ngân hàng công thương việt nam vietnam bank for industry and trade báo cáo thường niên 2007

NGÂN HÀNG CÔNG THƯƠNG VIỆT NAM
Vietnam Bank for Industry and Trade
ANNUAL REPORT
BÁO CÁO THƯỜNG NIÊN
CONTENT
Corporate Prole
Financial Highlights 2003 – 2007
Message from Chairman of The Board of Directors
VietinBank Performance in 2007
Fund Mobilization
Loans to the Economy
Investments
Joint-ventures and Capital Contribution Activities
Subsidiaries
Banking Service Development
International Banking Activities
Social Activities
VietinBank and Equitization Process
Business Plan for 2008
VietinBank Brand Identity
Financial Statements
Independent Auditors’ Report
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Cash Flows
Interpretation on Financial Reports
Organization Chart
VietinBank Nationwide Network
Major Correspondent Banks
04

05
06
08
23
24
25
26
28
38
44
53
Improving the Values of Life
Improving the Values of Life
4
Annual Report
Corporate Prole
Vietnam Bank for Industry and Trade – VietinBank
(formerly Industrial and Commercial Bank of
Vietnam – Incombank) was established in 1988,
on its separation from the State Bank of Vietnam.
VietinBank is one of the four largest commercial
banks in Vietnam and is ranked as one of the 23
special state-owned corporations.
VietinBank’s Head Ofce
5
Annual Report
Financial Highlights 2003 – 2007
(as of 31 December)
in million VND
2003 2004 2005 2006 2007

Total assets 94,979,062 98,601,171 115,765,970 135,442,520 166,112,971
Total loans and investments 83,539,096 90,186,620 103,405,483 125,088,497 153,860,348
Total loans 61,751,878 69,238,983 74,632,271 80,152,334 102,190,640
Total mobilized funds 89,680,881 92,530,427 108,605,615 126,625,018 151,459,336
Deposits from customers 70,079,035 72,258,562 84,387,013 99,684,234 116,364,837
Total equity 3,921,638 4,593,153 4,999,839 5,637,625 10,646,529
After-tax prot 233,666 276,521 423,093 602,800 1,149,442
Return on Average Assets (ROAA) 0.26% 0.29% 0.39% 0.48% 0.76%
Return on Average Equity (ROAE) 6.81% 6.50% 8.82% 11.33% 14.12%
Capital Adequacy Ratio (CAR) 6.08% 6.30% 6.07% 5.18% 11.62%
VietinBank’s extensive network includes 3 Main
Transaction Centers (in Hanoi and Ho Chi Minh City),
138 branches, 185 transaction ofces, 428 savings
bureaus, 750 ATMs, a Human Resource Development
and Training Center (in Hanoi) and an Information
Technology Center (in Hanoi).
VietinBank subsidiaries are VietinBank Leasing
Company, VietinBank Securities Limited Company,
VietinBank Asia Insurance Company and VietinBank
Real Estate and Financial Investment Company.
VietinBank is a co-founder and major shareholder
of Indovina Bank and Vietnam National Financial
Switching JSC (Banknet).
VietinBank manages correspondent banking
relationships with over 850 banks worldwide and thus
can send authenticated SWIFT messages to more
than 19,000 banks and their branches globally.
VietinBank provides a wide range of banking and
nancial products and services including deposits
and savings, local and international payments, loans,

guarantees and counter-guarantees, trade nance,
remittances, issuance and payment services for
domestic and international cards, travelers’ checques,
foreign exchange, securities trading, insurance and
nancial leasing and etc.
VietinBank is the full member of:
• The Asian Bankers Association (ABA)
• The ASEAN Bankers Association
• Vietnam Bankers Association (VNBA)
• Society for Worldwide Inter-bank Financial
Telecommunication (SWIFT)
• Visa/ Master Services Association
• Vietnam Chamber of Commerce and Industry
(VCCI)
• APEC Financial Institutions dealing with Small
and Medium-Sized Enterprises
• Vietnam Association of Small and Medium
Enterprises
6
Annual Report
Message from
Chairman of
The Board of Directors
7
Annual Report
One year after WTO entry, Vietnam’s economy
recorded substantial gains in most sectors in 2007, with
GDP growth of 8.48% - the highest growth rate over
the past 10 years. The condence and expectations
of both local and foreign investors in Vietnam’s

