VietinBank
A major Vietnamese state-controlled commercial bank serving corporate, retail, investment and other financial-services customers.
Last updated October 14, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
VietinBank, formally the Vietnam Joint Stock Commercial Bank for Industry and Trade, is one of Vietnam's largest commercial banks and one of the country's principal state-controlled financial institutions. It serves government-related entities, large corporations, small and medium-sized enterprises, retail customers and international businesses operating in or with Vietnam. Its activities extend beyond conventional deposit-taking and lending to include payments, cards, securities, leasing, insurance, asset management, fund management, remittances and other financial services. The bank's institutional roots lie in the restructuring of Vietnam's banking system. Sources variously date its creation to 1988 or to 1991, when the State Bank of Vietnam established the Vietnam Industrial and Commercial Bank, commonly known as Incombank, as one of the first commercial banks created after Vietnam moved away from a one-tier monetary system. In its early decades, the institution had an important policy-lending role. Its credit supported priority sectors and large state programs, including postal and communications services, construction materials and industrial development. It also participated in lending with non-commercial or social objectives, such as flood-relief activity and education-related funds. Like other major state commercial banks, VietinBank operated in an environment in which public authorities expected banks to support state-owned enterprises and national development priorities, even where borrowers were financially weak. The government recapitalized the bank in 2002, substantially increasing its charter capital. This period formed part of the broader modernization and commercialization of Vietnam's financial sector, as state banks gradually adopted more conventional corporate, risk-management and capital-market practices. In April 2008, Incombank adopted the VietinBank name. The bank subsequently deepened its market presence and became one of Vietnam's major listed financial companies. In July 2009, it listed on the Ho Chi Minh City Stock Exchange under the ticker CTG. Capital increases in 2011 strengthened its paid-in capital and supported expansion, while the state remained the principal shareholder. VietinBank has also sought strategic investment relationships to improve governance, risk management, international connectivity and access to growth markets. The International Finance Corporation became a strategic partner in 2010. In 2012, Mitsubishi UFJ Financial Group agreed to acquire a substantial strategic stake, giving the Japanese banking group access to Vietnam's retail and international transaction banking markets. For VietinBank, the relationship offered access to international banking expertise and a stronger corporate-governance and risk-control framework. The bank's customer base includes major Vietnamese economic groups such as PetroVietnam and Vietnam Electricity, as well as households, entrepreneurs and smaller companies. It has built an extensive branch, digital, card and payment infrastructure, and holds subsidiaries or affiliates in securities, leasing, insurance, asset management, fund management, remittances and related services. According to 2023 reporting in the referenced material, VietinBank ranked among Vietnam's largest banks by assets, with approximately VND 1,800 trillion under management. Exact financial figures should be read against the relevant reporting period, as the bank's balance sheet, ownership and market valuation change over time. VietinBank remains an active Vietnamese banking brand with a dual identity: it is a large commercial institution competing in retail and corporate finance, and it retains strategic importance as a state-owned bank. Its positioning combines scale, government-linked credibility, a broad domestic distribution network and partnerships with international financial institutions.
