR ratio increases, the liquidity of banks decreases
accordingly. The data in Table 3 shows that VCB's LDR has been stable in 2018 and 2019, well
complying with the State Bank's regulations on the ratio of loans to mobilized capital.

5. Deposit structure index: This index shows the percentage of deposit mobilization compared to
term deposits at commercial banks, which accounts for what percentage.
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2018 2019

Demand deposits 226,842,211 262,977,124

Term deposits 558,786,377 642,710,681

Deposit structure index 40.60% 40.96%

Deposit structure index 2018-2019 (Unit: million VND)

(Source: Summary of the 2019 consolidated financial statements VCB)

Deposits are the most important part of the liquidity supply component of commercial banks.
The index of the bank has remained at 40% which shows that the demand for liquidity is always
high. As customers can withdraw at any time, so the bank must prepare liquidity to ensure
sufficient supply of customer needs in each period. In addition, term deposits of banks tend to
increase over the years, this also confirms customer confidence and appropriate bank policies.
In general, over the past years, the organization and implementation of safety in business
activities in accordance with the regulations of the State Bank were also relatively clear, effective
in the management of liquidity risk reflected in the treatment of banks. managing liquidity
requirements arising at a reasonable cost, thereby, the reputation and brand of VCB were
maintained and promoted in the domestic and foreign financial markets.

III. IRR REPORT

IRR or interest rate risk is the risk that the future cash flows of a financial instrument will
unexpectedly fluctuate due to changes in market interest rates. Risk exposure exists whenever
there is a maturity date mismatch between assets and liabilities, or between principal and interest
cash flow. Interest rate risk is not necessarily a negative thing when changing in interest rates
could increase the net asset value of a banking institution would be regarded as positive.
Vietcombank could face the risk generated by negative changes of interest rate on income, asset
value, value of liabilities and value of off-balance sheet. For interest rate risk management, there
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are two ways to measure, for instance, gap analysis and duration analysis. In this report, we will
base on gap analysis measurement since it is challenging to find figures for the duration analysis
(focused on changes between economic value and position that occur given a small change in the
level of interest rate). Basically, gap analysis or simple maturity schedules can be used to
generate simple indicators of interest rate risk sensitivity of both earnings and economic value to
changing interest rates. Therefore, the maturity gap method can be generated by grouping RSA
(rate sensitive assets) and RSL (rate sensitivity liabilities). For banking, RSA are bank assets,
mainly bonds, loans and leases, and the value of the following assets is sensitive to changes in
interest as well as either repriced or revalued as interest rates change. On the other hand, RSL are
bank liabilities, mainly interest-bearing deposits and other liabilities, and the value of these
liabilities is sensitive to changes in interest rates and these liabilities are also repriced or revalued
as interest rates change. The table below shows the figures for gap analysis that given by the
annual report of Vietcombank in 2018:

Up to 1 From 1 to 3 From 3 months to 6 From 6 months to

month months months 12 months

(VND (VND million) (VND million) (VND million)

million)

RSA 347,221,336 275,152,851 162,491,240 85,065,018

RSL 595788028 131,585,942 117,529,937 128,070,854

$GA (248,566,692) 143,566,909 44,961,303 (43,005,836)

P

Source: Vietcombank Annual Report in 2018

According to the table, we can see that Vietcombank has a negative gap from the period up to 1
month and the time from 6 months to 12 months, for that reason, an increase in the market
interest rates could cause a decline in net interest income (NII). For the other periods, there has

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been a positive gap which caused a decline for both the market interest rates and in NII.
Subsequently, the dollar gap can pose a significant threat to Vietcombank’s earnings and capital
base. In 2018, Vietcombank became one of the first banks to apply interest rate risk management
tools and limits to daily management activities (management of the difference in reprising the
gap between RSA and RSL, NII sensitivity and economic value of equity (EVE sensitivity)). At
the same time, Vietcombank also uses appropriate derivative products to minimize the negative
impact of interest rate fluctuation. For the efficiency of interest rate risk management,
Vietcombank is implementing ALM/ FTP software system for enhancing the level of automation.

