Financial Statements
Bank Information
Establishment and Operation Licence
Establishment and Operation Licence No. 138/GP-NHNN dated 23 May 2008 issued by the Governor of the State Bank of Vietnam, Decision No. 2719/QD-NHNN dated 27 December 2011, Decision No. 523/QD-NHNN dated 22 March 2012, Decision No. 1547/QD-NHNN dated 6 August 2014, Decision No. 2182/QD-NHNN dated 26 October 2015, Decision No. 95/QD-NHNN dated 18 January 2017, Decision No. 891/QD-NHNN dated 8 May 2017, Decision No. 2293/QD-NHNN dated 31 October 2017, Decision No. 300/QDĐ-NHNN dated 21 February 2019 and Decision No. 2447/QD-NHNN dated 25 November 2019 promulgated by the State Bank of Vietnam amending and supplementing the operations of Joint Stock Commercial Bank for Foreign Trade of Vietnam.
Business Registration Certificate
Business Registration Certificate No. 0103024468 dated 2 June 2008 issued by Hanoi Authority for Planning and Investment, Enterprise Code No. 0100112437 was reissued for the thirteenth time on 16 January 2019.
Members of the Board of Directors during the year and until the issuing date of the consolidated financial statements
Mr. Nghiem Xuan Thanh
Chairman
Reappointed on 27 April 2018
Mr. Pham Quang Dung
Member
Reappointed on 27 April 2018
Mr. Nguyen Manh Hung
Member
Reappointed on 27 April 2018
Mr. Nguyen My Hao
Member
Reappointed on 27 April 2018
Mr. Eiji Sasaki
Member
Reappointed on 27 April 2018
Mr. Pham Anh Tuan
Member
Reappointed on 27 April 2018
Mr. Hong Quang
Member
Appointed on 27 April 2018
Mr. Truong Gia Binh
Member
Appointed on 27 April 2018
Mr. Do Viet Hung
Member
Appointed on 26 April 2019
Members of the Board of Management during the year and until the issuing date of the consolidated financial statements
Mr. Pham Quang Dung
Chief Executive Officer (“CEO”)
Reappointed on 1 November 2019
Mr. Dao Minh Tuan
Deputy CEO
Reappointed on 15 June 2017
Mr. Pham Manh Thang
Deputy CEO
Reappointed on 10 March 2019
Ms. Nguyen Thi Kim Oanh
Deputy CEO
Reappointed on 26 December 2019
Ms. Dinh Thi Thai
Deputy CEO
Appointed on 1 June 2015
Mr. Eiji Sasaki
Deputy CEO
Appointed on 15 December 2017
Ms. Phung Nguyen Hai Yen
Deputy CEO
Appointed on 15 December 2017
Mr. Le Quang Vinh
Deputy CEO
Appointed on 15 December 2017
Mr. Nguyen Thanh Tung
Deputy CEO
Appointed on 1 April 2019
Mr. Dang Hoai Duc
Deputy CEO
Appointed on 1 April 2019
Members of the Supervisory Board during the year and until the issuing date of the consolidated financial statements
Ms. Truong Le Hien
Chair of the Board
Reappointed on 27 April 2018
Ms. La Thi Hong Minh
Member
Reappointed on 27 April 2018
Ms. Do Thi Mai Huong
Member
Reappointed on 27 April 2018
Ms. Vu Thi Bich Van
Member
Dismissed from 26 April 2019
Chief Accountant
Mr. Le Hoang Tung
Appointed on 15 December 2017
Legal Representative
Since 1 November 2014
Mr. Nghiem Xuan Thanh
Title: Chairman of the Board of Directors
Title: Chairman of the Board of Directors
(According to Letter of Authorisation No. 64/UQ-VCB-CSTCKT dated 4 March 2020)
Since 4 March 2020
Ms. Phung Nguyen Hai Yen
Title: Deputy CEO
The Bank’s Head Office
198 Tran Quang Khai Street Hoan Kiem District, Hanoi, Vietnam
Auditor
KPMG Limited Vietnam
Report of the Board of Management
The Board of Management of Joint Stock Commercial Bank for Foreign Trade of Vietnam (“the Bank”) presents this report and the accompanying consolidated financial statements of the Bank and its subsidiaries for year ended 31 December 2019.
The Board of Management’s responsibility in respect of the consolidated financial statements
The Board of Management is responsible for the consolidated financial statements which give a true and fair view of the consolidated financial position of the Bank and its subsidiaries, and of their consolidated results of operations and consolidated cash flows for the year. In preparing the consolidated financial statements, the Board of Management is required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed or not, subject to any material departures disclosed and explained in the consolidated financial statements; and
- Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Bank and its subsidiaries will continue its business.
The Board of Management is responsible for ensuring that proper accounting records are kept to disclose, with reasonable accuracy at any time, the financial position of the Bank and its subsidiaries and to ensure that the accounting records comply with the applied accounting system. It is also responsible for safeguarding the assets of the Bank and its subsidiaries and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Board of Management confirmed that it has complied with the above requirements in preparing the accompanying consolidated financial statements.
Statement by the Board of Management
The Board of Management does hereby state that, in its opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Bank and its subsidiaries as at 31 December 2019, and of their consolidated results of operations and consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System applicable to credit institutions issued by the State Bank of Vietnam and the relevant statutory requirements applicable to financial reporting.
For and on behalf of the Board of Management:
Ms. Phung Nguyen Hai Yen
Deputy CEO
Hanoi, 11 March 2020
INDEPENDENT AUDITOR’S REPORT
To: The Shareholders Joint Stock Commercial Bank for Foreign Trade of Vietnam
We have audited the accompanying consolidated financial statements of Joint Stock Commercial Bank for Foreign Trade of Vietnam (“the Bank”) and its subsidiaries, which comprise the consolidated balance sheet as at 31 December 2019, the consolidated statement of income and the consolidated statement of cash flows for the year then ended and the explanatory notes thereto which were authorised for issue by the Bank’s Board of Management on 11 March 2020, as set out on pages 154 to 218.
The Bank’s Board of Management’s responsibility
The Bank’s Board of Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System applicable to credit institutions issued by the State Bank of Vietnam and the relevant statutory requirements applicable to financial reporting, and for such internal control as the Board of Management determines is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Bank’s Board of Management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Auditor’s Opinion
In our opinion, the consolidated financial statements give a true and fair view, in all material respects, of the consolidated financial position of the Bank and its subsidiaries as at 31 December 2019 and of their consolidated results of operations and their consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System applicable to credit institutions issued by the State Bank of Vietnam and the relevant statutory requirements applicable to financial reporting.
KPMG Limited
Vietnam
Audit Report No.: 18-02-00541-20-4
Tran Dinh Vinh
Practicing Auditor Registration
Certificate No. 0339-2018-007-1
Deputy General Director
Hanoi, 11 March 2020
Pham Huy Cuong
Practicing Auditor Registration
Certificate No.
2675-2019-007-1