I.

Introduction to TPBank
1.1. General information

Tien Phong Commercial Joint Stock Bank (TPBank) is one of Vietnam’s leading private
banks, headquartered in Hanoi, Vietnam. Established in 2008, TPBank has emerged as a
powerhouse in retail banking, SME financing, and digital financial services, catering to a
diverse customer base across Vietnam’s rapidly growing economy. As of 2016, TPBank was
ranked among the top 10 largest private banks in Vietnam according to Vietnam Report, and
by 2024, it secured the 11th position among the VN30 largest companies on the Ho Chi
Minh Stock Exchange (HOSE), reflecting its significant market presence. By 2025, TPBank
continues to solidify its position as a top-tier financial institution, driven by its strategic focus
on innovation, customer-centricity, and financial inclusion.

TPBank operates an extensive network of branches and transaction offices across Vietnam,
serving millions of retail customers, SMEs, and corporate clients. The bank’s mission is to
provide accessible, innovative, and high-quality financial solutions, with a vision to rank
among Vietnam’s top three retail joint-stock commercial banks. Its commitment to digital
transformation has positioned it as a leader in Vietnam’s fintech landscape, earning
accolades for internet banking, mobile banking, and SME financing. TPBank’s brand is
synonymous with trust, efficiency, and adaptability, making it a preferred choice for both
individual and business clients. Key metrics highlight TPBank’s scale and influence:

● Headquarters: 57 Ly Thuong Kiet Street, Tran Hung Dao Ward, Hoan Kiem District,
Hanoi, Vietnam.
● Market Capitalization: Listed on the Ho Chi Minh Stock Exchange (HOSE, ticker:
TPB), TPBank is among Vietnam’s most valuable banks. As of March 2025, its
market capitalization stood at approximately USD 1.5 billion (equivalent to VND
42.93 trillion), though exact figures for May 2025 are unavailable without recent
financial reports.
● Workforce: Employs over 7,000 professionals, with a focus on technology and data
analytics, as evidenced by its Technology Competency Center (TCC).
● Customer Base: Serves over 14 million customers, with significant growth in digital
banking users (over 90% annual growth in internet banking and 200% in mobile
banking by 2015, with continued expansion through 2025).
● Awards: Recognized for excellence in retail banking, SME banking, trade finance,
and digital innovation, including a 2024 award from The Asian Banker for “Best
Digital Banking Initiative” and a 2015 Best Practices Award from The Data
Warehousing Institute (TDWI) for data-driven strategies.

TPBank’s strategic priorities include leveraging technology to enhance customer

experiences, expanding financial access for underserved segments like micro-SMEs, and
maintaining robust financial performance amid Vietnam’s competitive banking sector. Its
alignment with national economic goals, such as promoting SME growth and digitalization,
underscores its role as a key player in Vietnam’s financial ecosystem.

1.2. Establishment and development history

Tien Phong Commercial Joint Stock Bank (TPBank) was established under Operating
License No. 0037/NH-GP issued by the Governor of the State Bank of Vietnam on May 5,
2008. TPBank officially commenced operations on the same day under Establishment
License No. 0037/QD-UB dated May 5, 2008. The initial charter capital was VND 545 billion.
 ● 2008–2012: TPBank was restructured with the participation of major shareholders
like DOJI Gold & Gems Group, FPT Corporation, and MobiFone. By 2012, its charter
capital increased to VND 5,550 billion.
● 2013: Launched its official branding and visual identity system, with a logo featuring
purple and yellow tones symbolizing innovation and prosperity.
● March 2014: DOJI Group became a strategic shareholder, boosting TPBank’s
financial and operational capabilities.
● August 2016: Charter capital reached VND 5,842 billion, and TPBank launched the
World MasterCard credit card.
● February 2017: Introduced LiveBank, a pioneering 24/7 automated banking system,
marking a significant step in digital transformation.
● April 2018: Listed on HOSE with 555 million shares at a reference price of VND
32,000 per share.
● 2010–2013: Launched a digital banking push, introducing internet and mobile
banking platforms. By 2013, TPBank established its Technology Competency Center
(TCC), integrating data analytics into strategic decision-making. This earned a 2015
TDWI Best Practices Award for its data warehouse implementation, which improved
sales, operations, and customer insights.
● 2013–2015: Achieved remarkable growth in digital adoption, with internet banking
users growing 90% annually and mobile banking users surging 200%. TPBank’s
SME banking segment also excelled, with a 30% increase in loan portfolios and 54%
growth in deposits, maintaining a non-performing loan (NPL) ratio below 1%. Awards
during this period recognized TPBank as a leader in retail, SME, and digital banking.
● 2015–2020: Strengthened its fintech presence through partnerships with technology
firms and the launch of innovative products, such as unsecured Business Installment
Loans (BIL) for micro-SMEs. These loans addressed the financing needs of
underserved entrepreneurs, enhancing financial inclusion.
● 2020–2025: Continued to lead in digital banking and fintech, introducing advanced
mobile apps, AI-driven customer service, and blockchain-based solutions for trade
finance. TPBank’s focus on ESG (Environmental, Social, Governance) initiatives,
such as green financing and SME support, aligned with global and national
sustainability goals. While specific 2025 milestones are unavailable, TPBank likely
sustained its growth trajectory, leveraging Vietnam’s digital economic boom.