IV. SCENARIO ANALYSIS OF CAPITAL AND INCOME

Scenario analysis is a method of predicting future values of portfolio investments based on

potential events. In other words, it’s a method of estimating what will happen to portfolio values
if a specific event happens or doesn’t happen. If this happens, then what? This process is also
used in company operations outside of the investment world. Most managers perform scenario
analysis in their business decision-making process to determine the best course of action to take
for the organization to maximize profits (best-case scenario). They also use this technique to
examine the worst possible solution (worst-case scenario) and anticipate potential losses and
operational problems. In this part, we will discuss how the changing in capital and income of
VCB.

1. Scenario analysis of capital

2016 2017 2018 2019

Total asset 787.935 1.035.293 1.074.027 1.222.7

19
Shareholder’s equity 48.102 52.558 62.179 80.883
Total deposit/Total 58,5% 52,5% 58,8% 60,1%
assets ratio
Non-interest income 6.352 7.469 10.870 11.153
Total operating income 24.886 29.406 39.278 45.730

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Total operating -9.950 -11.866 -13.611 -15.818

expense
Net operating income before loan 14.929 17.540 25.667 29.913
loss provision
Loan loss provision -6.406 -6.198 -7.398 -6.790
Profit before tax 8.523 11.341 18.269 23.122
Corporate income tax -1.672 -2.231 -3.647 -4.596
Profit after tax 6.851 9.111 14.622 18.526
Net profit after tax 6.832 9.091 14.606 18.511

Source: Annual report of Vietcombank from 2016 to 2019

According to general report, ending the year 2019, Vietcombank achieved profit before tax
amounting to more than 23,000 billion, an increase on the 80% compared to the year 2018 and
nearly tripled in comparison with the scale of the profits the year 2016-the year the Bank began
to move to business restructuring phase texture. Moreover, profit of Vietcombank putting on the
growth in total assets and credit growth is lower than in previous years, as well as from
a commercial bank with policy interest rates heading the lowest on the market. The scale of
profits more than 23,000 billion comes on also far beyond the predictions from 20,000-21,000
billion that some investment organizations launched in the year 2019.
Specifically, end of 2019, total assets of Vietcombank only increased 4%; credit growth does not
even run out of targets of the State Bank allowed, only 14.9% increase. According the table, most
of index have trend to increase significantly from 2016 to 2019. About shareholder’s equity, it
grows by 32 billion through 4 years to demonstrate that it can remain and ensure daily activities
of the bank. Meanwhile, the sharply rising of non- interest income between 6.352 billion and
11.153 concludes that it promotes the operation of the service, diversifies bank’s revenue sources
in recent times to reduce dependence on credit. Vietcombank can gain this amount from services
activities, foreign exchange trading and interest income from other activities. Vietcombank is
becoming to change ability of customers into credit that can reduce the risk of their account.

2. Scenario analysis of Income

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2015 2016 2017 2018

CAR 11.35% 11.04% 11.13% 11.63%
Common shares 2.665 3.597 3.597 3.597
Dividend payout ratio 10% 8% 8% 8%
Share price (year-end) 43.900 35.45 54.300 53.500
Market capitalization 116.994 127.514 195.359 92.440
EPS 1.626 1.566 2.526 3.584
DPS 1.000 800 800 800

Source: Annual report of Vietcombank from 2015 to 2018

On 28/12/2018, Vietcombank has officially been approved by the Government to increase capital
through the sale of shares for foreign investors, with the total transaction value amounted to
6,168 billion. The successful sale stock for GIC- the Fund Singapore Government has affirmed
the prestige, status and the potential development of Vietcombank and the increased confidence
of investors with regard to foreign bank operations in Vietnam. The capital increase successfully
leading to raise capital for safe standards of Vietcombank and bring back the surplus resources
for the State amounting to 3,783 billion. Moreover, Vietcombank has been approved to be
the first bank in Vietnam meets safety standards under Basel II by Vietnam Government Bank.
We can see that CAR ratio of bank is approximately 11%, which is suitable with it of
requirement with big bank, 9%. The numbers of share also increase until 4 years from 2665 to
3597 and remaining at 3597 in 3 years. In contrast, Dividend payout ratios reduce by 2% to
compare with 10% in 2015. Both share price and market capitalization have positive trend to
grow substantially, especially in 2017 but these amounts reduce at final year. Earnings per share
of Vietcombank also develop strongly during 4 years. However, Dividend per share has opposite
side with earning per share. Briefly, Vietcombank is one of the biggest banks with strong Income
and Capital in Vietnam.