economy increased, as shown by the strong growth in
investment capital, while FDI of USD 20.3 billion was
double the amount received in 2006; industrial output
rose by 17.1%; export turnover rose by 22% reaching
USD 48.4 billion; ofcial foreign currency reserves
increased signicantly. A large number of major and
high-tech projects were signed, creating opportunities
for Vietnam to accelerate national industrialization
and modernization. However, in addition to the above
solid achievements, in 2007 Vietnam’s economy had
to deal with a high ination rate of 12.3%, a large trade
decit and an unstable real estate market.
The Banking industry was considered to have had
a successful year in 2007, contributing strongly
to GDP growth. With total loans and investments
to the economy increasing by 38% compared to
2006, commercial banks continued to maintain their
impressive business performance.
In 2007, under the strict anti-ination monetary policy
imposed by the State Bank of Vietnam and in the
context of erce competition in the banking sector,
Vietnam Bank for Industry and Trade (VietinBank)
continued its sustainable development momentum
thanks to the direction given by the Board of
Directors, and the ongoing efforts of the Board of
Management and all employees. Total assets went
up 24%, total capital increased by 19%, asset quality
improved demonstrably, with year end NPLs of 1.02%
(compared to 1.38% at the beginning of the year).
The branch network was strengthened and the focus

was in investments in modern banking technology.
Furthermore, banking operations and banking
services recorded good growth rates; risk provision
increased by 47% and total income increased by
85%. VietinBank’s good performance contributed
positively to the socio-economic development and
industrialization of the country.
With the strategy of becoming a leading bank in
the region, VietinBank must transform itself into an
efcient universal bank and offer a full products suite to
corporate, commercial and retail customers, supported
by the latest technology. This will require substantial
and ongoing investments in human resources (training
programs, including developing management/
leadership skills). However, this can only be achieved
with sound nancials and sustainable growth, sound
principles to which VietinBank’s Management is
rmly committed. In 2008, VietinBank’s management
approved a business plan with the following targets:
total capital to increase by 20%, total loans and
investments to increase by 25%, NPLs below 2%, loan
loss provision of VND 1,500 billion and fee income of
VND 700 billion.

The year 2008 will witness many important events
among which the most signicant will be the 20
th

anniversary of Vietnam Bank for Industry and Trade’s
establishment, the ofcial introduction of new brand

identity “VietinBank” and the new logo. The new brand
name has already been registered and protected at
Vietnam’s National Ofce of Intellectual Property and
will then be registered in 40 countries in the world.
Furthermore, VietinBank will launch its IPO in the local
market, list on the stock exchanges and offer shares
to strategic foreign investors. VietinBank will make all
the necessary preparations to become “VietinBank
Financial Group” and actively promote its regional and
international integration.
On this occasion, on behalf of the Board of Directors,
Board of Management and VietinBank staffs, we
would like to express our sincere thanks for the
valued guidance and support of the Government,
the State Bank of Vietnam and other relative bodies
and authorities and to our distinguished customers,
domestic and foreign partners who greatly contributed
to the success of VietinBank in the year 2007. We
hope that VietinBank will continue to receive your kind
assistance and cooperation.
Dr. Pham Huy Hung
Chairman
The Board of Directors
8
Annual Report
Vietinbank’s
Performance in 2007
9
Annual Report
10

Annual Report
FUND MOBILIZATION
Thanks to the large network countrywide, diversied
deposit products with multi benets for depositors, the
total mobilized funds increased year by year.
In 2007, deposit interest rate increased to a very high
level due to competition by a many newly-established
joint-stock commercial banks anxious to gain market
share and meet liquidity needs. This situation had an
overall negative effect on banking business. VietinBank
has implemented many measures to maintain the
stability of its deposit base and to increase mobilized
funds, including actively adjusting interest rates and
tenors, enhancing marketing activities, expanding
funding channels, launching exible funding products
and improving customer service.
As of 31
st
December 2007, total mobilized funds were
VND 151,459 billion, an increase of VND 24,835
billion, or 19.6% up on 2006 and accounted for a
VND 151,459 billion
total mobilized funds
FY03
FY04
FY05
FY06
FY07
VND Trillion
70.1

72.3
84.4
91.5
112.7
Funding Mix
developMent
Borrowings & Other liabilities
Capital & Reserves
Deposits
3.9
19.6
4.6
20.3
6.0
24.2
5.6
26.9
10.6
35.1
The Governor of the State Bank of Vietnam at VietinBank’s 20
th
Anniversary
11
Annual Report
10.5% market share of the whole banking system.
Deposits in local currency were VND 127,947 billion,
an increase of VND 26,067 billion, or 25.5% up on
2006 and accounted for 84.5% total mobilized funds.
Deposits in foreign currency were VND 23,512 billion
equivalent, a decrease of VND 1,233 billion, or 5%.

