The Vietnam Bank for Agriculture and Rural Development or Agribank is the largest commercial bank

Commercial bank

After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

 in Vietnam by total assests. It is a state-owned corporation under a special status. According to a report by the United Nations Development Programme

United Nations Development Programme

The United Nations Development Programme is the United Nations' global development network. It advocates for change and connects countries to knowledge, experience and resources to help people build a better life. UNDP operates in 177 countries, working with nations on their own solutions to...

, Agribank is also the largest corporation in Vietnam.

History

The bank was founded on March 26, 1988 by the then-Council of Ministers of Vietnam as a specialized bank aimed at rural and agricultural development as Vietnam Bank for Agricultural Development. The bank built on the agency network of the State Bank of Vietnam

State Bank of Vietnam

The State Bank of Vietnam is the central bank of Vietnam.-History:When French Indochina was under French rule, the colonial government governed the Indochinese monetary system through Indochinese Bank, which also acted as a commercial bank in French Indochina...

 for its branches. On November 14, 1990, it was replaced by the Vietnam Bank for Agriculture by a prime ministerial decision. On November 15, 1996, it was renamed again to Vietnam Bank for Agriculture and Rural Development.

Size

Agribank is the largest bank in Vietnam by most measures: capital, total assets, staff, operating network, and clients. Its capital as of March 2007 was VND 267,000 billion, with an equity of VND 15,000 billion and total assets of almost VND 239,000 billion. The bank operates 2,200 branches nation-wide with 30,000 staff.