V. CURRENT CREDIT

1. Capital and mobilized capital analysis

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In the business activities of commercial banks, capital in general not only plays an important role
but also is crucial to the bank's business performance. With the function of financial
intermediation as "borrowing to lend", the bank must have a strong enough capital source to
ensure payment and meet the demand for loans of economic sectors, contributing to income
generation. for customers as well as making a profit for the bank. Therefore, the bank needs to be
active in this activity to take advantage of capital to invest effectively and contribute to
improving the efficiency of business operations of the bank.

Difference

2017 2018 Amount %

Mobilized
capital 726,734 823,390 96,656 13.30%

Equity capital 52,557,959 62,179,379 9,621,420 18.31%

Total 53,284,693 63,002,769 9,718,076 18.24%

Capital situation 2017-2018 (Unit: Million VND)

(Source: Summary of the 2018 consolidated financial statements VCB)

The bank's capital is formed mainly from mobilized capital and equity. Therefore, it is necessary
for the bank to manage the capital situation well to meet customers' capital needs. It can be seen
that the total capital grew by 9,718,076 million from 53,284,693 in 2017 to 63,002,769 million in
2018, equivalent to an increase of 27.8% compared to 2017. In details, equity capital accounts
for a high proportion in the total capital. There was a rise in this category after a year, followed
by a sudden increase to 62,719,379 million compared to 2017 (in 2017 reached 52,557,959
million). Between 2017 and 2018, mobilized capital tends to increase fractionally by 96,656
million or 13.30%.

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In general, over 2 years, it is shown that the capital source of the bank witnessed a slight growth
and tends to be stable. Especially, the equity capital always plays a leading role and comprises
the majority of the total capital, showing that the bank gained customers' trust and can be
proactive in getting loan capital.

2. Mobilized capital analysis

Commercial banks do business mainly with capital mobilized from the economy, which also
shows the difference between the monetary business and other businesses so that it is important
to analyze the credit situation of a bank. In the bank's business activities, besides the conditioned
capital from the State bank, the bank needs to have additional mobilized capital from various
economic sectors. In terms of economic growth, the capital needs of individuals and businesses
are increasing. Especially in the integration trend, banks who want to improve their
competitiveness require banks to be proactive in capital. Therefore, the bank must promote the
mobilization of capital to stabilize capital sources, reduce the use of capital from State banks and
contribute to the bank's profits.

Mobilized capital of Vietnamese banks in 2019

Source: VietStock

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According to Vietstock statistics, Vietcombank is attracting deposits and issuing valuable papers
among the top 3 biggest banks along with BIDV and VietinBank. From the graph, it is clear that
in 2019, the total mobilization capital of the bank experienced a dramatic rise to 949,798 billion,
greater than 15% compared to 2018. As a result, Vietcombank has more capital in business and
investment, promoting effective business processes.

VI. CREDIT SITUATION ANALYSIS

Credit activity is the most profitable activity, accounting for the highest proportion of total assets
and it is also the most risky. It has great significance for the socio-economy, because through this
activity the bank provides a large amount of credit to the economy which leads to a fast and
strong growth. Credit relationships are established through a credit contract, defining the ability
and needs of the borrower to perform the contract. Credit operations of Vietcombank are as
follows:

Difference

2017 2018 Amount %

Customer loans 535,321.4 621,573.2 86,251.80 16.11%

Credit balance 557,688 639,370 81,682 14.65%

Bad debt 1.11% 0.97% 0.14%

Credit situation 2017-2018 (Unit: Billion VND)

(Source: Report of the Board of Directors on 2017 activities and 2018 orientation)

It can be seen from the data that all indicators tend to fluctuate overally:
• Customer loans: in 2017 reached 535,321.4 billion in 2018 reached 621,573.2 billion, an
increase of about 86,251.80 billion is equivalent to an increase 16.11%
• Credit debt: in 2018 compared to 2017 constituted 14.65% the equivalent of an increase
of 81,682 billion

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• Bad debt: slightly reduced from 1.11% to 0.97%

In summary, the above table shows that the bank's credit activity grew relatively stable and the
bad debt was within the permitted level of the State Bank. However, the bank also needs to focus
on recovering overdue loans and credit quality to reduce credit risks, and at the same time,
stepping up the lending activities more to facilitate lending to customers effectively.

