Advertisements Vietnam’s National Assembly, the country’s lawmaking body, on Thursday ratified the appointment of Nguyen Thi Hong as the country’s central bank governor. Hong, 52, replaced Le Minh Hung, who was appointed to a senior role in the ruling Communist Party. The appointment of Hong, who has worked at the central bank since 1991 andContinue reading “Vietnam appoints new central bank governor”
Category Archives: Finance
Vietnamese prefers shopping on social networks over e-commerce websites
Advertisements Vietnamese people are shopping on social networks more than on e-commerce websites. The payment methods for goods exchanged on the social networks, however, remains very ‘primitive’. Tiki, Lazada, Shopee and other marketplaces make up 40 percent of total e-commerce transactions in Vietnam. This information was released at the cooperation agreement signing ceremony between Vietnam’sContinue reading “Vietnamese prefers shopping on social networks over e-commerce websites”
VIB officially listed on the Ho Chi Minh City Stock Exchange
Advertisements Nearly 1 billion shares of Vietnam International Bank (VIB) being listed on the Ho Chi Minh City Stock Exchange (HOSE) with the reference price for the first day of trading at VND 32,300 /share. “It is an important step for VIB to list shares on HOSE and this is also the basis to keepContinue reading “VIB officially listed on the Ho Chi Minh City Stock Exchange”
Potential impacts of Biden administration on Vietnam economy
Advertisements The US – Vietnam relations have witnessed steady progress over the past 25 years, ranging from politics, foreign policy, to economy and trade, among others. Vietnam, given its large population of over 90 million and strategic location in the Asia – Pacific region, is fast becoming a major part in superpowers’ policies, including theContinue reading “Potential impacts of Biden administration on Vietnam economy”
Vietnamese stock market to expand growth this week, less affected by the US presidential election
Advertisements Vietnamese shares are forecast to move positively this week, less affected by the US presidential election than initially assumed. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange increased 0.06 per cent to close Friday at 938.29 points. It had risen 1.39 per cent last week. An average of 307.9 million shares wereContinue reading “Vietnamese stock market to expand growth this week, less affected by the US presidential election”
Chubb appoints new Country President for Vietnam’s general insurance business
Advertisements Chubb announced today the appointment of Khue Dinh as the new Country President for Vietnam’s general insurance business with immediate effect. In her new role, Ms. Dinh will oversee the operations and business development activities of Chubb’s key business lines in Vietnam namely, Property & Casualty as well as Accident & Health Insurance.Continue reading “Chubb appoints new Country President for Vietnam’s general insurance business”
SeABank achieves a pre-tax profit of VND 1,131 billion in 9 months
Advertisements Southeast Asia Commercial Joint Stock Bank (SeABank – Vietnam) announced the business results for the first 9 months of 2020 with pre-tax profit reached VND 1,131 billion, an increase of nearly 66% compared to the same period in 2019 and completed 75% of the plan for 2020. Other business indexes increased over the sameContinue reading “SeABank achieves a pre-tax profit of VND 1,131 billion in 9 months”
The VN-Index climbed 0.47 percent with non-blue chips driving the gains
Advertisements The VN-Index climbed 0.47 percent to 939.76 points Wednesday, with non-blue chips driving the gains. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, this session saw 297 stocks gain and 119 lose. Total trading volume went up by more than 10 percent over the previous session to VND7.04 trillionContinue reading “The VN-Index climbed 0.47 percent with non-blue chips driving the gains”
Former BIDV executives jailed for violations of banking regulations
Advertisements Two former executives of the State-run Bank for Investment and Development of Việt Nam (BIDV) received a total sentence of 14 years and six months behind bars for violations of banking regulations. After a week of deliberation, on Monday afternoon, the Hà Nội People’s Court has delivered its verdict against 12 defendants in theContinue reading “Former BIDV executives jailed for violations of banking regulations”
Vietnam’s economy is forecasted to rebound strongly
Advertisements Vietnamese economy was forecast to expand from 1.6% to 2.8% in 2020, according to updated reports of international organizations. The International Monetary Fund (IMF) revised down its forecast for Vietnam’s GDP growth to 1.6% in 2020 from a previous estimate of 2.7% in June. Vietnam, however, remains the only country among major economies in ASEANContinue reading “Vietnam’s economy is forecasted to rebound strongly”
Banks allowed to use foreign e-wallets for international payment services
Advertisements The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services. Under current regulations, domestic banks are only allowed to cooperate with foreign banks and international card organisations for international payments. There are no regulations for international paymentsContinue reading “Banks allowed to use foreign e-wallets for international payment services”
Vietnam to remain the ninth largest remittance recipient globally
Advertisements In the East Asian and Pacific region, Vietnam ranked third after China and the Philippines. Vietnam is forecast to remain the ninth largest remittance recipient globally with an inflow of US$15.6 billion in 2020, slightly declining from US$17 billion received in 2019 and accounting for 5.8% of its GDP, according to the World Bank’sContinue reading “Vietnam to remain the ninth largest remittance recipient globally”
Half of internet users in Asia will use digital financial services
Advertisements Analysts of the international fintech holding UnaFinancial revealed that more than half of internet users in the developing countries in South and Southeast Asia will be using digital financial services by 2025. Besides, by 2027 even digitally underdeveloped countries in the region will provide access to the Internet and digital technologies to 85% ofContinue reading “Half of internet users in Asia will use digital financial services”
New storm hits Vietnam’s stock market
Advertisements Vietnamese shares posted the worst loss in three months on Wednesday on the landing of a new storm in the central region, raising concerns over the economic growth and business performance in the rest of the year. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange plunged 2.69 per cent or 25.42 pointsContinue reading “New storm hits Vietnam’s stock market”
Banks report profit growth but high bad debts
Advertisements Most banks reported profit growth in the first nine months, but bad debts posted a double-digit rise due to the impacts of the Covid-19 pandemic. VPBank saw its pre-tax profits surge by nearly 30 percent year-on-year to VND9.4 trillion ($402.75 million) as it managed to cut operating costs by nearly 6 percent. But itsContinue reading “Banks report profit growth but high bad debts”