The bank's CEO Han Ngoc Vu delivers his speech at the ceremony on Thursday in Ha Noi. — Photo courtesy of VIB

Basel II is the second edition of the Basel Accords, which are recommendations on banking law and regulations issued by the Basel Committee on banking supervision. It aims to enhance competition and transparency in the banking system and make banks more resistant to market changes.

During an announcement ceremony in Ha Noi on Thursday, Tran Dang Phi from the State Bank of Viet Nam (SBV) said he believed VIB's completion of Basel II pillars marks an important foundation for the bank, supporting safer and more efficient business activities.

VIB has embarked on the Basel II journey since early 2018 and became one of the first banks in Viet Nam to fully comply with Circular 41 and now Circular 13 before the regulator’s deadlines.

At the event, the bank’s CEO Han Ngoc Vu said VIB considers the implementation of all Basel II three pillars as one of the important tasks in the long-term for the bank's risk management.

The bank posted revenue of more than VND5.87 trillion (US$252 million) and pre-tax profit of VND2.33 trillion ($100 million) in the past nine months of 2019.

Total assets amounted to nearly VND176 trillion while the bank’s credit outstanding balance reached VND127 trillion.

Non-performing loans decreased to 1.78 per cent as of September 30 from 2.24 per cent at the beginning of this year. Its equity saw a yearly increase 17 per cent to VND12.5 trillion, of which charter capital topped VND9.24 trillion, up 18 per cent year-on-year. — VNS

Basel II deadline rapidly approaching, are banks on course to meet norms?

In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy.