Year 2018 can be considered a “great success” of National Payment Corporation of Vietnam (NAPAS) the only unit administering and operating a switching system, providing payment infrastructure for dozens of domestic and foreign banks in Vietnam.
According to information of VietnamFinance, in 2018, NAPAS’s net revenue reached 1.588 trillion dong, up by 37 percent compared to 2017.
Thanks to the sharp decrease in the Cost of goods sold on Net revenue (from 72 percent in 2017 to 68 percent in 2018), the gross profit of NAPAS increased stronger than revenue (by 56 percent), reaching 514 billion dong.
In 2018, NAPAS also recorded 58 billion dong of revenue from financial activities, up by 39 percent; while its financial expenses were insignificant at 312 million dong. The company did not record selling expenses. Regarding corporate management expenses, the number in 2018 was 73 billion dong, down by 31 percent over 2017.
Thanks to the strong revenue growth and reduction in costs, closing the year 2018, NAPAS’s pre-tax profit reached 498 billion dong, up by 88 percent over 2017.
NAPAS was established in 2004, renamed from Vietnam National Financial Switching Joint Stock Company (Banknetvn) from February 4th 2016, on the basis of merging with Smartlink Card Services Joint Stock Company to build a unified card switching centre under the direction of the prime minister and the SBV.
As being a unit which builds and completes the national retail payment infrastructure, NAPAS is licensed by the SBV to provide financial switching and electronic clearing services in Vietnam. The largest shareholder of NAPAS is the SBV with 49 percent ownership rate.
NAPAS is operating and managing a switching system connecting more than 17,000 ATMs; 270,000 POS machines; 300 electronic payment businesses in the fields of aviation, telecommunications, hotels, and tourism; serving more than 100 million cardholders of 46 domestic and foreign commercial banks operating in Vietnam.
In terms of organisational structure, NAPAS’s Chairwoman of the Board of directors is currently Nguyen Tu Anh and two vice Chairmen including Nguyen Minh Phuong vice general director of Commercial Joint Stock Bank for Agriculture and Rural Development of Vietnam (Agribank) and Dao Minh Tuan vice general director of Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank). In addition, representatives of Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV), Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank) and Asia Commericial Joint Stock Bank (ACB) also join NAPAS Board of directors.
