annual report 2012 vietinbank vietnam joint stock commercial bank for industry and trade

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Table of contents
MESSAGE FROM THE CHAIRMAN
GENERAL INFORMATION
HISTORY OF THE BANK
REPORT OF THE BOARD OF DIRECTORS
REPORT OF THE BOARD OF MANAGEMENT
ORGANIZATION STRUCTURE, HUMAN RESOURCES AND CORPORATE GOVERNANCE
ASSOCIATED COMPANIES
FINANCIAL STATEMENTS FOR 2012
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2012 Annual Report 5
To our valued customers, partners, and
shareholders,
In 2012, due to the global economic crisis, all
the major economies of the world struggled
in the face of slow growth, dicult challenges,
widespread unemployment, low purchasing
power, and growing public debt. On the
domestic front, businesses experienced great
diculty in running their operations, leftover
inventories were at alarmingly high levels, the
real estate market became increasingly stagnant,
and tens of thousands of enterprises went

bankrupt. The banking industry, which has been
undergoing a restructuring process, was aected
as well. Credit growth was low in comparison to
the target set by the State Bank of Vietnam, and
non-performing loans were on the rise.
Despite having to brave such tremendous
hardships, VietinBank prevailed and carried
out our duties with ying colors. VietinBank’s
performance results were all favorable
and indicative of stellar quality, safety, and
eectiveness. We continued to revamp our
organizational structure, improve upon our
corporate governance and risk management
practices, recruit new talents, and invest in our
information technology infrastructure. The
year 2012 was a signicant one for VietinBank
and marked a series of reforms. In line with our
tradition, VietinBank conrmed our position as a
leading commercial bank of Vietnam that follows
the mandates of the Party and the State, adheres
to national monetary policies, contributes to the
stabilization of the macro economy, and strives
to integrate into the global economy.
VietinBank was able to maintain secure and
eective growth throughout 2012. The following
achievements could be observed: total assets
reached VND 503.5 trillion (an increase of 9.4%
from the previous year); loans increased by
13.6%; mobilized funds increased by 9.3%; prot
before tax was over VND 8,168 billion; ROE and

ROA were 19.9% and 1.7%, respectively. These
gures are indicative of VietinBank’s leading
position and truly remarkable given the adverse
conditions seen throughout the entire banking
industry over the past year.
2012 was a successful year for VietinBank. In May
2012, VietinBank became the rst Vietnamese
bank to issue USD 250 million international
bonds and was chosen by FinanceAsia as Best
Borrower in Vietnam. In addition, by the end
Message from the Chairman
6 2012 Annual Report
of the year, VietinBank had opened branches
in Vientiane, Laos, and Berlin, Germany. These
achievements constitute the pride of not only
VietinBank, but also of Vietnam’s entire nancial
and banking sector. They also mark VietinBank’s
eort to soar into the international banking arena.
Despite the fact that foreign investors have been
wary of engagements in Vietnam’s market, at
year end 2012 VietinBank managed to sign a
strategic cooperation agreement with the Bank
of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), the largest
bank in Japan and a subsidiary of the Mitsubishi
UFJ Financial Group, the world’s third largest
nancial group. The agreement, which saw 20%
of VietinBank’s stake, equivalent to USD 750
million, sold to BTMU, is up until now the single
largest and most successful transaction of its
kind in Vietnam. It is a testament to VietinBank’s

thriving reputation and position as perceived by
investors all around the globe.
It was also in 2012 that VietinBank made
positive changes and had breakthroughs in
modernizing and restructuring our organization.
We kicked o two major projects, the Core
Banking Replacement (CBR) Project and the
Organizational Restructuring and Development
of Human Resources Strategies (ORP) Project.
The CBR project serves to vastly modernize
our information technology system, satisfy
customer demands, expand our operations, and
fulll our long-term growth strategies. The ORP
project is aimed at completely revamping our
organizational structure and business model,
thus allowing us to gain a competitive edge
and to adhere to the latest and most accepted
international standards and practices. Further, to
continuously undergo sustainable development
with the help of a solid workforce, VietinBank
put into operation VietinBank Human Resource
Development and Training School in Van Canh,
situated on a 10 hectare plot of land. The school
is equipped with state of the art technology
and facilities. It is meant to facilitate training
and produce a body of sta that is on par with
international standards.
We anticipate that 2013 will be yet another
challenging year for the Vietnam’s nancial
and banking sector. Hence, as members of

