In the wave of streamlining, a financial company 'cut' more than a thousand people, reducing nearly 90% of its staff.

VietCredit's 4th quarter 2024 financial report said that this finance company only had 181 employees by the end of 2024, a reduction of more than 86% of its staff after just one year.

VietCredit is a finance company with charter capital of over 900 billion VND, headquartered in Hanoi - Photo: VietCredit

Many businesses have "strongly" cut staff in 2024, for example, Tin Viet Finance Joint Stock Company - VietCredit.

VietCredit's recently announced Q4-2024 financial report said that this finance company only had 181 employees at the end of 2024, a decrease of 1,146 people, equivalent to "cutting" more than 86% of its staff after one year.

VietCredit cuts staff amid unfavorable business situation. Full-year revenue in 2024 according to the company's self-reported report reached VND1,069 billion, down 20% compared to 2023.

Interest expenses and similar expenses will decrease from VND420 billion in the fourth quarter of 2023 to VND312 billion in the fourth quarter of 2024.

However, VietCredit's net interest income last year still decreased sharply, plus net loss from service activities and loss from trading investment securities also increased sharply.

As a result, VietCredit reported a loss after tax of 152 billion VND - the highest loss ever. In 2023, the company still had a profit of more than 19 billion VND.

	Net profit
2009	61
2010	81.36
2011	37.4
2012	2.4
2013	24.9
2014	32
2015	34
2016	3.7
2017	12
2018	-52
2019	14
2020	32
2021	36
2022	63
2023	19.2
2024	-152

VietCredit experienced the biggest loss since 2009 - Data: Financial statements

On the positive side, although the whole year of 2024 reported a loss, the fourth quarter alone returned to profit. By the end of last year, VietCredit's total assets reached VND8,163 billion, up nearly 20% compared to the beginning of the year. Of which, outstanding loans to customers reached VND6,299 billion, up 36%.

According to VietCredit leaders, in the fourth quarter of last year, the company launched loan products on platforms such as MOMO, Viettel Money, My Viettel... bringing credit sources to potential customers through 100% digitalization.

Accordingly, digital products contributed 22% to the company's total outstanding loans at the end of 2024.

The trend of cutting staff is not only in financial companies, many banks have also streamlined their apparatus in the past year.

Typically, Sacombank , the parent bank, reduced 354 employees after one year, leaving 17,058 people at the end of last year.

Taking a more "aggressive" approach in restructuring its apparatus, BIDV also reduced 1,107 employees at the parent bank. By the end of 2024, BIDV will have 26,069 people.

VIB is also one of the banks reducing its staff size by 476 people after one year, to 11,323 employees by December 31, 2024.

Similarly, ACB - the bank chaired by Mr. Tran Hung Huy - also cut 377 people in 2024 after recruiting heavily in 2023. ACB brought the total number of remaining employees at the end of 2024 to 12,847 people.

On the contrary, many credit institutions also increased the number of employees, such as MBBank recruiting 1,674 more people, VPBank recruiting 1,404 more employees...

Source: https://tuoitre.vn/trong-con-song-tinh-gian-mot-cong-ty-tai-chinh-cat-hon-nghin-nguoi-giam-gan-90-nhan-su-20250215110817478.htm