Advertisements There has been a major reshuffle in profit rankings at the top of the banking industry due to the effects of the pandemic and provisioning for bad debts. While the top 10 list in terms of profits remained unchanged from last year, there were major changes in rankings. In the public sector, VietinBank reportedContinue reading “Top banks by profits switch places due to Covid-19”
Category Archives: Finance
Gold prices soar to highs
Advertisements Gold prices soared to highs on Wednesday morning, exceeding US$2,000 per ounce on the global market and nearing VNĐ59 million (US$2,554) per tael (1.2 ounces) in Việt Nam. On Wednesday morning, Saigon Gold and Jewelry Company listed each tael of SJC gold at VNĐ57.5 million for buying and VNĐ58.72 million for selling, increases ofContinue reading “Gold prices soar to highs”
IFC finances US$140 million to support Vietnamese businesses affected by COVID-19
Advertisements The International Finance Corporation (IFC) is extending US$140 million in total financing to two Vietnamese commercial banks to help them support businesses, especially small- and medium-sized enterprises (SMEs), that have suffered from the COVID-19 pandemic. The IFC will provide US$100 million to VPBank and another US$40 million to Orient Commercial Joint Stock Bank (OCB)Continue reading “IFC finances US$140 million to support Vietnamese businesses affected by COVID-19”
Eximbank closes down transaction office after coronavirus patient’s visit
Advertisements A bank in Vietnam on Monday announced that it would close an office in Ho Chi Minh City as a COVID-19 patient had visited it. The Vietnam Export Import Bank (Eximbank)’s transaction office will be shuttered for 14 days from Monday, the lender said in a notice. The office is located at 373 SuContinue reading “Eximbank closes down transaction office after coronavirus patient’s visit”
Vietnam becomes the world’s fifth fastest growing economy: World Bank reports
Advertisements A World Bank report projects Vietnam’s GDP to grow at 2.8 percent this year, making it the world’s fifth fastest growing economy. It estimated a second half growth of 3.5 percent that would bring the year’s GDP growth to 2.8 percent, the fifth fastest-growing economies in the world this year “behind a small groupContinue reading “Vietnam becomes the world’s fifth fastest growing economy: World Bank reports”
VN-Index drops again due to Covid-19
Advertisements The VN-Index fell 2.77 percent to 790.84 points Wednesday, after eight new intra-community Covid-19 transmissions were confirmed in the morning. The index had fallen to 780 points by around 1.15 a.m from 813.36 points at the beginning of the session, but managed to pick up 10 points by the end of the session. NewsContinue reading “VN-Index drops again due to Covid-19”
Gold price in Vietnam rockets to an all-time high
Advertisements The price of gold in Vietnam rocketed to an all-time high of above VND58 million per tael on July 28 due to the rising momentum in the global gold price. After making a new record, the precious metal quickly cooled down again. Saigon Jewelry Company bought gold at VND55.75 million per tael and soldContinue reading “Gold price in Vietnam rockets to an all-time high”
Vietnam’s gold prices peaked anew Monday
Advertisements Vietnam’s gold prices peaked anew Monday as global rates soar to an all-time high amid the worsening coronavirus pandemic. State-owned Saigon Jewelry Company sold its popular SJC gold at VND56.7 million ($2,472) per tael of 37.5 grams (1.2 ounces) Monday morning, up 3 percent from Saturday. The country’s largest jewelry company, DOJI, sold atContinue reading “Vietnam’s gold prices peaked anew Monday”
Timo joins hands with Viet Capital Bank as its new banking partner
Advertisements Timo, the first digital bank in Vietnam, which developed by the Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) and Global OnlineFinancial Solution has just announced its new banking partner – the Viet Capital Bank. Timo is the first bank in the country without branches or traditional transaction offices. All services, including ATM cards,Continue reading “Timo joins hands with Viet Capital Bank as its new banking partner”
Moody’s confirms ratings of 3 finance companies and 2 banks in Vietnam
Advertisements Moody’s rating action concludes the review for downgrade initiated on April 7, 2020. Moody’s Investors Service has confirmed the long-term ratings and assessments of three finance companies and two banks in Vietnam. The three finance companies are VPBank Finance Company Limited (FE Credit), Home Credit Vietnam Finance Company Limited (HCV), and SHB Finance CompanyContinue reading “Moody’s confirms ratings of 3 finance companies and 2 banks in Vietnam”
Banks report strong growth in profit despite Covid-19
Advertisements Banks have reported excellent figures in the second quarter by delaying provisioning for doubtful debts, which will eventually cut into their profits in future. Some lenders achieved pre-tax profit growth of over 20 percent year-on-year, including VIB (up 41 percent), HDBank (40 percent) and Vietinbank (39 percent), despite earlier forecasts the Covid-19 pandemic couldContinue reading “Banks report strong growth in profit despite Covid-19”
Consumer loans increase rapidly
Advertisements The number of consumer loans has been increasing rapidly, but the legal framework to control the activities is not strong. To eliminate ‘black credit’, experts are urged to set up policies to encourage the establishment of finance companies which allow more clients to access consumer loans. The State Bank of Vietnam (SBV) also encouragesContinue reading “Consumer loans increase rapidly”
VIB reports positive business result in the first half year 2020
Advertisements Vietnam International Bank (VIB) just announced its semi-financial report 2020, according to the latest report, profit before tax of the bank has reached VND2.356 billion. Positive business result End of first half year 2020, total operating income of Vietnam International Bank (VIB) was VND4.815 billion, profit before tax (PBT) exceeded 52% business plan, reachedContinue reading “VIB reports positive business result in the first half year 2020”
Domestic gold price reaches VND51 million per tael
Advertisements The domestic SJC gold price moved higher to surpass VND51 million per tael for the first time on July 21, marking its highest level since August 2011. The latest peak comes after the Saigon Gold, Silver and Gemstone joint stock company quoted its SJC gold price for the opening transaction session at VND50.65 millionContinue reading “Domestic gold price reaches VND51 million per tael”
Insider view of M&A in Vietnam
Advertisements Mergers and acquisitions are useful tools in facilitating corporations in deploying their business in Vietnam. This can be structured in two common ways, (i) purchase of shares, or (ii) purchase of assets. Various commercial, tax and financial considerations will determine the structure. An acquisition in the form of a share deal, which can preserveContinue reading “Insider view of M&A in Vietnam”