Business performance of joint - Stock commercial banks in Vietnam

ring the efficiency of labor use; (4) Group of indicators to measure cost control effectiveness; (5) Group of indicators measuring the effectiveness of risk prevention; (6) Group of indicators measuring the effectiveness of management and administration. + Clarify the factors affecting the business performance of commercial banks and selecting the appropriate factors in the context of the Vietnam Joint-Stock Commercial Bank system in the analysis model. 6.2 Practical contributions + The thesis is the first comprehensive study using both approaches: traditional approach (through financial indicators) and modern approach (through effective border construction) to measure and evaluate the performance of the operating activities of joint- stock commercial banks in Vietnam in the period 2013-2018. As for the modern approach, 8 the thesis combines both DEA and SFA methods to apply the advantages of these two methods. The results of the study help to comprehensively evaluate the operating efficiency of the Vietnamese commercial banks' system in the period 2013-2018. + The dissertation uses the estimation technical efficiency by the DEA method (TEVRS) as the dependent variable in the Tobit regression model to analyze the factors affecting the business performance of the Vietnam Joint-Stock Commercial Bank. This way of implementation helps to accurately assess the factors affecting the efficiency of operating activities of joint-stock commercial banks in Vietnam in the period 2013-2018. + Based on the current status of the operating activities and the trend and the level of the impact of factors on the efficiency of the operating activities of the Vietnam Joint Stock Commercial Bank system, the thesis has evaluated the results, limitations, and causes of the limitations of efficiency. results of business activities of the Vietnam Joint-Stock Commercial Bank system. + Proposing 6 groups of practical solutions for joint-stock commercial banks in Vietnam and some recommendations suitable to relevant agencies to improve the efficiency of business operations of the system of commercial banks in Vietnam in the coming time. The results of the thesis would be a reference for bank administrators to evaluate the efficiency of operating activities and find out solutions to improve the efficiency of operating activities of the unit. At the same time, the thesis is also a reference source for the authorities at all levels to build a system of policies to support the development of joint- stock commercial banks in Vietnam in particular and the Vietnamese banking system in general. 7. Structure of the thesis In addition to the introduction, conclusion, list of references, and appendices, the structure of the thesis includes 3 chapters: Chapter 1: Theoretical basis on business performance of commercial banks Chapter 2: Current status of business performance of joint-stock commercial banks in Vietnam Chapter 3: Solutions to improve the business performance of joint-stock commercial banks in Vietnam 9 CHAPTER 1 THEORETICAL BASIS OF BUSINESS OPERATION EFFICIENCY OF COMMERCIAL BANK 1.1. Commercial banks and commercial banks business operations 1.1.1 Overview of commercial banks 1.1.1.1 The concept of commercial banking There are many different concepts of commercial banks, but they all have a common point in the judgment: “Commercial banks are a special business in the monetary sector, fully implementing banking activities such as receiving deposits, providing credit, providing payment services and other business activities for-profit purposes ”. This is also the view of commercial banks in this thesis. 