History
VietinBank developed from Vietnam's transition toward a modern, two-tier banking system. Sources differ on whether the institution should be dated to 1988, when its institutional predecessor was established, or 1991, when the State Bank of Vietnam formally set up the Vietnam Industrial and Commercial Bank, known as Incombank. It was one of the first four commercial banks established during this restructuring. During its formative period, Incombank combined commercial banking with a strong development and policy function. By 2000, the bank reported total assets of VND 48.7 trillion, deposits of VND 40.7 trillion and debts of VND 26.2 trillion. Lending was concentrated in priority sectors and major public programs, including postal services, communications, processing and construction materials. The bank also supported activities with social or non-commercial purposes, such as flood relief and educational support for disadvantaged students. The operating environment created challenges for the major state commercial banks. Government expectations encouraged continued lending to state-owned companies and priority projects, including borrowers that were not always commercially profitable. In December 2002, the Vietnamese government provided a VND 1 trillion recapitalization, effectively doubling the bank's charter capital from its 2001 level of VND 1.045 trillion. This recapitalization formed part of wider efforts to strengthen the country's state banking sector. In April 2008, Incombank changed its name to VietinBank. The new identity accompanied the bank's efforts to operate as a more commercially oriented and diversified financial group. VietinBank entered the Ho Chi Minh City Stock Exchange in July 2009, listing under the symbol CTG. In 2011, it carried out two major charter-capital increases through additional share issuance to existing shareholders. Its charter capital reached approximately VND 20.23 trillion by the end of that year, while state shareholders retained about 80.3 percent of the shares according to the referenced historical material. The bank pursued international strategic partnerships as part of its modernization. The International Finance Corporation became its first strategic partner in October 2010 and acquired 10 percent of the shares. In December 2012, VietinBank announced a second major partnership with Mitsubishi UFJ Financial Group. The proposed acquisition of a 20 percent stake was valued in the referenced material at VND 15.5 trillion, or approximately US$743 million at the time. MUFG sought access to Vietnam's expanding retail lending and cross-border transaction markets. VietinBank sought improvements in corporate governance, risk management and international banking capability. VietinBank expanded beyond its core banking operation through a group of subsidiaries and associated financial institutions. These have included VietinBank Securities, VietinBank Leasing, VietinBank Insurance, VietinBank Asset Management Company, VietinBank Fund Management Company, VietinBank Gold and Jewellery Company and VietinBank Global Money Transfer Company. The wider group has also included the VietinBank Information Technology Center, Card Center and Training Center. The bank has been associated with the establishment or development of financial institutions including Indovina Bank, described in the reference material as Vietnam's first joint-venture bank, and Vietnam International Leasing Company. A major reputational and legal challenge arose from the Huynh Thi Huyen Nhu fraud case. Nhu, a former acting head of a VietinBank transaction office, was accused of using her position and bank-related credentials in a scheme that allegedly took approximately VND 4 trillion from several banks, companies and individuals. During the proceedings, affected parties and their lawyers argued that VietinBank should bear responsibility, while the bank maintained that the transactions were personal dealings with Nhu and that its systems had merely been used as an instrument of the fraud. The case highlighted the importance of authorization controls, employee oversight and institutional responsibility in financial services. Today, VietinBank is positioned as a large, diversified Vietnamese commercial bank. It combines corporate lending and public-sector relationships with retail deposits, consumer finance, cards, digital services, securities, leasing, insurance, remittances and other financial products. The referenced material identifies it as Vietnam's second-largest bank by 2023 assets, with approximately VND 1,800 trillion under management. Its continuing state influence, public listing, domestic scale and international partnerships distinguish it from smaller private-sector competitors.
- 2023
Awards and innovation recognition
[1]The referenced material lists national-brand, SME banking, retail banking, contact-center innovation and other awards for VietinBank.
- 2014
Huyen Nhu fraud case
[1]A former transaction-office executive was indicted in a large alleged fraud involving several banks, companies and individuals.
- 2012
MUFG strategic investment announced
[1]Mitsubishi UFJ Financial Group announced an agreement to acquire a significant minority stake in VietinBank.
- 2011
Charter-capital expansion
[1]Two share issuances increased VietinBank's charter capital to approximately VND 20.23 trillion by year-end.
- 2010
IFC strategic partnership
[1]The International Finance Corporation signed a cooperation agreement and acquired a strategic stake in VietinBank.
- 2009
Public listing
[1]VietinBank listed on the Ho Chi Minh City Stock Exchange under ticker CTG in July.
- 2008
Incombank renamed VietinBank
[1]The bank adopted the VietinBank name in April as it developed a more modern commercial and financial-services identity.
- 2002
Government recapitalization
[1]The government provided a VND 1 trillion recapitalization, substantially increasing the bank's charter capital.
- 2000
Early balance-sheet scale documented
[1]The bank reported VND 48.7 trillion in assets, VND 40.7 trillion in deposits and VND 26.2 trillion in debts.
- 1991
Vietnam Industrial and Commercial Bank established
[1]The State Bank of Vietnam established Incombank as one of the first four commercial banks created during the move to a two-tier banking system.
Products and positioning
A leading Vietnamese full-service commercial bank combining state ownership, nationwide banking scale, corporate-finance capability and international strategic partnerships.
Banking
Corporate banking
VietinBank provides lending, deposits, working-capital finance, project finance, cash management and payment services to corporations and large institutional customers. Its historical customer base has included major state-linked enterprises such as PetroVietnam and Vietnam Electricity. Corporate banking has remained central to the bank's role in supporting industrial development and public-sector economic activity.
