The lender also aims for an increase of 10 - 12% for its total assets worth value, equivalent to VND1,200 trillion (US$52.7 billion).
Vietinbank set pre-tax profit at US$474.6 million in 2018.
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The bank plans to shift its business focus to private sector, especially in small and medium enterprises (SOEs) and retail sector. Concurrently, Vietinbank will still maintain its market shares in providing loans for state-owned enterprises, improving efficiency in serving foreign direct investment (FDI) sector.
VietinBank's consolidated pre-tax profit in 2017 reached VND9.2 trillion (US$405 million), equivalent to 105% of its annual target, making it the second largest bank in Vietnam in term of profit, after Vietcombank.
Total asset of VietinBank is reported at US$48.4 billion, an increase of 15.3% over the last year's figure, said Le Duc Tho, CEO of VietinBank at the 2017 year-end meeting and mission for 2018.
Notably, Vietnamese lender's outstanding loans reached VND839 trillion (US$37 billion), up 18% year on year, while total capital mobilization is projected at US$44 billion, up 16% compared to last year and 105% higher-than-expected plan.
2017 also marks a change in the bank's major focus of investment toward small and medium enterprises (SMEs) instead of big corporations. Consequently, 53% of the bank's outstanding loan - VND243 trillion (US$10.6 billion) - has been allocated for SMEs.
In addition to traditional lending activities, total fee earned from the bank's services witnessed a surge of over 20%, which is equivalent to VND4 trillion (US$175 million). Pre-tax profit generated from subsidiaries and office branches abroad totaled VND560 billion (US$24.6 million), a sharp increase of 39% compared to 2016.
As both the bank's return on equity (ROE) and return on assets (ROA) reached 12% and 1%, respectively, VietinBank has increased employee's average wage for an additional of 10%.
Currently, Bank of Tokyo-Mitsubishi UFJ is the largest strategic shareholder of VietinBank with 19.73% strategic stake, or equivalent to 734.6 million shares. Meanwhile, IFC Capitalization Equity Fund and International Finance Corporation hold 5.39% and 2.63% shares, respectively. The State Bank of Vietnam (SBV) representing the government in holding state fund of 64.46% shares of VietinBank, or 2.4 billion shares.
Vietnam's banking sector aims to have credit growth at 17% in 2018, which was the rate achieved in 2017, according to statistics from the SBV.
