STATEMENTS
Establishment and Operation Licence No. 138/GP-NHNN dated 23 May 2008 issued by 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/QD-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 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.
Mr. Nghiem Xuan Thanh | Chairman | Reappointed on 27 April 2018 |
Mr. Pham Quang Dzung | Member | Reappointed on 27 April 2018 |
Mr. Do Viet Hung | Member | Appointed on 26 April 2019 |
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 | Independent Member | Appointed on 27 April 2018 |
Mr. Pham Quang Dzung | 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 | Reappointed on 9 June 2020 |
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 |
Mr. Lai Huu Phuoc | Chair of the Board | Appointed on 4 November 2020 |
Ms. Truong Le Hien | Chair of the Board | Retired on 4 November 2020 |
Ms. La Thi Hong Minh | Member | Reappointed on 27 April 2018 |
Ms. Do Thi Mai Huong | Member | Reappointed on 27 April 2018 |
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 their business.
The Bank’s 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 Bank’s Board of Management confirmed that it has complied with the above requirements in preparing the accompanying consolidated financial statements.
The Bank’s 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 2020, and of the 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:
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 2020, 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 31 March 2021, as set out on pages 6 to 78.
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.
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 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 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 internal control of the Bank and its subsidiaries. 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.
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 2020 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.
