On the afternoon of April 28, 2025, Vietnam Prosperity Joint Stock Commercial Bank ( VPBank ) held its Annual General Meeting of Shareholders, announcing impressive results in 2024 and development strategies for 2025 and the following years. This year, VPBank aims to grow strongly, expand its scale, and achieve total assets exceeding VND 1 million billion; at the same time, continue to restructure and develop its subsidiaries, including GPBank, the bank that has just been acquired in the form of a compulsory transfer.
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| Vietnam Prosperity Joint Stock Commercial Bank (VPBank) held its annual General Meeting of Shareholders with many key contents - |
Total assets exceed 1 million billion VND this year
Mr. Nguyen Duc Vinh, General Director of VPBank, shared at the meeting that the bank is in a period of outstanding development. The key goal in 2025 is to surpass the 1 quadrillion VND mark in total assets. Mr. Vinh also predicted that in the next 5 years, VPBank will continue to maintain a compound growth rate of up to 30% per year. By 2029, the bank will reach equity of up to 389 trillion VND and pre-tax profit of 75,000 billion VND, growing 35% per year.
One of the important issues discussed at this year's General Meeting of Shareholders was the acquisition and restructuring of GPBank, the bank that VPBank has been forced to transfer from the State. Mr. Ngo Chi Dung, Chairman of the Board of Directors of VPBank, said: "We have begun to acquire GPBank since March and are currently in the process of completing personnel. VPBank will support GPBank in rebuilding its business model and infrastructure, so that this bank can become a healthy and profitable financial institution."
Before the transfer, GPBank suffered huge losses of up to VND1,000 billion per year. However, Mr. Dung believes that with a strong restructuring strategy, GPBank will have a minimum profit of VND500 billion starting this year.
“We have invited consultants from McKinsey to develop a strategy for GPBank. Together with a team of quality personnel from VPBank, we are committed to successfully restructuring GPBank and bringing this bank out of a loss-making situation,” Mr. Dung emphasized.
VPBank has set a target of VND25,270 billion in consolidated pre-tax profit in 2025, up 26% compared to 2024. Notably, the profits of its subsidiaries have also grown strongly. FE Credit is expected to achieve pre-tax profit of VND1,126 billion, double that of 2024, while VPBankS and OPES have set profit targets of VND2,003 billion (up 64%) and VND636 billion (up 34%), respectively.
To achieve these goals, VPBank will also continue to expand its financial ecosystem, with products and services closely linked to the needs of the majority of people. At the same time, the bank will also implement an infrastructure upgrade program, especially the restructuring of subsidiaries such as FE Credit, OPES and VPBankS, to create sustainable growth opportunities in the future.
Continue to pay cash dividends
Assessing the bank's operations in 2024, the Board of Directors believes that in the face of economic fluctuations and difficulties, VPBank will remain steadfast in its proactive and cautious strategy: Striving to seek opportunities, expand and exploit new and potential customer segments, while simultaneously implementing solutions to control asset quality.
By the end of 2024, VPBank recorded consolidated pre-tax profit of VND 20,013 billion, total assets of VND 923,848 billion, consolidated credit balance of VND 709,986 billion, customer mobilization and valuable papers of VND 552,642 billion. The bad debt ratio according to Circular 31 of the parent bank was 2.47%, completing the plan. VPBank also paid nearly VND 8,000 billion in cash dividends at a rate of 10%.
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| In 2025, VPBank will maintain 25% growth and prepare the foundation for the target of 30 - 35% in the following years. |
Based on the foundations consolidated and built in 2024, the Board of Directors submitted to the shareholders' meeting the 2025 business plan, with the highlight being a profit of VND 25,270 billion (nearly USD 1 billion), up 26% over the same period, of which the parent bank contributed VND 22,219 billion, up 22%.
In addition to the profit target, VPBank aims for a 23% growth in total consolidated assets, reaching VND1,130 trillion. The bank builds different business growth scenarios, suitable for actual conditions, with a target of 25% credit growth, 34% increase in mobilization, control and improvement of the quality of the loan and investment portfolio, and promotion of debt collection and settlement.
To realize the above goals, VPBank identifies 5 key business strategies in 2025, including: synchronous growth, effective mobilization, improving asset quality, expanding a differentiated ecosystem, and perfecting a solid foundation.
VPBank General Director Nguyen Duc Vinh shared: “The Board of Directors is fully confident that 2025 will continue to be a year of both consolidating the foundation system and developing the group. Growth, especially in scale, is the priority of this year, creating the premise for VPBank to join the ranks of the largest banks in the market. In 2025, VPBank will maintain 25% growth and prepare the foundation for the target of 30 - 35% in the following years.”
Shareholders also approved the use of nearly VND4,000 billion of undistributed profits to pay cash dividends at a rate of 5% (each share receives VND500 in dividends) in the second or third quarter of this year. This is the third consecutive year that VPBank has paid cash dividends, demonstrating its strong financial capacity, reasonable growth strategy and commitment to bringing the greatest benefits to shareholders.
In addition, the congress agreed on a capital contribution plan to establish a subsidiary in the life insurance sector with an expected charter capital of VND 2,000 billion and to contribute capital, receive transfer of capital contributions/purchase shares for a fund management company to become a subsidiary of VPBank.
At the 2025 General Meeting of Shareholders, VPBank demonstrated its strong determination to maintain sustainable growth and restructure its subsidiaries. Despite facing many challenges from macroeconomic factors and bad debt, the bank still has clear strategies to maintain its leading position in the market. With specific goals and strong implementation solutions, VPBank can completely overcome the challenges and continue to rise, affirming its position in the Vietnamese banking industry in the coming years.
In order to continue to perfect the management apparatus, ready for the bank's breakthrough period, along with the country's "era of growth", this year's annual General Meeting of Shareholders of VPBank elected 8 members of the Board of Directors and 5 members of the Supervisory Board for the 2025 - 2030 term. VPBank's new Board of Directors includes 6 members of the Board of Directors for the 2020-2025 term, namely Mr. Ngo Chi Dung, Mr. Bui Hai Quan, Mr. Lo Bang Giang, Mr. Nguyen Duc Vinh, Ms. Pham Thi Nhung and Mr. Takeshi Kimoto. The number of independent members has been increased from one to two, also two new members elected at this year's meeting, including Mr. Daniel Ashton Carroll and Mr. Mai Xuan Hung. Mr. Ngo Chi Dung continues to hold the position of Chairman of the bank. |
Source: https://congthuong.vn/co-dong-vpbank-thong-qua-ke-hoach-loi-nhuan-ty-do-385358.html
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