Deposits from economic entities reached VND 55,083
billion, accounting for 36.4% of total mobilized funds
and increased by 35.5% as compared to 2006, in
which deposits from enterprises were VND 28,836
billion, accounting for 52.3% of total deposits from
economic entities, 38.5% up on 2006. Deposits from
businesses and enterprises increased due to the fact
that state-owned enterprises gained a comparatively
large surplus capital from equitization, which were not
yet invested in business but deposited temporarily in
banks. Deposits from state-owned enterprises were
VND 43,802 billion, an increase of VND 8,883 billion
(25.4%) as compared to 2006; deposits from private
enterprises reached VND 8,486 billion, an increase
of VND 4,081 billion (93%) compared to last year;
deposits of foreign-invested enterprises were VND
2,795 billion, up by VND 1,476 billion compared to
2006. Term deposits from enterprises accounted for
about 30%-35% over total mobilized funds.
Deposits from residents reached VND 55,060 billion,
accounting for 36.4% of total mobilized funds,
increasing by 4.3% compared to 2006. Stable, long
term savings reached VND 51,388 billion, accounted
for 33.9% of total mobilized funds and increased by
15.2% compared to last year. Debt issuance at VND
3,672 billion, accounted for 2.4% of total mobilized
funds, was down 55% compared to 2006.
in VND billion
2007 2006

Deposits from customers 116,365 99,683
(i) Deposits from economic entities: 55,083 40,643
Local currency 41,368 36,544
(ii) Deposits from residents 55,060 52,773
Savings 51,388 44,595
Local currency 39,515 32,172
Debt issuance 3,672 8,178
Local currency 85 4,715
(iii) Deposits from others 6,222 6,267
12
Annual Report
Through better liability management, tenor structures
were changed, with the holding of lower cost funds
increasing. Demand deposits increased by 20.5%
compared to 2006, time deposits increased by 13.6%,
however, medium and long-term mobilized capital
(more than 1 year), which accounted for 25.5% of
total mobilized funds, decreased by 0.7% compared
to 2006. In 2007, VietinBank was successful in
offering two issuances of long-term certicate of
deposits and notes.
With a reasonable growth rate and capital structure,
the diversied mobilization products of VietinBank
proved to be suitable to depositors’ needs and meet
the increasing demands of the market.
LOANS TO THE ECONOMY
Loans to the economy as at 31
st
December 2007
were VND 102.19 billion, rose by VND 22,039 billion,

representing an increase of 27.5% compared to 2006.
To-date, VietinBank’s market share accounted for
10.5% of the banking industry. Loans in VND made
up 82.5% or VND 84,308 billion of total loans, and
increased by 26%. Loans in foreign currencies were
the equivalent of VND 17,883 billion, increased by
VND 4,658 billion or 35.2%. Medium and long-term
loans accounted for 38.9% of total loans.
in VND billion
2007 2006
Short-term loans 60,529 47,329
In VND 51,466 40,857
Medium-long term loans 39,707 31,388
In VND 30,998 24,776
Financial Leasing (VND) 613 625
Loans to international credit program 938 714
Other loans 404 96
102,191 80,152
in VND billion
2007 2006
Demand deposits 29,354 24,342
Local currency 26,095 22,000
Time deposits (including debt issuance) 83,300 73,338
Local currency 65,758 56,282
VietinBank’s Corporate Customer - Vietnam Petroleum Group
13
Annual Report
Loans to corporates accounted for 37.9%, loans to
SMEs accounted for 41.8% and loans to individuals
and households accounted for 20.3%.