Banking
Retail banking
The retail franchise serves individuals through deposits, savings, consumer lending, payment accounts, cards and electronic banking. The bank's strategic relationship with MUFG was partly associated with the opportunity to expand in Vietnam's growing retail-finance market.
Banking
SME banking
SME banking provides financing and transaction services for small and medium-sized enterprises. VietinBank has been recognized in the referenced material as a leading or best SME bank in Vietnam, reflecting the importance of smaller business customers alongside its large-corporate franchise.
Payments
Cards and payment services
The bank operates card and payment capabilities for retail and business customers, supported by a dedicated Card Center and information-technology infrastructure. These services connect account holders to domestic payments, cash access and electronic banking channels.
International banking
International banking and remittances
VietinBank supports cross-border transactions, trade-related banking and international payment relationships. Its Global Money Transfer Company provides a group platform for remittance-related services, while the MUFG partnership was intended to strengthen international transaction banking.
Securities
VietinBank Securities
VietinBank Securities is a securities affiliate associated with the banking group. The referenced material states that VietinBank held a 76 percent ownership interest and that the company was publicly traded on Vietnam's securities market.
Leasing
VietinBank Leasing
VietinBank Leasing extends the group's financing capabilities beyond conventional loans by providing leasing-related financial services to business customers and other eligible borrowers.
Insurance
Insurance and life insurance
The group has operated insurance businesses, including VietinBank Insurance and a life-insurance venture identified in the reference material as VietinBank Aviva Life Insurance. These businesses broaden the bank's financial-services offering through insurance distribution and underwriting-related activities.
Asset management
Asset and fund management
VietinBank Asset Management Company and VietinBank Fund Management Company extend the group into investment and portfolio-management services. Their presence reflects the bank's strategy of operating as a diversified financial group rather than only as a deposit-and-loan institution.
Controversies
2014
Huynh Thi Huyen Nhu fraud case
Huynh Thi Huyen Nhu, a former acting head of VietinBank's Dien Bien Phu Transaction Office, was indicted over an alleged scheme involving approximately VND 4 trillion taken from three banks, nine companies and three individuals. Lawyers for affected parties argued that VietinBank should compensate victims because Nhu used her position and bank-related credentials. VietinBank denied institutional responsibility and argued that the victims had dealt with Nhu personally rather than through authorized bank transactions.
Brand decisions
2012
Mitsubishi UFJ Financial Group strategic investmentM&ABackground
MUFG wanted a stronger position in Vietnam’s retail lending and international banking markets, while VietinBank sought improvements in governance and risk management.
Action taken
The parties announced an agreement for MUFG to acquire 20 percent of VietinBank’s shares.
Aftermath
The agreement established a major Japanese banking partner and reinforced VietinBank’s international orientation.
Announced transaction value. VND 15.5 trillion, approximately US$743 million at the historical exchange rate cited in the reference material (2012 announcement)
2011
Capital increasesOtherBackground
VietinBank needed a stronger capital base to support growth and meet the demands of a more commercial banking model.
Action taken
The bank issued additional shares to existing shareholders in two capital increases.
Aftermath
Charter capital reached approximately VND 20.23 trillion by the end of 2011.
2010
International Finance Corporation investmentM&ABackground
VietinBank sought international expertise and capital to support institutional development and modernization.
Action taken
The International Finance Corporation became a strategic partner and acquired a 10 percent stake according to the reference material.
Aftermath
The relationship added an international development-finance partner to VietinBank’s ownership and cooperation structure.
2009
Public-market listingOtherBackground
Vietnam’s major banks were increasingly using the capital market as part of the modernization and commercialization of the financial sector.
Action taken
VietinBank listed on the Ho Chi Minh City Stock Exchange under ticker CTG.
Aftermath
The listing gave VietinBank a publicly traded equity base while the state remained its controlling shareholder.
2008
Rebrand from Incombank to VietinBankStrategyBackground
The institution was developing from a historically policy-oriented state bank into a broader commercial and financial-services organization.
Action taken
It changed its operating name from Incombank to VietinBank in April 2008.
Aftermath
The VietinBank identity became the platform for its subsequent public listing, capital expansion and international strategic partnerships.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/vietinbank · Editorial policy · How profiles are compiled