VietNamNet Bridge – Investors, particularly financial institutions, from abroad are eagerly waiting for the initial public offering (IPO) of the Bank for Foreign Trade of Viet Nam (Vietcombank), said stock pundits.
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“It would take a newly established bank at least 15 years to develop such a large transaction system,” he said.
An expert from the Viet Quoc Securities Joint Stock Company, Nguyen Trung Kien, said that Vietcombank also attracts foreign investors through a return-on-assets (ROA) rate that is higher than those of other banks in Viet Nam .
By the end of September, Vietcombank’s ROA was 0.83 percent compared with 0.79 percent of the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), and 0.75 percent of the Asia Commercial Bank (ACB).
According to the Ho Chi Minh City Stock Exchange (HOSE), Vietcombank will offer 97.5 million shares worth 975 billion VND (60.93 million USD) at the bourse on December 26.
Vietcombank, the first State-owned commercial bank to be equitised, decided to put a cap of 292.5 billion VND worth of shares on foreign investors, equivalent to 30 percent of the total amount, to prevent them from dominating the IPO.
According to Vietcombank’s third-quarter financial report, the bank has total assets of 186 trillion VND (1.6 billion USD), including fixed assets of 725.7 billion VND (45.5 million USD).
Total equity as of September 30, 2007, was 11.7 trillion VND (731 million USD), including charter capital of 4.4 trillion VND (275 million USD) and retained earnings of 4.75 trillion VND (297 million USD).
In the third quarter, the bank posted after-tax profits of 529 billion VND (33 million USD), a drop of 32.68 percent from the same period last year. Accumulated profit in the first nine months of the year exceeded 1.5 trillion VND (93 million USD), 26.63 percent lower than in the same period a year earlier.
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