Vietinbank

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The Vietnam Joint Stock Commercial Bank for Industry and Trade, commonly known as Vietinbank, is a state-owned Vietnamese bank based in Hanoi. It is the country’s second-largest bank, with about 1,800 trillion VND (around $76 billion) in assets as of 2023. Vietinbank is also a major Vietnamese company, ranking among the top 15 on the VNR500 list. It serves large clients such as PetroVietnam and Vietnam Electricity (EVN) and has strategic partnerships with the International Finance Corporation (IFC) and Mitsubishi UFJ Financial Group (MUFG) to strengthen governance and growth.

History and ownership: The bank started as Incombank, established by the State Bank of Vietnam in the late 1980s and became one of the first big commercial banks after Vietnam adopted a two-tier banking system. It received a government recapitalization in 2002 and was renamed Vietinbank in 2008. Vietinbank listed on the Ho Chi Minh City Stock Exchange in 2009. By 2011, its charter capital grew to about 20.23 trillion VND, with the state remaining the majority owner. In the early 2010s, IFC and MUFG became strategic shareholders, with MUFG planning to own about 20% and IFC roughly 8–10% depending on the source.

Fraud case: In 2014, Huynh Thi Huyen Nhu, a former Vietinbank official, was indicted for a fraud scheme totaling around 4 trillion VND (about $230 million). Vietinbank disputed responsibility, saying the loss was caused by the actions of the individual, not the bank, which used its systems as tools.