1.1.1.2 Types of commercial bank Based on the ownership form, commercial banks are classified into 5 categories, namely: a. State commercial banks b. Joint-stock commercial bank c. Joint-venture bank d. Foreign commercial bank branches e. 100% foreign-owned commercial banks 1.1.1.3 The role of the commercial bank in the economy Commercial banks play an important role and are a strong premise for economic development and growth, reflected in the following aspects: - Regulating and improving the efficiency of capital use for the economy - Promoting the development of financial markets - Being a tool for the State to regulate the macro-economy - Facilitating the development of foreign economic relations between countries 1.1.2 Business operations of commercial banks 1.1.2.1 Concept of commercial banks business activities There are many different definitions of commercial banks' business operations. In the most general sense: “Business activities of commercial banks are all activities of commercial banks including capital mobilization, lending, and other service activities for- 10 profit purposes”. This is also a way to understand the business operations of commercial banks in this thesis. 1.1.2.2 Characteristics of commercial banks' business operations 1.1.2.3 The main business activities of commercial banks Source: Compiled by Nguyen Thi Phuong Lien (2011), Nguyen Thi Mui (2011), Le Van Te (2007), Le Anh Tuan (2003) Figure 1.1: Business operations of commercial banks 1.2 Business performance of commercial banks 1.2.1 The concept of business performance of commercial banks From the above understanding of business performance and the research objectives of the topic, we can give the concept of operating efficiency as follows: “Business performance of commercial banks is an economic category that reflects the ability transforming input into output, considering the relationship between the benefits obtained from the bank's operating activities and the costs that the bank has spent”. This is also the view on the operational efficiency of commercial banks in this thesis. 1.2.2 The need to improve the business performance of commercial banks 1.2.3 Methods of measureing the business performance of commercial banks Business operations of commercial banks Capital creation activities Self-financing activities Capital mobilization Borrowing activities Other capital creation activities Activities using capital Budget operations Credit operations Investment activities Service activities Payment Commission Agency 11 From domestic and foreign researchers on the business performance of commercial banks, it can be seen that the business performance of commercial banks is now viewed under two angles: traditional and modern. 1.2.3.1 Mesure the performance of business activities of commercial banks according to the traditional approach Business performance of the bank according to the traditional approach is measured by 6 groups of indicators: (i) Group of indicators to measure the efficiency of capital use - Return on equity (ROE) - Efficient use of mobilized capital (ii) Group of indicators measuring the efficiency of using assets - Return on total assets (ROA) - Effective use of assets in non-credit activities (iii) Group of indicators measuring the efficiency of labor use - Profit before tax per employee - The average income of bank staff (iv) Group of indicators to measure cost control effectiveness - The effective cost of operation - The ratio of the total cost to total assets (v) Group of indicators measuring the effectiveness of risk prevention - The ratio of the credit risk provision against the total outstanding loan - Capital adequacy ratio (CAR) (vi) Group of indicators measuring the effectiveness of governance and administration - The growth rate of total assets - The growth rate of outstanding loans - The growth rate of net income 1.2.3.2 Mesure the business performance of commercial banks according to the modern approach a. The methods of mearsuring the business performance of commercial banks according to the modern approach 12 Diagram 1.1: Modern approach to measure the business performance of commercial banks Sources: Authors synthesis (Aigner and Chu, 1968; Deprins et al., 1984, Berger et al., 1993; Charnes et al., 1994; Wagenvoort and Schure ,, 1999; Fried et al., 2002 a. Approaches for selecting input and output variables for efficient frontier construction b. Methods of data envelopment analysis (DEA) - Non-parametric approach (i) Introduction to data envelope analysis (DEA) method Data envelopment analysis (DEA) can be used to examine a bank's performance over time or to gauge a bank's relative performance in comparison to other banks. (ii) Performance metrics used in data envelope analysis (DEA) -Technical efficiency (TE), allocation efficiency (AE), and total economic efficiency (CE) - Efficient scale (SE) - Pure technical efficiency (PE) c. Methods of Stochastic Frontier Analysis (SFA) - Parametric approach (i) Introduction to random margin analysis (SFA) (ii) The function describing the relationship between input and output in random marginal analysis method (SFA) A modern approach to measuring the performance of commercial banks' business performance Non-parametric approaches Parameter approaches Data envelopment analysis (DEA) Free Placement Analysis (FDH) Stochatic Frontier Analysis (SFA) Distribution free approach (DFA) Thick frontier analysis (TFA) Recursive thick frontier analysis (RTFA) 13 1.2.4 Factors affecting the business performance of commercial banks The business performance of commercial banks is affected by many factors, which can be divided into 2 groups: subjective factors and objective factors. 1.2.4.1 Subjective factors Subjective factors are internal factors of commercial banks themselves. Subjective factors include: - Financial capacity - Ownership structure - Market share - Risk management capacity - Cost control capacity - Quality of personnel - Technical and technology level 1.2.4.2 The objective factors - Political factors - Legal factors - Macroeconomic factors - Cultural - social factors - Technical and technology factors - Environmental factors 1.3 Analysis model of factors affecting the efficiency of business operations of commercial banks 14 CHAPTER 2 THE SITUATION OF BUSINESS PERFORMANCE OF JOINT-STOCK COMMERCIAL BANKS IN VIETNAM 2.1 An overview of the system of joint-stock commercial banks in Vietnam 2.1.1 Number of banks In the period 2013 - 2018, there was a small variation in the number of joint-stock commercial banks (down from 33 to 31 joint-stock commercial banks) due to the impact of M&A deals. Figure 2.1: Number of Vietnam Joint-Stock Commercial Banks in the period 2013 - 2018 Unit: bank Source: State Bank 2.1.2 Capital size Table 2.1: Charter capital of Vietnam Joint Stock Commercial Banks in 2018 Unit: % Year Charter capital (billion VND) Growth (%) 2016 308.250 - 2017 322.184 4,52% 2018 374.623 16,27% Source: State Bank 2.1.3 Operational network 2.2 The current status of business performance of joint-stock commercial banks in Vietnam 2.2.1 Measure the operating efficiency of joint-stock commercial banks in Vietnam in the traditional approach 2.2.1.1 Capital efficiency a. Return on equity (ROE) Statistics of ROE value for the period of 2013 - 2018 are as follows: 33 33 28 31 31 31 25 30 35 2013 2014 2015 2016 2017 2018 15 Table 2.2: ROE of joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 15.80 0.27 6.21 4.722 2014 29 15.27 0.25 6.48 4.709 2015 29 21.40 0.20 6.04 5.292 2016 29 25.70 0.08 6.99 6.390 2017 29 27.50 0.68 9.49 7.217 2018 29 27.73 0.86 11.45 8.915 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report b. Effective use of mobilized capital Table 2.3: Efficiency in using mobilized capital of joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimu m value Average value Standard deviation 2013 29 0.03 2.29 0.83 0.593 2014 29 0.02 2.47 0.76 0.537 2015 29 0.02 1.57 0.58 0.443 2016 29 0.01 2.28 0.65 0.541 2017 29 0.04 4.07 0.90 0.904 2018 29 0.04 3.95 1.04 0.935 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 2.2.1.2 Efficient use of property a. Return on assets (ROA) Table 2.4: ROA of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 0.02 1.61 0.65 0.471 2014 29 0.02 1.31 0.59 0.391 2015 29 0.02 1.30 0.46 0.344 2016 29 0.01 1.90 0.53 0.458 2017 29 0.03 2.50 0.68 0.571 2018 29 0.04 2.87 0.89 0.758 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 16 b. Effective use of assets in non-credit activities Table 2.5: The efficiency of asset use in non-credit activities of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximu m value Minimu m value Average value Standard deviation 2013 29 0.00 11.45 0.93 2.054 2014 29 0.00 16.31 1.09 2.954 2015 29 0.00 1.18 0.47 0.336 2016 29 0.07 1.67 0.52 0.371 2017 29 0.00 2.75 0.63 0.595 2018 29 0.00 2.25 0.84 0.522 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 2.2.1.3 Effective use of labor a. Profit before tax per employee Table 2.6: Profit before tax per employee of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: million VND / person / month Year Number of banks Maximu m value Minimum value Average value Standard deviation 2013 29 4.7 34.1 17.1 9.561 2014 29 5.3 32.3 15.6 7.934 2015 29 2.8 39.5 19.3 11.982 2016 29 0.5 45.4 23.1 14.636 2017 29 6.2 68.4 28.7 16.438 2018 29 6.5 82.5 30.5 18.730 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report b. Average income of bank staff Table 2.7: Average income of bank staff of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: million VND / person / month Year Number of banks Maximu m value Minimum value Average value Standard deviation 2013 29 5 20 8 2.081 2014 29 6 20 9 3.238 2015 29 5 26 13 4.892 2016 29 6 29 17 3.084 2017 29 7 32 17 5.082 2018 29 8 38 19 7.235 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 17 2.2.1.4 Effective cost control a. Operational cost effectiveness Table 2.8: Operational cost effectiveness of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximu m value Minimum value Average value Standard deviation 2013 29 0.02 0.9 0.35 0.234 2014 29 0.01 0.8 0.35 0.219 2015 29 0.01 0.85 0.29 0.234 2016 29 0.00 0.75 0.30 0.234 2017 29 0.02 1.37 0.39 0.300 2018 29 0.04 1.45 0.44 0.349 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report b. The ratio of total cost to total assets Table 2.9: The ratio of total cost to total assets of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 0.36 2.75 1.67 0.544 2014 29 0.70 2.35 1.54 0.451 2015 29 0.84 2.94 1.58 0.499 2016 29 0.33 2.90 1.59 0.495 2017 29 0.75 3.20 1.59 0.515 2018 29 0.79 3.29 1.66 0.559 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 2.2.1.5 Effective risk prevention a. The ratio of the credit risk provision to the total debt balance Table 2.10: The ratio of the credit risk provision to the total debt balance of 29 joint- stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 0.20 3.47 1.53 0.748 2014 29 0.41 2.55 1.34 0.553 2015 29 0.78 3.37 1.28 0.549 2016 29 0.82 1.93 1.21 0.311 2017 29 0.83 2.39 1.25 0.383 2018 29 0.82 2.04 1.23 0.279 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 18 b. Capital adequacy ratio (CAR) The statistical results show that all banks have CAR> 9%. In general, large