the Boards of Directors and Management, we
cautiously set the following targets: increase
total assets by 10%; increase mobilized funds
by 8%; increase loans and investment by 12%;
restrain non-performing loans ratio under 3%;
increase prot before tax by 5%; keep capital
adequacy ratio above 10%. We also make it our
mission to lead the way in carrying out national
monetary policies, to modernize the bank, as
well as to enhance our nancial strength and
competitive capacity. Finally, it is imperative
that we provide better sta training, improve
upon our service and product quality, manage
Message from the Chairman
2012 Annual Report 7
risk in compliance with Basel II, and curb non-
performing loans. In so doing, VietinBank will
have what it takes to undergo secure, eective,
and sustainable growth.
The coming year is sure to bring about
many challenges and opportunities alike. In
anticipation of VietinBank’s 25
th
anniversary,
the entire bank is committed to building on
our achievements, exerting yet more eort,
performing duties with steadfast determination,
and contributing to the growth of the banking
industry as well as that of the whole economy.
Chairman

Dr. Pham Huy Hung
8 2012 Annual Report
NGÂN HÀNG THƯƠNG MẠI CỔ PHẦN CÔNG THƯƠNG VIỆT NAM
VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE
VietinBank
108 Tran Hung Dao street, Hoan Kiem district, Hanoi, Vietnam
VND 26,218 billion (as at December 31, 2012)
No. 142/GP-NHNN dated July 3, 2009 by the State Bank of Vietnam
0100111948 (rst issuance dated July 3, 2009 by the Hanoi Department of
Planning and Investment, registered for the 7th amendment on July 6, 2012)
0100111948
ICBVVNVX
Domestic branches: 147 branches across 63 provinces and cities nationwide
Foreign branches:
1 branch in Frankfurt, Germany
1 branch in Berlin, Germany
1 branch in Vientiane, Lao PDR
19,840 (as at December 31, 2012)
International Finance Corporation (IFC)
Deloitte Vietnam
Registered name in Vietnamese:
Registered name in English:
Trade name:
Headquarter:
Charter capital:
Establishment license:
Business registration license:
Tax code:
SWIFT code:
Network:

Number of employees:
Foreign shareholder:
Independent auditor:
General information
2012 Annual Report 9
Mission
Be the leading nancial and banking
group in Vietnam with versatile operation,
providing products and services according to
international standards to improve the values
of life.
Vision
To become a leading modern and ecient nancial and
banking group both at home and abroad.
Core Values
- Customer-oriented;
-Dynamic, innovative, professional, devoted, transparent, modern;
-Employees are entitled to make their best eorts, to be justly compensated
for the eectiveness and results of their contributions, and to pay homage to
outstanding employees, best performers.
Business Philosophy
- Secure, eective, sustainable, and in compliance with international standards;
-United, cooperative, sharing, and socially responsible;
- Client’ prosperity is VietinBank’s success.
10 2012 Annual Report
ESTABLISHMENT
VietinBank was established on March
26, 1988, upon separation from the
State Bank of Vietnam under Decree
No.53/HDBT of the Council of Ministers

SCOPE OF BUSINESS
VietinBank oers a wide range of retail
and wholesale banking products and
services both at home and abroad.
VietinBank also operates in the
following areas: lending, investment,
trade nance, guarantee, re-guarantee,
forex trading, deposit, payment,
money transfer, card services, local and
international credit cards, traveler’s
cheques, securities trading, insurance,
nancial leasing, and many others.
LISTING
Ho Chi Minh City Stock Exchange
(HOSE) since July 16, 2009.
Stock type: Common
Stock symbol: CTG
Par value: VND 10,000
Shares Outstanding: 2,621,754,537
shares (as at December 31, 2012)
History of the Bank
IMPORTANT MILESTONES
April 15, 2008
Change of name from IncomBank to VietinBank.
July 31, 2008
VietinBank was granted the ISO 9001 – 2000 certication for
credit, guarantee and payment activities.
June 04, 2009
First VietinBank General Shareholders’ Meeting.
July 08, 2009

