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Vietinbank SWOT & PESTLE Analysis

ID : 52772653| Sep 2020| 14 pages

COMPANY PROFILE -Vietinbank

Business Sector :Banking and Financial Services

Operating Geography :Vietnam, Asia

About Vietinbank :

Vietinbank is a state-owned Vietnamese bank that provides internet banking and loan services. The company offers insurance products and services such as health insurance, car insurance, private home, travel, borrower and business insurance. Vietinbank operates through the following segments: Banking financial services, Non-banking financial services and others. Vietinbank is headquartered in Hanoi, Vietnam, with about 140 branches and 700 transaction centers as of 2020. The Vietnam Industrial and Commercial Bank was established by the State Bank of India in 1991. The company was created in 1988, after its separation with State Bank of Vietnam and its transformation from a one-tier into a two-tier bank. Vietinbank expanded its business by initiating partnerships with various companies such as The International Finance Corporation, acquiring 10% of its shares and Mitsubishi UFJ Financial Group. Vietinbank stock has officially traded on Ho Chi Minh City Stock Exchange (HOSE) since 16th July 2009. Noteworthy customers include PetroVietnam and Vietnam Electricity that have borrowed loans worth hundreds of millions of dollars. Vietinbank was honored with the title of the Best Trade Finance Bank in Vietnam at the Asian Banker Transaction Awards 2019.
Vietinbank’s unique selling proposition or USP lies in being one of the four largest State-owned commercial banks of Vietnam. Its mission statement reads, “To become the leading financial and banking corporation in Vietnam that operates in diverse areas, as well as provides products and services that conform to international standards, aiming to improve the values of life.”

Vietinbank Revenue :


VND 44,812 billion – FY ended Dec 31st 2019 (y-o-y growth of 45.2%)
VND 30,862 billion – FY ended Dec 31st 2018

Competitive Analysis of Vietinbank

SWOT
PESTLE
The SWOT analysis for Vietinbank is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Strong and effective organizational structure to optimize operations.
2. Best foreign exchange provider in Vietnam.
3. Impressive business performance has led to upgradation of ratings by Moody’s and Fitch
4. VietinBank has received multiple awards and accolades.
5. Strong performance by subsidiaries leading to increase in overall revenue
1. Increasing bad loans is worsening the capital reserve of bank
2. Fraudulent activity has impacted reputation of the bank
OpportunitiesThreats
1. Asset management will be the game changer in terms of revenue generation
2. Venturing into investment banking considering Vietnam is growing market of South East Asia.
3. Introduction of design thinking into products and services will result in market growth
.
1. Entry of neo-banks in the market will bring disruption
2. Competitors are far ahead in terms of digitization and cyber security
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Detailed SWOT Analysis of Vietinbank

Strength

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Weakness

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Opportunity

1. Asset management will be the game changer in terms of revenue generation Vietnam is a growing market in south-east Asia leading to high investments from global players thus asset management is gaining vitality. Asset management will shape the future of the banking and financial sector. The investable asset is predicted to grow to $102 trillion from $64 trillion in 2020 itself. These growth sovereign wealth funds and increase of high net worth individual are the key drivers in asset growth. However growing asset will also have rising costs related to being compliant with regulations and expansion of the distribution network. Changing markets and demographics will scale asset management demand which will act as a game changer for the bank

The remaining section of “Opportunity” is available only in the 'Complete Report' on purchase.

Threats

1. Entry of neo-banks in the market will bring disruption: With the evolution of technology, several neo-banks have mushroomed. Neo-banks are digital banks without physical branches. Customer behavior has undergone radical transformation. With the advent of neo-banks, market share of retail banking has been affected. Neo-banks or challenger banks have acquired markets in Europe and USA and now heading towards South East Asian countries like India, Singapore Vietnam, etc. Neo-banks have low operating cost and provide excellent banking products and services digitally. These regions where low income and middle class population is high, consumers will be attracted towards higher interest rates on savings account and lower rates for loans. Timo is one of the digital banks operational in Vietnam since 2016. This is the biggest threat for the brick and mortar banks in this region.

The remaining section of “Threats” is available only in the 'Complete Report' on purchase.

Major Competitors :

  • MB Bank
  • Sacombank
  • VP Bank
  • LienVietPostBank
  • Agribank
  • Vietcombank
  • BIDV
  • Eximbank

Major Brands :

  • VietinBank Securities Co Ltd
  • VietinBank Leasing
  • VietinBank Insurance
  • VietinBank Aviva Life Insurance
  • VietinBank Asset Management Company
  • VietinBank Fund Management Company
  • VietinBank Gold and Jewelry Company
  • VietinBank Global Money Transfer Company
SWOT & PESTLE (combined)
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Vietinbank Analysis Report

1. Reviewing Vietnam's struggle options in the South China Sea - https://thediplomat.com/2020/05/reviewing-vietnams-struggle-options-in-the-south-china-sea/
2. US – China Trade War Inspires Vietnam Growth - https://www.vietnam-briefing.com/news/us-china-trade-war-inspires-vietnam-growth.html/
3. Annaul Report 2019 - https://www.vietinbank.vn/sites/mediafile/VTB149105
4. Radical Steps Needed from Vietnam Banking Sector - https://www.regulationasia.com/radical-steps-needed-from-vietnam-banking-sector/
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Vietinbank SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). Vietinbank SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/vietinbank/ [Accessed 28 Oct, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

Vietinbank SWOT and PESTLE analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.

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Vietinbank SWOT & PESTLE Analysis
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