Vietnam Bank for Agriculture and Rural Development’s Bond – VBA122001

Company Information

Agribank was established on March 26, 1988. Over 35 years of development, Agribank has consistently affirmed its position and role as one of the leading commercial banks in Vietnam. The bank has prioritized investing in the development of “Tam Nong”(agriculture, rural areas and farmers) leading in the implementation of monetary policy, contributing to macroeconomic stability, controlling inflation, supporting growth, and ensuring social security.

POSITION OF THE ISSUER

Commercial Bank has the largest operating network in Vietnam, with more than 2,300 branches and transaction offices present in all regions, island districts and 1 branch in Cambodia with nearly 40,000 employees.

2. Commercial bank with leading scale in Vietnam

Total assets are the second largest in the system of commercial banks: nearly 2 million billion VND
Largest capital mobilized from residents in the commercial banking system: market share ~14%
The largest lender in the agricultural and rural sector ~70% of outstanding agricultural and rural loans in the entire commercial bank system

3. Agribank has been approved by the National Assembly to increase charter capital of a maximum of 17,100 billion VND, of which 6,753 billion VND will be added in 2023 and 10,347 billion VND will be added in 2024.

4. Agribank has successfully carried out 25 bond issuances with a total successful issuance value of more than VND 52,000 billion, including bonds issued privately and issued to the public.

Financial Situation

Financial Information (Billion VND)	2020	2021	2022	6M2023
Profit after tax	10,517	12,327	18,043	10,809
ROE	14%	16%	21%	12%
Total Asset	1,568,127	1,696,013	1,874,839	1,902,065
Owner’s Capital	73,084	76,112	86,998	91,308
NIM	3%	3%	3%	2%
CASA	10.72%	12.15%	11.51%	9.74%

Bond Information

Issuance Scale	VND 10,000,000,000,000 (10,000 billion VND)
Issue Date	31/12/2022
Maturity Date	31/12/2030
Term	8 years
Coupon Payment Period	Annually
Coupon Rate	Current rate: 6.55%/year (30/12/2023 – 30/12/2024)
Call Date	31/12/2025