Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has beennamed the best bank of Vietnam in 2018 by FinanceAsia.

This is the second consecutive year the bank has received this award from the HongKong-based magazine.

The award aims to honour outstanding banksin each country, selected based on criteria such as business strategy,management model with a view of offering its customers services that meetinternational standards, growth, profitability, high-quality products andservices, network development with the increasing number of customers.

Currently, Vietcombank is rated amongVietnamese banks as the best in terms of asset quality and profitability.

In 2017, Vietcombank made a strongimpression by becoming the first bank in Vietnam to report pre-tax profit of 11.341trillion VND (499 million USD). Its bad debts fell to only 1.1 percent, thelowest rate among major credit institutions.

Vietcombank aims to become the first bankin Vietnam, one of the 100 largest in the region, one of the 300 largest banksand financial companies in the world by 2020.

In the past, Vietcombank was also named Vietnam’s best bank, best trade financebank, best FX bank for corporates & financial institution in 2014, andVietnam’s best bank in 2015.-VNA