Pursuant to the Establishment and Operation License No.142/
GP-NHNN issued on July 3, 2009 by the Governor of the State
Bank of Vietnam, VietinBank became ocially known as a joint
stock commercial bank, as reected by its new name, Vietnam
Joint Stock Commercial Bank for Industry and Trade.
October 10, 2010
VietinBank and IFC signed investment and cooperation
agreements.
July 6, 2012
VietinBank was re-granted the enterprise certicate (code
0100111948) with charter capital totaling VND 26,218 billion
by Hanoi’s Department of Planning and Investment, replacing
the certicate issued on July 3, 2009.
December 27, 2012
VietinBank signed an agreement selling 20% of its stake to the
Bank of Tokyo-Mitsubishi UFJ, Ltd. - the largest bank of Japan.
2012 Annual Report 11
History of the Bank
12 2012 Annual Report
KEY FINANCIAL INDICATORS
Indicator Unit 12/31/2012
(*)
12/31//2011 12/31//2010 12/31//2009 12/31//2008
Total assets VND Billion
503,530
460,420 367,731 243,785 193,590
Total loans and investments VND Billion 467,879 429,932 349,353 227,958 181,689
Of which: Loans VND Billion
333,356
293,434 234,205 163,170 120,752

Mobilized funds VND Billion
460,082
420,928 339,699 220,436 174,905
Owners’ equity (1) VND Billion
33,625
28,491 18,201 12,572 12,336
Of which: Charter capital VND Billion
26,218
20,230 15,172 11,252 7,717
Prot before tax VND Billion 8,168 8,392 4,638 3,373 2,436
Prot after tax VND Billion 6,169 6,259 3,444 2,583 1,804
ROA
(2)
% 1.7% 2.03% 1.5% 1.54% 1.35%
ROE
(3)
% 19.9% 26.74% 22.1% 20.6% 15.7%
NPL ratio % 1.46% 0.75% 0.66% 0.61% 1.58%
CAR % 10.33% 10.57% 8.02% 8.06% 12.02%
Dividend payout ratio %
16%
20% 13.47%
6.83%
(H2 2009)
-
Remarks:
(*) From 2012 audited consolidated nancial statements.
(1) Excluding portion of equity belonging to minority shareholders
(2) ROAA
(3) ROAE

History of the Bank
2012 HIGHLIGHTS
Feb 9, 2012 - Opening of Vientiane Branch
Feb 25 - Feb 26, 2012 - Over 11,000 VietinBank sta across 10 cities and provinces signed up for blood donation
Feb 28, 2012 - VietinBank’s 2012 General Shareholders’ Meeting
May 2012 - Issuance of USD 250 million international bonds
May 28, 2012 - Opening of Berlin Branch
Sep 25, 2012 - Inauguration of VietinBank Human Resource Development and Training School in Van Canh, Hoai Duc, Hanoi
Dec 27, 2012 - VietinBank and the Bank of Tokyo-Mitsubishi UFJ, Ltd. signed an agreement in Hanoi for the sale of 20%
of VietinBank’s stake to the Bank of Tokyo-Mitsubishi UFJ, Ltd.
2012 Annual Report 13
14 2012 Annual Report
AWARDS RECEIVED IN 2012
No.
AWARD RECEIVED GRANTED BY
1 Top 2000 global enterprises Forbes Magazine
2 Top 500 banking brands The Banker
3 Best Borrower in Vietnam FinanceAsia
4 Bank Receiving Best Assessment from the Media Media Tenor (Switzerland), a partner of Vietnam Report
5 Leader in POS and initiatives about card payment Visa
6 2012 National Brands The Prime Minister of Vietnam
7
Top 3 tax payers among Vietnamese enterprises and
the number one in banking in the list of top 1000 tax
payers among Vietnamese enterprises in 2012.
Vietnam Report, Tax Magazine – General
Department of Taxation, and VietnamNet
8 Top 20 Vietnamese largest enterprises Vietnam Report and VietnamNet
9 Top 50 most eective Vietnamese enterprises in 2012
Investment Bridge Magazine and Thien Viet

