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Vietcombank's (VCB) market value hits record high
Following continuous rallies on the stock market, Vietcombank's market value hit more than US$20.2 billion, far surpassing that of big listed companies and even heading toward the level of the Germany's Deutsche Bank.
After breaking through the threshold of 1,100 points last week, the benchmark VN-Index extended the uptrend on the first trading day of the new week. It finished the day at 1,116.02 points, an increase of 0.77 points.
Catching up with the bullish sentiment, Vietcombank's shares, traded on the Ho Chi Minh Stock Exchange (HoSE) with the ticker symbol VCB, also performed well. It ended Monday at VND101,000, up 0.5 per cent over the previous session. This is the highest close since the bank started trading on the market.
The gain boosted its market value to a peak of over VND475.6 trillion (US$20.2 billion), doubling that of the second largest company in the market, Vinhomes (VHM).
In the banking sector, Vietcombank remains on top, followed by the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), with market caps of nearly VND220 trillion and over VND136.2 trillion, respectively.
Vietcombank's market capitalisation is now approaching that of major banks in the world, far ahead of Shinhan Bank (Korea) and Sumitomo Mitsui (Japan), and is approximately at the level of the leading German bank, Deutsche Bank, with a market capitalisation of US$21.58 billion.
The outstanding performances of VCB were thanks to the recent positive news that it was approved by the central bank to increase charter capital to over VND55.89 trillion through the issuance of shares to pay dividends.
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