Military bank asked to take the lead in digitization

The deputy defense minister made the statement at his working session with the Military Commercial Joint Stock Bank (MB) on July 14.

Senior Lieutenant General Vo Minh Luong speaks at the working session.

General Luong added that the bank should maintain its position as one of the five best business banks and strive to be one of the top three banks in terms of quality and effectiveness. The bank should also take the lead in digitization as well.

Applauding the bank for its achievements in the past, General Luong urged it to bring into full play its potential, outstandingly complete all missions assigned to “troops on the economic front” while observing laws and regulations of the State Bank of Vietnam, and follow the leadership and direction of the Central Military Commission and the Ministry of National Defense’s leaders.

The MB has been operating effectively with 300 transaction points nationwide, one branch in Laos, one branch in Cambodia, and one representative office in Russia. It also has six subsidiaries specializing in securities, insurance, life insurance, fund management, debt management and asset exploitation, and consumer finance.

Despite the impacts of the COVID-19 pandemic, the bank, in the first half of this year, excellently fulfilled its assignments and met all set targets. Its consolidated revenue reached more than 22.9 trillion VND, up 44 per cent against the same period last year. Moreover, its bad debt ratio remained at 0.76 per cent. Attentively, the bad debt ratio of the bank itself was at 0.58 per cent, a record low. In addition, the bank donated over 100 billion VND to the government’s COVID-19 prevention and control efforts.

Translated by Mai Huong