Securities Company
10
Top 100 Vietnamese companies in terms of products
and services in 2012
Vietnam Economic Times – Consumers’ Magazine
11
Outstanding Retail Bank Award and Outstanding
Banking IT system Award for 2012
Vietnam Banking Association and IDG
12 Top 30 annual reports in 2012
Ho Chi Minh Stock Exchange in association with
Securities Investment Magazine and Dragon Capital
Records:
The rst Vietnam bank in the list of Top 2000
enterprises in the world as ranked by Forbes,
and the single enterprise with the most
number of blood donors
Vietnam Records Association
History of the bank
2012 Annual Report 15
Indicators Unit
12/31/2011 12/31/2012
1. Capital base
Charter capital VND Billion 20,230 26,218
Total assets VND Billion 460,420 503,530
CAR % 10.57% 10.33%
2. Business results
Deposits VND Billion 2,031,725 1,748,979
Loans disbursement VND Billion 887,577 1,088,403
Loans collection VND Billion 829,684 1,016,999

Special mentioned loans VND Billion 6,017 1,412
Non-performing loans VND Billion 2,204 4,890
Funds utilization ratio
+ Total loans/ deposits (LDR) % 69.71% 82.99%
+ Total loans/ total assets (LAR) % 63.73% 66.2%
Overdue guarantees/total guarantees % 0.01% 0.13%
Special mentioned loans/Total loans % 2.05% 0.42%
Non-performing loans/Total loans % 0.75% 1.46%
3. Liquidity
Immediate liquidity ratio % 15.94% 15.76%
Liquidity ratio % 26% 24%
2012 FINANCIAL RESULTS
16 2012 Annual Report
Assets and Funds
Increase total assets;
Expedite equitization process to
increase owners’ equity, as well
as to ensure growth demands
and CAR requirements are met
Diversify ownership structure
while maintaining State
ownership at 51% or above.
History of the bank
Development outlook for 2013
Credit and investment
Credit is a critical part of the Bank’s
operations, in which competition is
based on market principles,
Make necessary adjustments to
credit structure to match VietinBank’s

strengths
Minimize credit risks and keep NPL
ratio under 3%
Diversify credit and investment
activities in the nancial market,
maintain a leading role in the market,
enhance the eectiveness of fund
utilization and liquidity management
Services
Develop fee-based banking
services, identify key service
groups to focus on
Make use of a modern IT
infrastructure to develop
services, with the ultimate goal
being to satisfy customers
2012 Annual Report 17
In 2013, VietinBank makes it a priority to strengthen growth, maintain its
dominance in the market, reinforce its key role in the implementation of the
Government and the Party’s policies. The Bank will spare no eort in comprehensive
reform towards a more modern and competitive structure. Moreover, VietinBank
will further invest in information technology, standardize operational procedures,
enhance products and services, and manage risk in conformance to Basel II.
VietinBank will curb non-performing loans and focus on collecting o-balance
sheet debts. It is the Bank’s ongoing quest to ensure sound and sustainable growth
and promote VietinBank image domestically and internationally. At VietinBank, we
aspire to become an even more modern, eective nancial and banking group that
plays a key role in the region.
Human resources
Standardize and further invest in

training of human resources
Revamp and improve upon
mechanism of utilizing employees
and compensation
Build a competent and
professional workforce
Implement thoroughly internal
work regulations and abide by
corporate culture.
Technology
Recognize IT as a crucial
component that supports all
facets of business
Build a consistent IT system
that is modern, secure, and
stable.
Organization and Governance
Develop a clear, appropriate
organizational structure
Establish subsidiaries to provide a
wide array of nancial products and
services
Expand network, open new branches
and representative oces
Strengthen retail banking operations
Development outlook for 2013