banks have lower CARs than small banks. Table 2.11: Capital adequacy ratio of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 9.04 37.30 14.93 5.660 2014 29 9.05 37.50 14.09 5.511 2015 29 9.07 24.53 14.45 4.300 2016 29 9.09 23.59 13.74 3.830 2017 29 9.10 22.16 12.78 3.058 2018 29 9.58 19.00 12.31 2.178 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 2.2.1.6 Effective administration a. The growth rate of total assets Table 2.12: The growth rate of total assets of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 0.00 112.23 23.04 25.323 2014 29 0.00 60.42 17.85 13.931 2015 29 0.00 53.86 15.29 13.788 2016 29 0.00 46.77 19.86 11.711 2017 29 4.20 42.49 19.63 7.929 2018 29 0.00 37.87 11.84 7.653 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report b. Debt growth rate Table 2.13: Debt growth rate of 29 joint-stock commercial banks in Vietnam 2013- 2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 0.00 108.20 22.51 26.979 2014 29 0.00 66.35 20.27 17.829 2015 29 0.00 49.02 24.96 12.420 2016 29 2.51 67.58 25.98 13.680 2017 29 3.12 51.19 22.60 9.679 2018 29 0.00 39.81 15.11 9.036 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 19 c. Net income growth rate Table 2.14: Net income growth rate of 29 joint-stock commercial banks in Vietnam 2013-2018 Unit: % Year Number of banks Maximum value Minimum value Average value Standard deviation 2013 29 0.00 125.10 16.78 31.026 2014 29 0.00 336.99 26.07 63.333 2015 29 0.00 112.90 22.77 26.695 2016 29 0.00 73.74 22.19 17.056 2017 29 0.00 56.96 24.42 16.552 2018 29 0.00 84.10 24.50 22.316 Source: Author's SPSS statistics from Vietnam Joint-Stock Commercial Bank's Annual Report 2.2.2 Measuring the operating efficiency of the system of joint-stock commercial banks in Vietnam according to modern approach  Selection of research variables Table 2.15: Variables in the analysis Unit: billion dong Variable input - Interest expense (X1) - Non-interest expenses (X2) Variable output - Interest income (Y1) - Non-interest income (Y2) Source: Author proposed  Describe the variables used in the study Figure 2.16: Interest expenses and operating costs of joint-stock commercial banks in Vietnam 2013-2018 Source: Author's calculation with the support of SPSS 22.0 software 6,121 5,935 6,329 7,815 9,645 11,549 2,042 2,207 2,556 3,099 3,731 4,265 - 5,000 10,000 15,000 20,000 2013 2014 2015 2016 2017 2018 Chi phí lãi Chi phí hoạt động 20 Figure 2.17: Interest income and non-interest income of joint-stock commercial banks in Vietnam 2013-2018 Source: Author's calculation with the support of SPSS 22.0 software 2.2.2.1 Measuring the business performance of Vietnam joint-stock commercial bank system by non-parametric method (DEA) a. Measuring banks' business performance in a model of constant efficiency with DEA (CRS) Table 2.17: Measuring the business performance of 29 Vietnamese joint stock commercial banks according to the unchanged efficiency model by DEA (CRS) No Bank 2013 2014 2015 2016 2017 2018 Average 1 MB 1,000 1,000 0,898 0,808 0,806 0,735 0,875 2 VPbank 0,588 0,604 0,783 0,980 0,995 1,000 0,825 3 Vietcombank 0,707 0,725 1,000 0,785 0,773 0,876 0,811 4 BacA bank 0,731 0,781 0,756 0,762 0,892 0,781 0,784 5 BIDV 0,766 0,905 0,623 0,703 0,811 0,881 0,782 6 Techcombank 0,526 0,737 0,834 0,830 0,820 0,821 0,761 7 LienViet 0,769 0,599 0,865 0,813 0,769 0,667 0,747 8 SGB 0,804 1,000 0,708 0,622 0,680 0,619 0,739 9 OCB 0,845 0,682 0,692 0,659 0,688 0,763 0,721 10 Vietinbank 0,751 0,748 0,729 0,713 0,733 0,642 0,719 11 VietA bank 0,546 0,461 1,000 0,694 0,818 0,793 0,719 12 Tienphong bank 0,593 0,616 0,724 0,658 0,894 0,652 0,689 13 SHB 0,457 0,680 0,718 0,674 0,675 0,699 0,650 14 PGbank 0,455 0,577 0,578 0,698 0,685 0,677 0,612 15 VIB 0,524 