TPBank’s evolution reflects its adaptability to market trends, from traditional banking to a
tech-driven, inclusive financial institution. Its ability to balance innovation with financial
stability has cemented its reputation as a trailblazer in Vietnam’s banking sector.

1.3. Services and business sector

TPBank offers a comprehensive suite of financial products and services, catering to retail
customers, SMEs, and corporate clients. Its diversified portfolio and focus on digitalization
enable it to meet the evolving needs of Vietnam’s dynamic economy. The bank operates
across multiple business sectors, with a strategic emphasis on retail banking, SME
financing, and fintech-driven solutions. Below is an overview of its key services and sectors:

● Retail banking:
○ Deposits: Savings accounts, fixed-term deposits, and high-yield accounts
designed for individuals.
○ Loans: Consumer loans, mortgage loans, auto loans, and unsecured
personal loans, with flexible terms to suit diverse needs.
○ Credit Cards: Offers a range of credit cards with rewards, cashback, and
travel benefits, targeting Vietnam’s growing middle class.
○ Digital Banking: Internet and mobile banking platforms with features like bill
payments, fund transfers, and loan applications. By 2015, TPBank achieved
 90% growth in internet banking users and 200% in mobile banking, a trend
likely sustained through 2025 with enhanced AI and security features.
○ Wealth Management: Investment products, mutual funds, and financial
advisory services for affluent clients.
● SME banking:
○ Loans: Secured and unsecured loans, including Business Installment Loans
(BIL) for micro-SMEs, which address financing gaps for small entrepreneurs.
SME loans grew 30% in 2015, reflecting strong demand.
○ Deposits: Business accounts with competitive interest rates, growing 54% in
2015.
○ Trade Finance: Letters of credit, export/import financing, and supply chain
solutions, earning TPBank awards for business excellence.
○ Cash Management: Payroll services, liquidity management, and digital
payment solutions tailored for SMEs.
● Corporate banking:
○ Financing: Working capital loans, project financing, and syndicated loans for
large enterprises.
○ Trade services: International trade support, including guarantees and foreign
exchange services.
○ Treasury services: Hedging, foreign exchange, and liquidity management for
corporate clients.
● Digital Banking and Fintech:
○ TPBank leads Vietnam’s fintech revolution, offering seamless digital
experiences through its mobile app and online platforms. Features include
real-time transactions, biometric authentication, and AI-driven financial
advice.
○ Partnerships with fintech firms enable innovative services like peer-to-peer
lending, digital wallets, and blockchain-based trade finance.
○ Investment in data analytics (via the TCC) enhances customer segmentation,
fraud detection, and personalized offerings.
● Other Services:
○ Insurance: Partners with insurers to offer life, health, and property insurance
products.
○ Remittances: Facilitates domestic and international money transfers,
supporting Vietnam’s diaspora and migrant workers.
○ Green Financing: Supports sustainable projects, such as renewable energy
and eco-friendly SMEs, aligning with ESG goals.