OF THE BOARD
OF DIRECTORS

OF THE BOARD
OF MANAGEMENT
Rep ort
Rep ort
P.20
P.26
20 2012 Annual Report
Mobilized
funds
increased by
Report of the Board of Directors
I
n 2012, adverse economic conditions could be
observed in Europe, the United States, Japan, and
China. Vietnam too fell victim to the crisis: foreign direct
investment was on the decline, the real estate market
was stagnant, and GDP growth did not exceed 5.03%,
the lowest it had been in 13 years. The banking industry
faced challenges as well, given intense competition and
growing bad debt gures. In response to such unfavorable
conditions, VietinBank’s Board of Directors closely
followed the directions of the Government and the State
Bank of Vietnam, as well as setting guidelines that require
VietinBank personnel to adhere to international standards
and to take the initiatives in coping with market changes.
VietinBank managed to overcome challenges and
achieved remarkable results: total assets amounted
to VND 503.5 trillion (an increase of 9.4% from 2011),
reinforcing VietinBank’s position as the second largest
bank in Vietnam in terms of total assets; mobilized funds

increased by 9.3%; loans by 13.6%. VietinBank is at the
forefront of the banking industry in relation to agricultural
lending, exporting, and granting loans to manufacturing
enterprises at reasonable interest rates in compliance with
the directives of the Party and the Government. Over 2012,
asset quality was preserved, and the non-performing
loans ratio was kept at 1.46% or lower, which was below
the industry average. Prot before tax was at VND 8.168
trillion, equivalent to 109% of the target set forth by the
2012 General Shareholders’ Meeting.
It was thanks to our joint efforts and determination,
especially the comprehensive leadership from the
Board of Directors that VietinBank was able to achieve
the above results.
2012 Annual Report 21
KEY TARGETS SET BY GENERAL SHAREHOLDERS’ MEETING AND PERFORMANCE RESULTS
Indicators Plan
1
Actual result
12/31/2012
Result vs. Plan
Total assets (VND Billion) 475,000 503,530 Surpassed
Charter capital (VND Billion) 26,218 26,218 Met
Mobilized funds (VND Billion) 430,000 460,082 Surpassed
Total loans and investments (VND Billion) 440,000 467,879 Surpassed
NPL ratio <3% 1.46% Met
CAR ≥10% 10.33% Surpassed
ROA 1.5-2% 1.7% Met
ROE 18% 19.9% Surpassed
Prot before tax (VND Billion) 7,500 8,168 Surpassed

Dividend payout ratio
2
13%-15% 16% Surpassed
Compensation for the Board and Supervisory board
members (% of prot after tax)
0.30% 0.234% Lower
1: Resolution no. 05/NQ-DHCD dated 2/28/2012 and no. 06/NQ-DHDCD dated 12/28/2012
2: Based on year-end charter capital
503.5
VND Trillion
9.3 %
13.6%
Total
assets
Mobilized
funds
increased by
Total
loans
increased by
22 2012 Annual Report
with BTMU, the likes of which had never before been
seen in Vietnam. It also marked yet another step in
VietinBank’s integration into the international banking
scene, at the wake of which S&P rated VietinBank’s
outlook as “positive”.
Ü Investor Relations
In light of favorable business performance throughout
2012, VietinBank scheduled a high dividend payouts to
investors. Not only keeping an attractive dividend payout

ratio, as a premier commercial bank in Vietnam, VietinBank
deems it important to keep shareholders well informed.
VietinBank continually improves upon its hosting of
big events, for it is through such events that the Bank
promptly communicates ocial information to investors
and analysts in and outside the country. VietinBank is
regarded as having excellent relations with stock market
investors.
Sound business strategies and solid performance had
positive impact upon the value of VietinBank’s shares
(ticker symbol: CTG). Over the course of 2012, CTG shares
rose 51.1% in value, which was the highest growth rate
among bank shares on the stock market and 3 times
higher than VN-Index’s growth of 17.7%. Trading volume
Report of the Board of Directors
Ü Charter Capital Increase and Equitization
To bolster its financial strength, VietinBank increased
charter capital from VND 20.2 trillion to VND 26.2 trillion
through stock dividends and bonus shares to existing
shareholders. At year-end, consolidated CAR was
10.33%, well over the State Bank’s regulated level of 9%.
On December 27, 2012, with the approval of the
Government and the General Shareholders’ Meeting,
VietinBank and the Bank of Tokyo-Mitsubishi UFJ, Ltd.
(BTMU), the largest bank in Japan and a subsidiary of
the Mitsubishi UFJ Financial Group, the world’s third
largest financial group, signed an agreement for the
sale of 20% of VietinBank’s stake to BTMU through
private placement of 644,389,811 common shares).
It is estimated that by the time the deal is finished,