0,611 0,574 0,548 0,632 0,753 0,607 3,135 3,576 4,240 5,030 6,264 7,202 928 988 1,090 1,275 1,734 2,446 - 2,000 4,000 6,000 8,000 10,000 12,000 2013 2014 2015 2016 2017 2018 Thu nhập ngoài lãi Thu nhập lãi 21 16 BaoViet 0,710 0,532 0,565 0,630 0,716 0,453 0,601 17 NamAbank 0,399 0,594 0,677 0,598 0,584 0,598 0,575 18 ACB 0,474 0,513 0,612 0,616 0,574 0,646 0,573 19 Kienlong 0,726 0,619 0,594 0,478 0,532 0,432 0,564 20 ABBank 0,480 0,552 0,578 0,587 0,570 0,512 0,547 21 Eximbank 0,522 0,560 0,610 0,563 0,495 0,456 0,534 22 Seabank 0,437 0,381 0,480 0,663 0,627 0,580 0,528 23 HDbank 0,144 0,372 0,565 0,597 0,652 0,719 0,508 24 Sacombank 0,650 0,619 0,540 0,291 0,340 0,403 0,474 25 SCB 0,446 0,494 0,695 0,491 0,241 0,298 0,444 26 Vietcapital bank 0,482 0,435 0,408 0,375 0,466 0,441 0,434 27 MSB 0,469 0,446 0,361 0,501 0,331 0,431 0,423 28 NCB 0,394 0,402 0,469 0,367 0,470 0,399 0,417 29 PVcombank 0,292 0,140 0,111 0,230 0,294 0,232 0,216 Joint-stock commercial banks have dominant state ownership 0,741 0,793 0,784 0,734 0,772 0,800 0,771 Joint-stock commercial banks do not have dominant state ownership 0,585 0,606 0,659 0,633 0,653 0,623 0,626 Average technical efficiency of joint stock commercial banks 0,601 0,625 0,672 0,643 0,665 0,641 0,641 Source: Author's calculation results with the support of R software Table 2.17 shows that with the assumption of constant efficiency according to scale, commercial banks effectively use inputs and optimize output in the period 2013-2018 is MB (2013, 2014); VPbank (2018); Vietcombank (2015); SGB (2014); VietAbank (2015); These banks have an efficiency score of 1 and are on the efficiency frontier. In addition, other joint-stock commercial banks in the sample all have efficiency scores <1, which are called ineffective in terms of scale. 22 b. Measuring banks' business performance by scale-to-scale efficiency model DEA (VRS) Table 2.18: Measuring the business performance of joint-stock commercial banks in Vietnam 2013-2018 according to the change efficiency model by DEA (VRS) No Bank 2013 2014 2015 2016 2017 2018 Average 1 MB 1,000 1,000 0,901 0,810 0,807 0,923 0,907 2 SGB 0,845 1,000 1,000 0,937 0,835 0,817 0,906 3 BIDV 0,766 0,941 0,709 0,755 0,902 1,000 0,845 4 Vietcombank 0,707 0,739 1,000 0,801 0,819 1,000 0,844 5 VietA bank 0,808 0,796 1,000 0,749 0,818 0,794 0,827 6 Vpbank 0,594 0,608 0,784 0,981 0,995 1,000 0,827 7 Techcombank 0,529 0,741 0,837 0,830 1,000 0,957 0,816 8 BaoViet 1,000 0,955 0,817 0,774 0,757 0,537 0,807 9 PGbank 0,645 0,762 0,923 0,902 0,759 0,747 0,790 10 BacA bank 0,731 0,782 0,757 0,762 0,893 0,782 0,784 11 OCB 0,894 0,734 0,730 0,683 0,702 0,772 0,753 12 LienViet 0,770 0,612 0,868 0,822 0,775 0,669 0,752 13 Vietinbank 0,770 0,758 0,736 0,740 0,790 0,674 0,745 14 Tienphong bank 0,722 0,671 0,759 0,673 0,902 0,659 0,731 15 NamAbank 0,675 0,691 0,725 0,634 0,594 0,606 0,654 16 SHB 0,457 0,680 0,721 0,676 0,675 0,701 0,652 17 VIB 0,542 0,623 0,592 0,560 0,640 0,759 0,619 18 Kienlong 0,784 0,687 0,660 0,533 0,574 0,469 0,618 19 ACB 0,475 0,518 0,615 0,618 0,575 0,647 0,575 20 Vietcapital bank 0,690 0,593 0,636 0,484 0,515 0,504 0,570 21 Abbank 0,505 0,576 0,602 0,607 0,584 0,525 0,567 22 Seabank 0,464 0,426 0,491 0,663 0,627 0,580 0,542 23 Eximbank 0,522 0,563 0,617 0,572 0,496 0,463 0,539 24 HDbank 0,292 0,380 0,574 0,602 0,655 0,721 0,537 25 MSB 0,628 0,617 0,370 0,508 0,337 0,434 0,482 26 Sacombank 0,653 0,621 0,542 0,294 0,342 0,403 0,476 27 NCB 0,488 0,501 0,522 0,406 0,479 0,405 0,467 28 SCB 0,447 0,494 0,699 0,491 0,241 0,341 0,452 29 Pvcombank 0,789 0,216 0,202 0,238 0,295 0,232 0,329 Joint-stock 0,748 0,813 0,815 0,765 0,837 0,891 0,811 23 commercial banks have dominant state ownership Joint-stock commercial banks