VIB - A Highly Differentiated Retail Bank That Will Deliver Long-Term Value
We are initiating coverage on Vietnam International Bank (HSX: VIB) with a BUY recommendation and a one-year target price of 24,600 VND. Established in 1996, VIB has successfully transformed into a distinctive retail-oriented bank with the highest personal lending ratio in the banking system. This unique strategic direction has been executed initially through its competitive advantage in processing small and medium-sized loans faster than its competitors and attractive commission policies for loan referral partners. Moreover, the prompt completion of Basel II standards, along with meticulous risk management in real estate lending policies during the preceding economic cycle, has facilitated VIB in obtaining extended high credit growth limits over several years. This accomplishment has led to enhanced income growth, balance sheet strength, and operational efficiency, markedly surpassing industry performance in the 2017-2022 period.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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