1.4. Model of Governance and Management Structure

TPBank operates under a robust and transparent governance framework designed to ensure
strategic oversight, operational efficiency, and compliance with regulatory standards. The
bank’s management structure is aligned with its mission to deliver innovative financial
services while maintaining financial stability and meeting the needs of its diverse customer
base. The key components of TPBank’s governance and management structure are as
follows:

● Board of Directors: The highest governing body, responsible for setting the strategic
direction and overseeing the bank’s operations. The Board comprises experienced
professionals who approve major policies, monitor performance, and ensure
alignment with national and international standards. Key sub-committees under the
Board include:
○ Executive Committee: Supports the implementation of strategic decisions
and oversees key operational initiatives.
 ○ Assets-Liabilities Management Board: Manages the bank’s assets and
liabilities to optimize financial balance and ensure liquidity.
○ Credit Committee: Makes decisions related to credit approvals, loan policies,
and risk assessment.
○ Risk Management Committee: Oversees risk identification, assessment,
and mitigation across credit, market, and operational risks.
○ Operations Committee: Ensures the smooth execution of daily banking
operations.
○ Credit & Debt Collection Committee: Handles credit issuance, debt
recovery, and non-performing loan management.
● General Director: The chief executive officer (CEO) who directly manages the
bank’s day-to-day operations, executes the Board of Directors’ strategies, and
oversees all functional divisions. The General Director plays a pivotal role in driving
TPBank’s digital transformation and customer-centric initiatives.
● Board of Directors’ Office and CEO’s Office: These offices provide administrative
and operational support to the Board of Directors and the General Director,
respectively. They facilitate coordination, strategic planning, and communication
across the organization.
● Shareholders’ General Meeting: The highest authority within TPBank, consisting of
shareholders who hold the power to decide on major strategic issues. This includes
electing the Board of Directors, approving annual financial reports, amending the
charter capital, and endorsing significant corporate policies.
● Supervisory Board: An independent body from the Board of Directors, tasked with
ensuring transparency, accountability, and compliance with legal and regulatory
requirements. The Supervisory Board safeguards the interests of shareholders and
oversees the bank’s governance practices.
● Internal Audit Division: Reports directly to the Supervisory Board and conducts
internal audits to evaluate the effectiveness of internal controls, risk management,
and governance processes, ensuring adherence to best practices.
● Functional Departments: TPBank’s operations are supported by specialized
departments reporting to the General Director, each focusing on a critical aspect of
the bank’s activities:
○ Finance: Manages financial planning, budgeting, reporting, and profitability
analysis.
○ Risk Management: Controls and mitigates risks (credit, market, operational)
in line with Basel III standards.
○ Human Resources Management: Oversees staffing, recruitment, training,
and employee development programs.
○ Strategy & Project Management: Develops long-term strategies and
manages major projects, including digital transformation initiatives.
○ Individual Customers: Provides tailored retail banking products and services
for individual clients.
○ Petit-Credit: Focuses on small-scale consumer loans and credit products.
○ SME Customers: Offers financial solutions, including loans and digital
banking services, for small and medium enterprises.
○ Corporate Customers: Serves large corporations with comprehensive
banking and financing options.
○ Large Corporate Customers & Investment: Manages investment portfolios
and financial services for major corporate clients.
○ Digital Banking Services: Oversees the development and operation of
digital platforms like TPBank Mobile and LiveBank.
○ Financial Markets: Engages in treasury services, including foreign
exchange, hedging, and liquidity management.
○ Financial Institutions & Transaction Banks: Facilitates partnerships and
transactions with other financial institutions.
 ○ Credit: Manages loan portfolios, credit risk, and approval processes.
○ Operations: Ensures the efficiency and smoothness of daily banking
operations.
○ Information Technology: Drives tech infrastructure and digital
transformation, leveraging AI and data analytics.
○ Legal & Compliance: Ensures adherence to legal and regulatory
frameworks.
○ Business Analysis: Analyzes data to support strategic and operational
decision-making.
○ Communications & Marketing: Manages branding, marketing campaigns,
and public relations.
● Subsidiaries:
○ TPBank Asset Management Company Limited: Manages the bank’s
assets, focusing on debt recovery, asset optimization, and portfolio
management.
○ TPBank Finance Company Limited: Focuses on financial activities, with a
primary emphasis on consumer finance and credit services.