VietinBank offered syndicated loans, with 10%
of total loans to 84 key projects of importance to
national economy. In 2007, VietinBank acted as
the arranger for two hydroelectricity projects: Song
Tranh 2 project and Da Dang project with the amount
of VND 1,860 billion (of which VND 850 billion was
lent by VietinBank). VietinBank also signed the loan
agreement committing the bank to lend VND 5,000
billion to Son La hydroelectricity project.
VietinBank focused on nancing major projects in the
elds of oil and gas, coal, real estate, steel and mining
to diversify the medium and long term loan portfolio.
Being a state-owned bank that traditionally served
large corporations and groups, VietinBank has
signed cooperation agreements with eight partners
including Vietnam Cement Industry Corporation, Binh
Minh Import-Export Production and Trade Company,
Vietnam Coal and Mineral Corporation, Vietnam Posts
and Telecommunication Group, Vietnam Petroleum
Group, Vietnam Steel Corporation, Vietnam Northern
Food Corporation, Vietnam Petrolimex Corporation.
In 2007, VietinBank paid special attention to expanding
its market share of retail and SME banking. Three new
credit programs to small and medium enterprises were
implemented, which are JIBIC – Phase 2, loans and
guarantees to effective energy savings projects, and
micro loans entrusted by the U.S. Save the Children.
Total loans to SMEs from foreign organizations
amounted to VND 1,000 billion. These types of loans
not only provide nancing but also non-nancial

services including training, consistency in project
preparation, providing information, and audit services.
These are good bases to attract more customers as
well as create strong linkages for good customers with
VietinBank.
Regarding individual customers, in 2007 VietinBank
developed a wide range of products such as advances
against proceeds from the sale of securities on
ofcial stock exchanges, house loans and car loans.
VietinBank also signed agent contract with American
International Assurance (AIA) to provide a credit-
insurance combined product.
14
Annual Report
Credit quality has been improved and restructured
to maintain effective and secure CAR (Capital
Adequacy Ratio):
- Ratio of Non-performing loans (group
3,4 and 5): 1.02% (against plan of less
than 3%)
- Ratio of loans with collateral: 72.67%
(against plan of less than 75%)
- Ratio of medium-long term loans:
38.9% (against plan of less than 40%)
With the determination to enhance credit quality,
VietinBank has applied tight credit policies to reduce
loans categorized as group 2 and recover non-
performing loans. VietinBank classies the loans
portfolio in accordance with the regulation of the State
Bank of Vietnam. Due to enhanced risk management,

robust internal controls and effective resolution of
bad debts over the past several years, VietinBank’s
nancial stiuation improved substantially, with gained
a healthy status, thereby creating resources for better
business performance.
VND 12,841 billion
Investments in the inter-bank market

INVESTMENTS

As a leading nancial institution, VietinBank has
taken an active part in the government bonds market,
supporting the liquidity of commercial banking system
and maintaining stable solvency of VietinBank in
particular and the banking industry in general. Internal
procedure for investment activities was updated,
supplemented and adjusted to be in conformity with the
model of a modern commercial bank. The investment
portfolio in the money market and capital market which
amounted to VND 51,669 billion, increased by 15% as
compared to 2006 and accounted for 31.1% of total
assets with the following structure:
Vinasat I – a Project nanced by VietinBank
15
Annual Report
• Investments in the inter-bank market totaled
VND 12,841 billion, a substantial reduction compared
to 2006, as VietinBank restructured its portfolio and
shifted funds to investment in valuable papers to earn
higher interest and benet from a more stable income

stream.
• Investment in securities were VND 38,144
billion, or a double the amount invested in 2006,
mainly driven by increases in government bonds and
bonds issued by other credit organizations.
VietinBank continued to support the payment needs
of other commercial banks and at the same time fullly
satised payment needs of the whole economy. By 31
December 2007, short-term investment in the inter-
bank market amounted VND 12,841 billion, including
VND 1,566 billion deposited with Vietnam Bank for
Social Policy, in compliance with the regulations of the
Government for the on-lending to customers under
social policy programs aimed at hungder eradication
and poverty alleviation initiated by the Government.
VietinBank also actively participated in open market
operations together with the State Bank of Vietnam,
and contributed signicantly to the implementation of
national monetary policy targets.
Investment in securities saw a high growth rate in
2007, with investments being mainly in government
bonds, treasury bills, and commercial bonds issued
by reputable nancial institutions. All securities held
by VietinBank have high liquidity and are easily
convertible to cash, or serve as borrowing collateral
when nessesary. Investment securities was a key
instrument in managing the Bank’s liquidity position.
The strong growth rate of investments in securities
reected a shifting asset management strategy
oriented to protable asset portfolio diversication,