VietinBank’s charter capital will amount to VND 32.661
trillion. VietinBank’s ownership structure will be such
that the Government will own 64.46% of the stake, BTMU
will own 19.73%, IFC will own 8.03% (previously 10%),
and other shareholders will own an aggregate of 7.78%
(previously 9.69%), making VietinBank the number one
bank in Vietnam by charter capital. At the close of a
rather uneventful year for Vietnam’s securities market,
VietinBank managed to sign a significant agreement
2012 Annual Report 23
of CTG shares also tripled from 2011. Additionally, CTG
shares have been garnering more attention from foreign
investors.
Ü Entrance into International Financial Markets
Two signicant events in 2012 further established
VietinBank’s growing presence in foreign markets. They
were the issuance of USD 250 million international bonds in
May and the sale of shares to BTMU in December. With the
global nancial market in a state of stagnancy, these two
events showed VietinBank’s strength and perseverance
in times of hardship. Chosen by FinanceAsia as the Best
Borrower in Vietnam, VietinBank indeed appears to be a
highly promising organization in the eyes of investors.
In addition, VietinBank kept on pursuing its international
expansion strategy. Two new branches were opened,
one in Vientiane, Laos and the other in Berlin, Germany.
In total, VietinBank has three foreign branches, with
the first one having been opened in Frankfurt in 2011.
Admitting that difficulties still lay ahead, VietinBank’s
oversea branches have achieved encouraging results,

promoting VietinBank’s brand in the international
market. The Bank is also looking to open representative
offices and branches in other countries such as England,
Poland, and the Czech Republic.
Owing to our joint eorts, VietinBank garnered recognition
from Brand Finance. The world renowned brand
assessment company announced VietinBank’s position
as the 328th most valuable brand in the world, making
VietinBank the only Vietnamese bank among the top 500
global banking brands and the No.1 brand in Vietnam
valued USD 271 million and rated A+.
Ü Bank Governance
VietinBank always strives to establish itself as the leading
commercial bank in Vietnam and a key player in the
greater region. The Board of Directors places focus on the
following issues:
• Improvement of risk management and bank
governanceprocesses:In 2012, VietinBank undertook
radical steps to change its organization and business
model for the better. The Board recognized that
operating in compliance with international standards
and practices requires having solid risk management
mechanisms, striking a delicate balance between profits
and risk, and minimizing risk. Hence, in January 2013,
the risk management Division was born. Its purpose is
to manage risk in three independent lines of defense, as
required by Basel II, and to usher in a new credit granting
model that (i) centralizes appraisal as well as collateral
evaluation and management, and (ii) affords greater
specialization of departments and better management

of risk across the board.
From April 2013, the Treasury and Capital Market
Division will be formally established to promote sale
and become the only contact of the Bank in the market
to generate more prot given the challenges in credit
activities. In addition, the three dedicated departments
with separated functions are designed to better manage
investment activities, strengthen risk management and
improve performance. The Treasury and Capital Market
Division will oversee all investment and treasury activities
in the capital market, sell investment banking and
treasury products to customers. This is one of two main
business pillars and an important premise to promote
investment banking in VietinBank to increase the scale and
eectiveness of investment banking activities, gradually
approaching model of investment banking of the leading
banks in the region and the world.
VietinBank has formulated sets of procedures, processes,
and regulations for its foreign branches. In particular, for
German branches, VietinBank follows Germany’s MaRisk
standards (Basel II), which the Bank plans to apply in
Vietnam some time in 2013.
• Consolidationofseniormanagementteam
In the past year, the composition of the Board of Directors
and Management were further consolidated. Two new
members were added to the Board of Directors, Mr. Cat
Quang Duong and Ms. Nguyen Thi Bac, replacing Mr. Tran
Xuan Chau and Ms. Tran Thi Hong Hanh. Mr. Nguyen Viet
Manh, Mr. Nghiem Xuan Thanh, and Mr. Nguyen Van Thanh
were replaced by Mr. Pham Huy Thong, Mr. Tran Kien Cuong,

