Advertisements Vietnamese merchants dislike credit card payments, and they are not alone. Vendors across the world are refusing to serve credit card customers. In Southeast Asia, cash is king- nearly 70% [1] of all transactions still involve paper money. Yet governments across the ASEAN region are doggedly pushing for a transition to a cashless society.Continue reading “Why Merchants in Vietnam don’t like credit cards?”
Category Archives: Finance
Thousands of Vietnamese bank’s employees ‘quit’
Advertisements In addition to fluctuating business performance, 2019’s first half also saw staff fleeing banks by the thousands. In the first half, six out of 20 banks reported pre-tax profit falling on-year. The banks include Eximbank, SCB, VietABank, VietcapitalBank, OCB, and VPBank. Van Anh reports on VIR. Related: BIDV, Vietcombank, and Vietinbank keep shouldering hundreds ofContinue reading “Thousands of Vietnamese bank’s employees ‘quit’”
BIDV, Vietcombank and Vietinbank keep shouldering hundreds of millions of US dollars in irrecoverable debts
Advertisements Growing bad debts reaching hundreds of millions of US dollars keep pressuring BIDV, Vietcombank, and VietinBank. As of the end of June, the three banks’ total bad debts reached VND41.265 trillion ($1.79 billion), up 6.5 per cent against early 2019 and 22 per cent on-year. In addition, irrecoverable debts occupied more than half ofContinue reading “BIDV, Vietcombank and Vietinbank keep shouldering hundreds of millions of US dollars in irrecoverable debts”
Why PE investors believe returns will hold up in Vietnam
Advertisements Can the industry build on its recent successes in one of Asia’s most promising markets? And can it do so without compromising returns? According to a report on Finance Asia, over the past few years, Vietnam has started to come into its own as one of Asia’s most dynamic private equity PE markets thanksContinue reading “Why PE investors believe returns will hold up in Vietnam”
Bad debts on the rise in H1 2019
Advertisements Though many banks have posted positive profits in the first half of 2019, their bad debts have continually increased in the wake of high credit growth in risky business segments. Latest financial statements of 21 banks showed their total non-performing loans (NPLs) rose by nearly VNĐ7 trillion (US$300.4 million) against the beginning of thisContinue reading “Bad debts on the rise in H1 2019”
Hanoi names and shames tax avoiding firms
Advertisements The Hanoi Department of Taxation has released a list of companies owing VND528 billion (USD22.9 million) in taxes. The list includes several major real estate enterprises. Among those, Song Da 9.06 Joint Stock Company owed VND40 billion (USD1.73 million) by late Many. It is followed by Bac Ha Urban Construction Investment Joint Stock Company,Continue reading “Hanoi names and shames tax avoiding firms”
Banks rush to cash in on Vietnam’s FDI boom: The Banker
Advertisements Vietnam has seen a boost from investment moving out of China, significantly increasing its foreign direct investment levels. Peter Janssen (The Banker) looks at how international and domestic banks are grabbing a share of this growing business. Shinhan Bank Vietnam finds itself in an enviable position. The South Korean bank was one of theContinue reading “Banks rush to cash in on Vietnam’s FDI boom: The Banker”
Vietnamese banks ride the retail tide: The Banker
Advertisements Vietnam has seen a period of growth that has made its banks stronger than ever. Driven by digital and retail trends, they are now planning for a new kind of future. Peter Janssen reports on The Banker. Vietnam’s leading banks have experienced rapid growth over the past three years, riding high on an explosionContinue reading “Vietnamese banks ride the retail tide: The Banker”
VN-Index grows for second day on corporate prospects
Advertisements Việt Nam’s benchmark VN-Index advanced for a second day on the back of realty, retail and consumer staple sectors as investors are looking towards prospects for the upcoming months. The VN-Index on the Hồ Chí Minh Stock Exchange rose 0.58 per cent to close at 997.39 points, totalling a two-day gain of 1.15 perContinue reading “VN-Index grows for second day on corporate prospects”
Vietnam commercial banks report no losses in H1
Advertisements Among 25 banks that have announced H1 business results, none reported losses and some have posted robust profit growth. State-owned Vietcombank continued to top the chart with a pretax profit of VND11.3 trillion ($487.48 million), a 40.9 percent rise and higher than the combined profit of the next two banks. Techcombank was second withContinue reading “Vietnam commercial banks report no losses in H1”
Vietnam’s foreign reserves hit record high $68 billion
Advertisements Việt Nam’s foreign reserves hit a record high of US$68 billion at the end of June, revealed a report from the HCM City Banking University. According to the report, foreign investment capital inflows have helped the country build up its foreign reserves to double the figure of three years ago. The sufficient foreign reservesContinue reading “Vietnam’s foreign reserves hit record high $68 billion”
South Eastern Vietnam shows the highest demand for online financing
Advertisements According to the findings on the regional demand for online financing mapped [1] by the analysts of the international fintech holding Robocash Group, residents of South Eastern Vietnam use relevant services more than twice as often as on average in the country. Second place belongs to Red River Delta: the interest in online financingContinue reading “South Eastern Vietnam shows the highest demand for online financing”
Vietnam’s stocks dragged down by strong selling
Advertisements Vietnamese shares declined on Monday morning as large-cap companies began to suffer from profit-taking. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange fell 0.49 per cent to close at 988.48 points. The benchmark index gained a total of 1.1 per cent last week. More than 75 million shares were traded on theContinue reading “Vietnam’s stocks dragged down by strong selling”
VIB offers three promotions for new savings accounts
Advertisements From now until October 24, 2019, customers opening a new savings account at Vietnam International Bank (VIB) will receive three interest rate promotions, including an additional 0.1% interest rate per year, an additional 1% on all accumulated interest, and one of the most competitive interest rates on the market. The promotion program called “SavingsContinue reading “VIB offers three promotions for new savings accounts”
Selling pressure sends stocks down
Advertisements Selling pressure increased at the end of Monday’s session, affecting market sentiment and creating a big variation in large-cap prices. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange slipped 0.03 per cent to close at 982.04 points. More than 164.4 million shares were traded on the southern bourse, worth VNĐ4 trillion (US$174Continue reading “Selling pressure sends stocks down”