Vietnam Bank for Agriculture and Rural Development (known as AGRIBANK) was founded under the Government resolution No 53/HDBT dated on March 26th, 1988 on the establishment of universal banks providing financial services to not only agricultural and rural sector but also a variety of economic fields. AGRIBANK’s operation is aimed at agricultural and rural development
On November 14th 1990, Vietnam Prime Minister signed the Decision No 400/CT, which gave birth to Vietnam Bank for Agriculture (VBA). VBA is a multi-economic field business bank, with the focus on agricultural and rural development.
On November 15th 1996, as being authorized by the Prime Minister, Governor of State Bank of Vietnam signed the Decision No 280/QD-NHNN to rename Vietnam Bank for Agriculture into Vietnam Bank for Agriculture and Rural Development.
AGRIBANK is a state-owned commercial bank, operates under Law on Credit Institutions and under State Bank of Vietnam’s supervision. With the new name changed, AGRIBANK now carries out new functions apart from those of a commercial bank. The Bank provided medium and long-term credit to build infrastructures for agriculture, forestry and fishery, which contribute much more to rural and agricultural development as well as industrialization and modernization process
VISION AND OBJECTIVES:
AGRIBANK is determined itself to maintaining and strengthening its dominant role in providing financial services for the purpose of industrialization and modernization of the agricultural and rural sector toward the targets and policies of the Party and Government; applying modern IT; to aim at providing enterprises of all kinds and also individuals in urban and rural areas with the convenient and advanced banking products and services; improving profit making ability. Human resources development will also be invested gradually in order to be able to operate in potential market globally.
In 2008, AGRIBANK will equitize its subsidiary companies and then the Bank itself in 2009 as a preparation steps to develop toward a financial group as planned.
1. To maintain and strengthen its dominant role in the rural financial market; focus on efficient market segments in the urban areas, industrial parks, etc…
2. To introduce and develop products and services under the World Bank financed IPCAS project based on an appropriate IT infrastructure in order to meet diversified demand for products and services of the customers recently.
3. To develop AGRIBANK’s brand name and corporate culture; aiming at developing Agribank to become “the first choice” of those customers who are farm households, SMEs, businesses, cooperatives in agricultural and rural areas while being the “selected bank” of the corporate and high-income individuals in urban and industrial areas.
4. To strengthen the Bank’s financial capacity; minimize operating costs; take effective use of the available fund resources; and meet all international standards on prudential ratios.
5. To set up a state-of- the-art risk management system in conformity with international standards aiming at a sustainable development.
6. To speed up IT application and upgrade IT infrastructure; build up a modern information management system in conformity with the international accounting standards.
7. To increase working productivity; given priority to human resources development; facilitate on-the-job training and encourage self-study in order to enrich staff professional knowledge.
8. To strengthen corporate governance and improve the bank management skills; enhance the quality and efficiency of the bank management in all aspects.
9. To restructure the bank toward a modern financial group satisfying the best international practices in the coming time.