increasing in risk free to low risk security investment,
decreasing dependency on traditional credit activities,
improving the efcent use of fund and supplementing
secondary asset reserve for the liquidity purpose.
As of 31
st
December 2007, the outstanding balance
reached VND 38,144 billion accounting for 73.8% of
total investments. The securities portfolio has been
diversied, details of which are as follow:
- Marketable securities valued at VND 32,353
billion, accounting for 84.8% of total investment in
securities, increased by 2.7 times against 2006, and
included government bonds, treasury bills, municipal
bonds, VDB bonds, EVN bonds, bonds issued by
other major corporation and enterprises in Vietnam.
Vietinbank Branch No.11 in Ho Chi Minh City
16
Annual Report
- Held-to-maturity securities valued at VND
5,052 billion, decreased by 2.4% against last year as
debt securities issued by other nancial institutions
became due. These securities included treasury
bills, government special bonds, educational bonds,
municipal bonds, notes and certicates of deposits
issued by other nancial institutions, bonds of irrigation
work, Petro Vietnam bonds and bonds issued by
major corporations and enterprises in Vietnam.
VietinBank is a major commercial bank with substantial
investments in money and capital markets and has

maintained its role as market maker, contributed
actively in terms of liquidity support for the market
and enhanced the development of the bond market
in Viet Nam. Investment in valuable papers is an
important option for re-arranging the Bank’s asset mix,
enhancing both liquidity management and portfolio
diversication. Simultaneously, through investment
in securities, and in particular government securities,
VietinBank has contributed to the State’s plans for the
development of socio-economic industries.
JOINT-VENTURE AND CAPITAL
CONTRIBUTION ACTIVITIES
VietinBank joint-venture and capital contributions
increased by VND 174 billion resulting in total
capital contribution and share purchasing of VND
684 billion, an increase of 34.1% as compared to
2006. Due to credit institutions’ need to increase
chartered capital to meet anticipated 2007 customer
loan demands, VietinBank contributed to the capital
increase of Indovina joint venture bank, Saigon Bank
and Gia Dinh Joint-Stock Bank. On the other hand
VietinBank decided to divest its holdings in the joint-
venture Vietnam International Leasing Company
(VILC). Additionally, VietinBank made strategic
investments in equitized enterprises such as Ha Tien
Cement Company, Phuoc Hoa Rubber Company and
participated in the establishment of UDIC, Vietnam
VND 5,052 billion
Held-to-maturity securities value
VietinBank’s Corporate Customer - Vietnam National Shipping Lines (Vinalines)

17
Annual Report
VND 684 billion
total capital contribution and share purchasing
Private Credit Information Company, Vietnam Health
Care Financial Investment Joint-stock Company.
VietinBank initiated planning on projects on nancial
consultancy, fund management, debt sales, real-
estate, gold investment and trading, etc.

SUBSIDIARIES
VietinBank Securities Company
VietinBank Securities Company is limited company,
wholly owned by VietinBank with equity of VND 300
billion. The company’s main services are brokerage,
trading, underwriting, portfolio management and
securities investment consultancy. In 2007, the
Company completed the necessary conditions
for equitization. The Company also maintained
good performance and high growth in its business
activities.
In 2007, there were 10,117 new accounts opened,
increasing the total number of investor accounts
to 26,000, accounting for 8.5% of total investor
accounts in the market. VietinBank Securities
Company established more than 10 agencies in
various provinces. Income from brokerage increased
sharply as compared with 2006 and amounted
to VND 39,849 billion and gained market share of
2.44% of total brokerage activities.

In 2007, the Company continued its focus on
consultancy service for equitization of companies such
as: Electricity Company No. 3, Tay Ninh Electricity
Company, Hai Duong Electricity Company and etc.,
supported the public offering of the government’s
stake of Pha Lai Thermal Power Company, Ninh
Binh Thermal Power Company. The total value of
consultancy contracts in 2007 amounted to VND
4.2 billion. Financial consultancy services for public
offerings, private placements, corporate valuations
and securities auctions were well received and
appreciated by large corporates such as Vietnam
Electricity Corporation, Vigracera Corporation and
Vietnam Livestock Breeding Company.
18
Annual Report
VND 18.3 billion
Pre-tax prot
The Company successful met the nancial targets
set by the Board of Management. Income before
tax was VND 98 billion, up 204.5% on 2007’s plan.
ROAE was 23%.
Vietinbank Leasing Company
VietinBank Leasing Company was established as a
Leasing Company with a separate legal status and
independent accounting under Decision No. 53/1998/
QĐ-NHNN5 issued by the Governor of the State
Bank of Vietnam dated 26
th
January 1998. In 2007,

