Services
On the evening of November 4, the Announcement Ceremony of the Vietnam National Brand Award 2024, themed “Soaring into the Green Era”, was solemnly held at the National Convention Center by the Ministry of Industry and Trade. At the ceremony, Prime Minister Pham Minh Chinh commended the efforts and significant contributions of the Vietnamese business community, especially the 190 businesses whose products received the National Brand Award for 2024. “These are all impressive businesses with a total revenue of VND 2.4 quadrillion in 2023, a total state budget contribution of about VND 150 trillion, ensuring jobs for over 600,000 workers and people, and actively participating in social security activities, contributing to the rapid and sustainable development of the country”, the Prime Minister emphasized.
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In 2024, TPBank was once again honored as a Vietnam National Brand. As a pioneer and leader, TPBank has constantly innovated, and its ecosystem of financial banking products and services has long been a familiar and trusted brand with a unique identity in the market. The bank’s achievements over the years in its steadfast journey of renewal through strong digital transformation and sustainable profitable operations have been recognized.
As of the end of the third quarter of 2024, TPBank’s total mobilized capital increased by over 8% compared to the beginning of the year, exceeding the plan with a value of VND 342,120 billion. Revenue reached over VND 12,900 billion, an increase of nearly 10% over the same period in 2023. Net interest income, the main driver of growth, continued to grow by double digits (10%), reaching VND 9,840 billion. The services segment also demonstrated its increasingly important role by contributing nearly VND 2,455 billion to the bank’s total income. TPBank’s profit for the first nine months of the year amounted to over VND 5,460 billion, up 10.2% compared to the same period last year.
TPBank proactively controls risks, covers bad debts, and avoids negative impacts in the future by increasing risk provisions by more than 1.5 times compared to 2023, reaching nearly VND 3,000 billion. As of September 30, the bank’s capital adequacy ratio (CAR) according to Basel III standards (the most stringent and comprehensive risk management standards in the banking industry today) was 13%, well above the minimum requirement of 10.5% set by Basel III.
In its sustainable development strategy, TPBank always adheres to the principle of conducting business in compliance with Vietnamese laws, contributing positively to the state budget, and increasing its responsibility to the community through charitable activities and support for disadvantaged groups in society. For many consecutive years, TPBank has consistently been among the top 30 enterprises with the highest tax contributions. With VND 2,419 billion contributed to the state budget in 2023, TPBank became one of the top 10 private banks in terms of tax contributions.
In September, due to the severe impact of Storm No. 3 (Yagi) in the northern provinces, TPBank promoted the spirit of “mutual affection” by donating VND 2.5 billion to support people affected by the floods and help them quickly stabilize their lives. TPBank was also one of the first banks to launch a support program, offering a 50% reduction in interest rates for existing individual customers affected by the floods caused by Storm Yagi, with a program limit of up to VND 2,000 billion.
Mr. Nguyen Hung, CEO of TPBank, shared: “We are always proud to be a Vietnam National Brand. TPBank always maintains its steadfastness in every action and step, aiming for sustainable development and contributing our strength to the community for a prosperous and thriving Vietnam”.
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According to Brand Finance, in recent years, the Vietnam National Brand has made remarkable progress. Vietnam has not only entered the top 100 countries with strong brands but has also been recognized as the country with the fastest brand value growth in the world during the period of 2019-2022. In 2024, Vietnam’s brand value was ranked 32nd out of 193 countries evaluated, reaching $507 billion, up 1 rank in terms of ranking and 2% in value compared to 2023. This is clear evidence of the efforts of the business community and entrepreneurs, along with the results of the National Brand Program and the positive impact of the mechanisms and policies of the Party and State in creating a favorable business environment, attracting investment, promoting innovation, and sustainable development.
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