and Mr. Nguyen Duc Thanh as Deputy General Directors.
VietinBank’s top management team were united in carrying
out their duties and responsibilities throughout the year,
contributed extensively to the business performance of 2012.
24 2012 Annual Report
• Upgrades to Information Technology System To
pave a foundation for a more modern IT system that
conforms to international standards in an eort to better
facilitate the management and governance of the Bank,
VietinBank implemented the IT strategies for the period
from 2011 to 2015 in partnership with IBM. In 2012, the
Board commissioned the Core Banking Replacement
Project, aimed at allowing VietinBank to expand and
to better satisfy the ever changing needs of the clients
and the Bank’s long-term development strategy. The
Organizational Restructuring Project was sanctioned in
2012 and ocially kicked o in early 2013. The project of
applying MX3 system by Murex for the Treasury division
which has been implemented since 2011 was ocially
put into operation from February 2013. In addition, such
projects as LOS, credit risk management, enterprise data
warehouse, SOA middleware system, etc., continue to be
implemented in accordance with the schedules.
IT systems continue to be upgraded to support the
development of products and services, increase the
application of technology, enhance productivity, reduce
business costs, thereby enhance competitiveness and
control of operations.
• Enhancementofinfrastructureandcustomerservice:
In order to better serve the customers and to enhance the

quality of its products and services, VietinBank inaugurated
a Contact Center in January 2012. From the very onset, the
Contact Center provided professional and high quality
services to customers, addressing their concerns and
responding to their inquiries. In September of the same year,
construction of VietinBank Human Resource Development
and Training School came to completion and it ocially
commenced operations. It is aimed at training new and
seasoned VietinBank sta alike, enabling them to acquire
new skills and knowledge so as to better serve customers.
Report of the Board of Directors
VietinBank Human Resource Development and Training School
2012 Annual Report 25
Indicators Units Targets
% Growth of 2013
targets vs. 2012 results
Total assets VND Billion 555,000 10%
Mobilized funds VND Billion 495,000 8%
Total loans and investments VND Billion 524,000 12%
Outstanding loans
(*)
VND Billion 450,000 12%
Prot before tax VND Billion 8,600 5%
Owners’ equity VND Billion 52,000 55%
Of which: Charter capital VND Billion 37,234 42%
Dividend payout ratio % 12
Some nancial ratios 
ROAE 15-18%
ROAA 1.5-1.8%
CAR >10%

NPL ratio <3%
ASSESSMENT OF THE BOARD OF
DIRECTORS’ PERFORMANCE
By overcoming economic challenges that have been
plaguing the entire globe as well as those that are unique
to Vietnam, VietinBank successfully fullled the objectives
assigned by the General Shareholders’ Meeting. Not only
did the Bank manage to grow its operations in a safe and
eective manner, VietinBank also took remarkable steps
toward gaining a stronger foothold in the global economy.
As a leading commercial bank in Vietnam, VietinBank
also carried out the policies set forth by the Party, the
Government, and the State Bank pertaining to cost and
interest rate reduction. VietinBank also held on successfully
to the position as the leading bank in lending, investment,
payment, trade nance, remittance, card services, etc.
The above results, along with the hard work done by all
of VietinBank sta, are a testament to the sound direction
of the Board of Directors. The Board members took part
in monitoring and guiding all of the bank’s activities.
They worked with foreign experts and capitalized on their
strengths and knowledge, which beneted the entire
bank on all fronts. The challenges faced by the Bank were
dealt with swiftly and exibly in the best interests of
shareholders. VietinBank’s Board of Directors fullled its
role, seized opportunities, and completed the duties to
which it had expressed its commitment before the General
Shareholders’ Meeting.
2013 is anticipated to be yet another dicult year for
VietinBank in particular and for Vietnamese banks in

general. The Board has extensive experience in guiding
the bank and is committed to continually nding new
ways and scouring for new opportunities to undergo
sustainable growth, gain reputation, and become more
eective. In so doing, VietinBank believes that it will
make it evident to investors that the Bank is worthy of
the condence they place in. To have the best chance
of carrying out the Bank’s plans, VietinBank’s Board
of Directors hopes to continue beneting from the
guidance of the Party, the State, the Government, and
the State Bank, the support of Government agencies, the
condence of the partners, as well as the contributions
of the sta.
(*): In accordance with the State Bank of Vietnam’s regulations