VietinBank increased the company’s chartered capital
from VND 105 billion to VND 300 billion. Total assets
as at 31
st
December 2007 reached VND 839 billion,
were up 20.5% in comparison with 2006.
Up to 31
st
December 2007, total working capital was
VND 839 billion. This was 105% against plan and
up 21% compared to the previous year. Total loans
and investments of VND 841 billion, again was 105%
against plan and an increase of 21% as compared with
2006. Due to strong internal controls, non-performing
loans decreased and accounted for 4.9% of total loans
and investments at year end 2007.
As at 31
st
December 2007, the leasing balance to non-
state owned SMEs was VND 760 billion, and made
up 90.3% of the total. Total nished nancial leasing
contracts were 220, 49 more than in 2006. Total value
of liquidated leasing assets was over VND 328 billion,
an increase of VND 61.8 billion over 2006.
Pre-tax prot which reached VND 18.3 billion,
was up 43% year on year and equivalent to 102%
against plan. Interest income from nancial leasing
accounted for 99% of total income. Year end 2007
provisions were VND 15.5 billion of which general
provisions were VND 2.3 billion. VietinBank Leasing

Company is required by law, contributed VND 5.1
billion to the state budget.
General Secretary Nong Duc Manh visits VietinBank
19
Annual Report
Dr. Pham Huy Hung at the Vietnam Top Entrepreneurs Award Ceremony
BANKING SERVICE
DEVELOPMENT
1. Domestic Money Transfer
With the advantage of a nationwide network, domestic
money transfers continued to maintain high growth.
The payment volume doubled as compared to 2006,
amounting to 4.8 million transactions totaling VND
2,117 trillion. Bilateral payments with other nancial
institutions were 1.1 million transactions with a volume
of VND 234,000 billion, up 37% against 2006. Interbank
e-payment created 1.2 million transactions totaling
VND 1.1 million, an increase of 28.3% against 2006.
By year-end of 2007, VietinBank signed an agreement
with the State Treasury on the implementation of tax
collection through VietinBank’s network and ATMs,
which will increase the effectiveness of tax collection
and generate funding for VietinBank.
2. Import-Export Payment
In a ercely competitive environment, VietinBank
maintained its number two position among Vietnamese
commercial banks in terms of trade nance volume,
accounting for 7.9% of the country’s import-export
turnover. The total trade nance volume amounted to
more than USD 7.1 billion, an increase of 35% against

2006. Overseas guarantee issuance increased by
149%, conrming VietinBank’s international reputation
as a major trade bank. Cross-border payments with
Chinese banks grew rapidly, increasing by 58%
against 2006 and totaled RMB 700 million. VietinBank
was the rst bank to apply e-banking in cross-border
payments. In 2007, VietinBank installed the technology
and trained the personnel to establish Vietinbank
Main Operation Center III with the aim of centralizing
all trade nance transactions.
20
Annual Report
3. Card Service and E-banking
Card issuance turnover continued to increase. By
the end of the year, the total number of issued cards
was 1.2 million ATMs cards and 5,000 credit cards.
New functionalities and services were added to
VietinBank cards like savings accounts from ATM,
mobile phone payment VNPay, S-phone payment,
electric bill payment to EVN, train ticket payment for
Vietnam Railway Corporation (VNR) through Banknet
system, VietinBank ATM can be used in other banks’
ATMs such as BIDV, Sacombank, Agribank, ACB,
Dong A Bank and etc.
VietinBank’s website has seen substantial
improvements. With more updated information
available, there are more than 3,000 visitors to the
web site daily and the website is considered as the 2
nd

most visited webpage among Vietnamese banks.
General Secretary Nong Duc Manh visits VietinBank
Import
Export
2003
2004
2005
2006
2007
In USD million
2,053
3,212
1,363
2,439
2,527
3,436
4,324
1,907
3,354
3,371
iMpoRt - expoRt vAlue
tHRougH vietinBAnK
FRoM 2003 -2007
21
Annual Report
4. Overseas Remittance and
Traveler’s Cheque
During 2007, VietinBank overseas remittance gained
considerable achievements. The overseas remittance
payment network has been implemented in almost

