notes to the consolidated financial statements - Sacombank

CONSISTENCE IN ITS SOUND DEVELOPMENT
16
ANNUAL REPORT 2007
Towards Professionalism
After one year into WTO, the Vietnamese economy in 2007 had many positive changes.
The GDP grew 8.44%, FDI went up 69%, export value increased 21.5%, and the stock
exchange continued its attraction to local and foreign investors. The political and security
regime were stable. The country of Vietnam drew increasing international attention as
an investment spot. While the fi nancial market took a quantum leap in development,
the commercial banks were making breakthroughs in asset size, economic impact and
service quality. Against the positive outlook, the nation was not unhurt. During the year
the economy was affected by natural disasters, epidemics, insuffi cient infrastructures, low
competitiveness of businesses and two-digit infl ation. These limited potential growth.
Despite the economic circumstances, Sacombank in 2007 more than doubled its profi t
from the previous year. Meanwhile the overdue debt was limited to 0.39%, the lowest
compared to the past years. With effort and prominent achievements, Sacombank in 2007
was honored with 6 local awards and 12 international accolades granted by top economic
organizations.