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Vietinbank SWOT and PESTLE Analysis

ID : 52772653| May 2023| 19 pages

COMPANY PROFILE -Vietinbank

Business Sector :Banking and Financial Services

Operating Geography :Vietnam, Asia, Global

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 from the 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. Vietinbank was honored with the title of the Best Trade Finance Bank in Vietnam at the Asian Banker Transaction Awards 2019. VietinBank launched its FX Online 24/7 service in January 2022, allowing customers to access foreign exchange (FX) services at any time and from any location through transaction platforms such as VietinBank eFAST and VietinBank iPay.

Vietinbank’s unique selling proposition or USP lies in being one of the four largest State-owned commercial banks of Vietnam. Vietinbank’s 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 53,149 billion – FY ended December 31st 2021 (y-o-y growth of 17.2%)
VND 45,349 billion – FY ended December 31st 2020

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. Venturing into investment banking considering Vietnam is a growing market of SouthEast Asia.
2. Asset management will be the game changer in terms of revenue generation.
3. Introduction of design thinking into products and services will result in market growth.
1. Competitors are far ahead in terms of digitization and cyber security
2. Entry of neo-banks in the market will bring disruption
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Vietinbank

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

1. Venturing into investment banking considering Vietnam is a growing market of SouthEast Asia: North America dominated the global investment banking market in 2018, accounting for 47 percent of the market. The Asia Pacific region was the second largest, accounting for 26% of the global investment banking market. The Middle East was the world's smallest investment banking market region. Investment banks all over the world are shifting their focus to businesses that require less regulatory capital. In this regard, major investment banks around the world, such as Barclays, Deutsche Bank, and Credit Suisse, have announced plans to diversify their businesses beyond traditional underwriting to include mergers and acquisitions advisory and fundraising. This shift is primarily due to regulatory changes that increased the cost of some investment banking activities while decreasing the cost of others. Although regulations have limited some banks' capabilities, forcing them to specialise, some investment bankers, such as Citibank and JPMorgan, have continued to provide a full range of investment banking services. Thus, VietinBank has a great opportunity to venture into investment banking. The remaining section under “Opportunity” is available only in the 'Complete Report' on purchase.

Threats

1. Competitors are far ahead in terms of digitization and cyber security: Banking sector in Vietnam is racing for digital transformation. Payment wallets and digital banking have led to an increase in digital transactions in Vietnam. State Bank of Vietnam (SBV) has reported that Vietnam has been trying to improve regulatory measures for easy transactions and promote digital banking. Competitors like CitiBank, Vietnam are far ahead in technological transformation with an exceptional platform and robust cyber security. The Citi Banking application is much more user friendly, fingerprint and face recognition login with easy transaction options facilitating foreign transfers and exchange on just a snap of fingers. VietinBank needs to enhance these capabilities in times to come to retain its customer base and attract new ones. The remaining section under “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
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References used in Vietinbank SWOT & PESTLE Analysis Report

1. VietinBank is the best Foreign Exchange Service Provider in Vietnam for 02 years in a row - https://www.vietinbank.vn/en/new/VietinBank-is-the-best-Foreign-Exchange-Service-Provider-in-Vietnam-for-02-years-in-a-row-20191002155451.html
2. 3. Annual Report 2021 - https://investor.vietinbank.vn/Handlers/ViewReport.ashx?ReportID=1003
3. IR Presentation - http://investor.vietinbank.vn/Handlers/ViewReport.ashx?ReportID=815
4. Design Thinking: The Hottest New Trend in Banking - https://thefinancialbrand.com/70152/design-thinking-banking-financial-innovation/
5. Vietnam’s new regulatory changes to increase market access for foreign investors - http://hanoitimes.vn/vietnams-new-regulatory-changes-to-increase-market-access-for-foreign-investors-45287.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Vietinbank SWOT and PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2024). Vietinbank SWOT and PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/vietinbank/ [Accessed 25 May, 2024].

In-text: (SWOT & PESTLE.com, 2024)

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

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