every transaction ofce, transaction point and
saving bureaus. Overseas remittance transactions
are processed centrally in VietinBank Head Ofce,
customer’s accounts are credited as soon as Head
Ofce receives and processes the transaction. Non-
account holders can receive their money at any
branch or transaction point that is most convenient.
The volume of overseas remittances in 2007 reached
USD750 million, a 67% increase over 2006, giving
the Bank a 15% market share of the ofcial overseas
remittance market in Vietnam. The application of a
new software solution for overseas remittance service
has created potential for cooperation with wide range
of foreign partners such as correspondent banks and
remittance companies.
Traveler’s cheques payments in 2007 continued
to deliver positive results and contributed to the
diversication of the services provided to international
tourists. In 2007, the volume of cheque collection
reached USD 2.9 million, up 26% against 2006.
VietinBank implemented three operations for cheque
collection, blank cheque selling and travelers’ cheque
encashing. The implementation of travelers’ cheque
authorization online for branches that have high
revenues from cheques collection and which will
authorize cheque 100%, contributed to the lower risks
in cheque payment. In 2007, VietinBank opened a new
EUR cheque collection service for branches in the
network, which contributed to service diversication
and has the potential to be developed as a good fee

income stream.
22
Annual Report
INTERNATIONAL BANKING
ACTIVITIES

- The year 2007 is considered a milestone as
it marked the 15
th
anniversary of the start of
international banking activities. In 2007, VietinBank
continued to expand the correspondent banking
network and now has more than 850 banks in
80 countries and terrritories. Cooperation with
foreign banks has been developed across wide
geographies, with very many long standing ‘in
depth’ relationships.
- VietinBank continues to actively explore foreign
markets to meet growing customers’ demands;
evaluates the nancial, reputation, domestic
and international reach, service quality and
competitive advantages of foreign banks both to
better serve our Vietnamese customers and to
facilitate international entities in their business
with Vietnam.
- VietinBank has always been active with
correspondent banks in information exchange on
markets and customers, so that reliable sources of
information on foreign customers and partners can
help to avoid risks and protect the interests of both

customers and banks.
- In the end of 2007, VietinBank considered it a special
honor to be the sponsor of and thereby contributed
to the success of the 37
th
Asean Banking Association
Council Conference in Hanoi hosted by Vietinbank
Banks Association (VNBA). Participating at this
prestigious conference were 130 delegates from
the ten Asean Banking Associations. VietinBank
made great efforts to ensure the success of the
conference aimed at enhancing cooperation and
development of member banks of Asean nations.
The success of the conference will be measured
by the heightened position of ABA, the favorable
impression made on visiting delegates by Vietnam
– the country, the people, the banking sector, the
VNBA and VietinBank.
23
Annual Report
Strong growth, prestige and efciency in VietinBank
business performance have been afrmed by public
polls; in 2007 VietinBank was awarded ve honorable
prizes: Top Ten Vietnam Brand, Vietnam Golden Star,
ISO Golden Cup, Brand Golden Cup, and Business
Star Prize.
On November 2007, VietinBank successfully held
“Respecting ceremony for VietinBank typical women”
receiving 120 typical women delegates in the banking
system and was honored to welcome Vietnamese

Deputy President, Mrs. Nguyen Thi Doan. Many
sporting events and other activities were hosted with
customers and institutions to promote friendship and
build relationships.
Social Activities
VietinBank charitable activities have a very special
meaning and include the continuing support to 160
Vietnamese Heroic mothers; constructing more than
1000 charity houses, in which 100 charity houses
were built in 2007; supporting the construction and
establishment of Quang Tri Ancient Wall bell-tower
and the upgrade to Quang Tri Cemetery; building
33 kindergartens; present 600 wheel chairs and 600
scholarships in 20 Northern provinces, via Children
Protection Fund to help the fees for cardiac operation,
building and running a recovery center for children of
difcult situations, and etc.
VietinBank actively contributes to the public
development, fully implements social works and
returns to the community gifts of human culture and
real social meaning.
Music Festival to Celebrate VietinBank’s 20
th
Anniversary