VII. HEDGING PROPOSAL

1. Supporting tools that VCB are using to minimize credit risks

Vietcombank always face with credit risks is that uncollectibility in term of finance as parties are
not able to complete their responsibility in time. Credit risk derives mainly on lending to
customers and investment under debt securities.
In order to manage credit risk, VCB is utilizing tools as follow:
- Making policies and conducting related regulations to credit risk management
- Constructing lending process
- Making credit risk supervision
- Constructing credit rating system and loans category
- Authority provision in credit operation

2. Credit derivatives are used by VCB to mitigate the credit risk

Boards of Management (BOM) have the highest right and obligation in operating all activities of
VCB that relate to risk management. To do this mission, BOM are in charge of making policies
and risk management strategy in each period, identify safety business limit. Risk management
committee was established by BOM and are responsible for supporting BOM in controlling all
risk deriving from business activities of VCB
ALCO (Asset - Liability Management Committee) is a department established by CEO.
Members of ALCO are key employees. They are assigned in managing risk in VCB. ALCO has
the responsibility in supervising and generally control assets and liabilities work in the 16
consolidated and separated balance sheet in order to maximize the profit and minimize the loss
coming from the unfavorable variability in the market, manage liquidity risk, control reasonable
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interest rate and exchange rate. In the division scale, ALCO has the right to make risk
management decisions.
In 2014, VCB sold the debts to Vietnam Assets Management Company (VAMC) through special
bond. This kind of bond is issued by VAMC and determined in price by non-performing loans
selling price or the residual between unpaid credit and sold provision of the loan.
Beside based on the role of VAMC, Vietnamese financial market is in progress of using Credit
Default Swap or CDS. They are insurances against default risk. Credit spread products provide
protection against a widening of credit spreads and offset the loss of mark-to-market value due to
wider spreads. Credit derivatives allow customizing of all three items for the expected horizon of
syndication, from inception and up to final take. Buying a protection would offset the exposure
to credit risk beyond the expected horizon for distributing the loans to banks. A spread derivative
would cap the spread. The same issue arises for all uncertain exposures from committed lines of
credit or from the potential exposures of the derivative portfolio of the bank. Credit derivatives
serve for insuring potential excess exposures.
In addition, proceeding the success of credit rating model construction project based on
probability of default (PD) in 2017, VCB has recently continue to declare completion of metric
model: Loss given default (LGD) and Exposure at default (EAD) in term of retail customer. The
results of three major risk parameters: PD, LGD and EAD is a crucial foundation for VCB to
advanced IRB application orientation according to Basel II. VCB have deployed successfully
LGD and EAD model thanks to the support of foreign consultant Oliver Wyman – the top
consulting firm in finance banking sectors. In the near future, VCB will intensively apply the
results of these models in business operation and risk management including lending approval,
loan pricing based on the risk, portfolio management, etc.
There should have strict supervision on real estate lending activities of the bank; remain credit
ratio in safety level to limit the risk. VCB should continuously complete in time risk warning
system. Moreover, securitization activities are also administered. CDS is an essential tool in the
security market in order to increase liquidity and risk-sharing ability for lending activities of the
bank. CDS management in the future should be standardized and traded in a concentrated
security market.

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VIII. CONCLUSION

In conclude, Vietcombank is now one of the most famous bank in Viet Nam with stable
orientations for long term development. Over three recent years (from 2016 to 2018),
Vietcombank success in applying international standards for the operation system, reduce the
risk rate and bad debt ratio, moreover, Vietcombank represents as a potential young bank in
Vietnamese system with plenty of e-services and various connection with other digital
technology. The continuous increase in revenue and size of capital value evince the success of
Vietcombank.

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REFERENCES
Bank Asset and Liability Management – Moorad Choudhry
Báo cáo thường niên Vietcombank 2018
http://www.vietcombank.com.vn/upload/2019/04/19/20190419%20-%20Vietcombank%20-%20AR
%202018%20lan%202.pdf?1
Báo cáo thường niên Vietcombank 2019
https://portal.vietcombank.com.vn/content/Investors/Investors/B%C3%A1o%20c%C3%A1o%20th
%C6%B0%E1%BB%9Dng%20ni%C3%AAn/N%C4%83m%202019/VCB_AR2020.pdf
Consolidated Financial Statement December 31, 2017
https://www.vietcombank.com.vn/upload/2018/04/23/06-VCB-Consolidated-FS-31DEC2017-VAS-
EN.PDF
Rate Sensitice Assets https://financial.math.ncsu.edu/glossary-q-r/rate-sensitive-assets-rsa/
Rate Sensitice Liabilities https://financial.math.ncsu.edu/glossary-q-r/rate-sensitive-liabilities-rsl/
Separated Financial Statement December 31, 2014 https://portal.vietcombank.com.vn/content/en-
us/Investors/Investors/Financial%20Reports/Year%202014/Year-end%20reports/VCB
%2031.12.2014_BCTC%20rieng%20le%202014.pdf
VCB – Báo cáo của Hội đồng quản trị hoạt động năm 2017 và phương hướng năm 2018
https://portal.vietcombank.com.vn/content/Investors/Investors/%C4%90%E1%BA%A1i%20h%E1%BB
%99i%20%C4%91%E1%BB%93ng%20c%E1%BB%95%20%C4%91%C3%B4ng/N%C4%83m
%202018/T%C3%A0i%20li%E1%BB%87u%20h%E1%BB%8Dp/3.%20B%C3%A1o%20c%C3%A1o
%20c%E1%BB%A7a%20H%E1%BB%99i%20%C4%91%E1%BB%93ng%20qu%E1%BA%A3n%20tr
%E1%BB%8B%20(H%C4%90QT)%20v%E1%BB%81%20ho%E1%BA%A1t%20%C4%91%E1%BB
%99ng%20kinh%20n%C4%83m%202017%20v%C3%A0%20%C4%91%E1%BB%8Bnh%20h
%C6%B0%E1%BB%9Bng%20n%C4%83m%202018.pdf
VCB – Báo cáo của Hội đồng quản trị hoạt động năm 2018 và phương hướng năm 2019
https://portal.vietcombank.com.vn/content/Investors/Investors/%C4%90%E1%BA%A1i%20h%E1%BB
%99i%20%C4%91%E1%BB%93ng%20c%E1%BB%95%20%C4%91%C3%B4ng/N%C4%83m
%202019/T%C3%A0i%20li%E1%BB%87u%20h%E1%BB%8Dp/AGM2019_3_Bao%20cao%20HDQT
%20nam%202018_20190422.pdf
VCB – Báo cáo tài chính hợp nhất năm 2018
https://portal.vietcombank.com.vn/content/Investors/Investors/B%C3%A1o%20c%C3%A1o%20t
%C3%A0i%20ch%C3%ADnh/N%C4%83m%202018/B%C3%A1o%20c%C3%A1o%20n
%C4%83m/BCTC%20hop%20nhat%20da%20kiem%20toan%202018%20(v2).pdf
VCB – Báo cáo tài chính hợp nhất năm 2019
https://portal.vietcombank.com.vn/content/Investors/Investors/B%C3%A1o%20c%C3%A1o%20t
%C3%A0i%20ch%C3%ADnh/N%C4%83m%202019/B%C3%A1o%20c%C3%A1o%20n%C4%83m/B
%C3%A1o%20c%C3%A1o%20t%C3%A0i%20ch%C3%ADnh%20h%E1%BB%A3p%20nh%E1%BA
%A5t%20n%C4%83m%202019%20%C4%91%C3%A3%20ki%E1%BB%83m%20to%C3%A1n.pdf
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VCB – Tài liệu cho nhà đầu tư quý 4/2019

https://portal.vietcombank.com.vn/content/Investors/Investors/T%C3%A0i%20li%E1%BB%87u%20d
%C3%A0nh%20cho%20nh%C3%A0%20%C4%91%E1%BA%A7u%20t%C6%B0/T%C3%A0i%20li
%E1%BB%87u%20d%C3%A0nh%20cho%20nh%C3%A0%20%C4%91%E1%BA%A7u%20t
%C6%B0/20202402_4Q2019_VCB%20IR%20Presentation.pdf
Vietcombank Annual Report in 2018
https://portal.vietcombank.com.vn/content/en-us/Investors/Investors/Annual%20Reports/Year
%202018/20190919%20-%20VCB%20-%20AR%202018%20-%20EN.pdf
Vietcombank Financial Results https://vietcombank.com.vn/upload/2018/07/25/2Q-2018-Financial-
Results.pdf?4
What is a Scenario Analysis? https://www.myaccountingcourse.com/accounting-dictionary/scenario-
analysis

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