Advertisements The State Bank of Viet Nam has decided to lower annual interest rates by 0.5%, applicable since May 13. Specifically, refinancing and discount rates were reduced from 5% and 3.5% down to 4.5% and 3%, respectively, while overnight electronic interbank rate was slashed to 5.5% from 6%. The rate for financial instruments traded underContinue reading “Central bank lower annual interest rates”
Tag Archives: banking
Five banks listed in Vietnam’s top 10 most profitable companies
Advertisements Vietnam’s top 10 most profitable listed companies, half of them banks, posted VND37 trillion ($1.6 billion) in pretax profits in the first quarter. Vinhomes became the most profitable listed company with VND10.1 trillion ($428 million) in pretax profit, up 200 percent year-on-year. The surge came as the company’s revenue from financing activities tripled toContinue reading “Five banks listed in Vietnam’s top 10 most profitable companies”
Techcombank first-quarter earnings beat forecasts as profit before tax up 19.2 percent YoY
Advertisements Vietnam Technological and Commercial Bank (Techcombank) delivered a record profit before tax (PBT) of VND3.1 trillion (US$132.09 million) in the first quarter of 2020, up 19.2 percent year-on-year, on total operating income (TOI) of VND6 trillion ($255.53 million), up 37.3 percent year-on-year, extending the streak to 18 quarters of year-on-year revenue growth amid aContinue reading “Techcombank first-quarter earnings beat forecasts as profit before tax up 19.2 percent YoY”
Vietnam’s HDBank profits increase by 13.5% in Q1 2020
Advertisements The HCM City Development Bank (HOSE: HDB) has released its financial statements for the first quarter showing a total consolidated operating income that increased by 27.8 percent year-on-year to VND3.15 trillion (US$134.4 million) and pre-tax profit that increased by 13.5 percent was VND1.25 trillion ($53.4 million). It had total consolidated assets of VND231.8 trillionContinue reading “Vietnam’s HDBank profits increase by 13.5% in Q1 2020”
Vietnamese Banks’ Rating Outlooks Lowered on Coronavirus Impact
Advertisements Fitch Ratings has revised the outlook on the long-term issuer default ratings (IDRs) of two State-owned banks and a wholly foreign-owned bank in Vietnam to Stable from Positive, and the outlooks for two joint stock commercial banks to Negative from Stable. The affected banks include VietinBank (IDR: ‘BB-‘; Outlook revised to Stable from Positive; ViabilityContinue reading “Vietnamese Banks’ Rating Outlooks Lowered on Coronavirus Impact”
Fitch Revises Outlook on ANZ Vietnam to Stable from Positive
Advertisements Fitch Ratings has revised the Outlook on ANZ Bank (Vietnam) Limited’s (ANZV) Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable, from Positive, and affirmed the rating at ‘BB’. This follows the 8 April 2020 Outlook revision on Vietnam’s IDR to Stable, from Positive, due to the impact of the escalating global coronavirus pandemic onContinue reading “Fitch Revises Outlook on ANZ Vietnam to Stable from Positive”
Vietnam’s banks not allowed to pay cash dividends
Advertisements Furthermore, lenders are not allowed to pay cash dividends to their shareholders to focus resources to slash lending rates on current and new loans. Particularly, the State Bank of Vietnam (SBV) has issued Directive No.02/CT-NHHH on March 31, 2020 on relief measures of the banking sector to blunt and mitigate the economic fallout fromContinue reading “Vietnam’s banks not allowed to pay cash dividends”
Vietnam banks offer assistance to businesses affected by coronavirus
Advertisements In response to the State Bank of Vietnam’s appeal, a number of credit institutions have announced plans to support businesses affected by the novel coronavirus epidemic. HDBank has offered low-interest loans and waived fees on international payments for businesses that supply drugs and medical equipment. It has also cut their transaction fees for domesticContinue reading “Vietnam banks offer assistance to businesses affected by coronavirus”
Banking systems experience intense Tet surge
Advertisements Banks, ATMs, and online banking systems have been overloaded towards the end of the Lunar New Year, forcing customers to wait long hours. Hoa went to a major bank on Hanoi’s Duy Tan Street early one recent afternoon to process payment of a loan. She was happy to notice that her turn would comeContinue reading “Banking systems experience intense Tet surge”
Vietnam’s banks to complete shift to chip cards in 2 years
Advertisements Vietnam’s banks started replacing magnetic cards with chip cards some years ago, but the process has been going slowly. Speaking at a forum on developing e-payment ecosystem development held in late 2019, Deputy Prime Minister Vu Duc Dam said the Party’s Politburo released a resolution on the 4.0 industry revolution. The government also releasedContinue reading “Vietnam’s banks to complete shift to chip cards in 2 years”
Vietnam’s VPBank: 2019 profit before tax reached VND10,334 billion, up 12.3% YoY
Advertisements Vietnam Prosperity Joint Stock Commercial Bank (VPBank) just announced its record consolidated profit before tax of VND10,334 billion for 2019, exceeding the target by 9% and up 12.3% year over year. VPBank has officially entered the VND10 trillion profit banking club. The pre-tax profit of the bank was VND5,835 billion, accounting for nearly 57%Continue reading “Vietnam’s VPBank: 2019 profit before tax reached VND10,334 billion, up 12.3% YoY”
Finance industry rules Forbes Vietnam’s top 100
Advertisements Forbes Vietnam’s list of 100 largest public companies has seen the dominance of banks, with 22 representatives ranked. Six of the top 10 positions were occupied by commercial banks, including Vietcombank, BIDV, VietinBank, Techcombank, VPBank and MB Bank. The next prominently ranked industry groups by number were oil and gas, real estate and retail.Continue reading “Finance industry rules Forbes Vietnam’s top 100”
HDBank opens rep office in Myanmar
Advertisements Bank also signs agreement with Viettel Global during PM’s official visit to Myanmar. During the official visit to Myanmar by Prime Minister Nguyen Xuan Phuc, HDBank opened its first representative office in the country and signed a comprehensive cooperation agreement with the Viettel Global Investment JSC, which is expected to contribute to promoting economicContinue reading “HDBank opens rep office in Myanmar”
Bank stocks push market up
Advertisements Shares managed to increase on Wednesday thanks to the growth of banking stocks. The VN-Index on the Hồ Chí Minh Stock Exchange (HOSE) increased 0.15 per cent to end Wednesday at 961.78 points. Nearly 216.5 million shares worth almost VNĐ4.4 trillion (US$188 million) were traded on the southern market. The benchmark index had lostContinue reading “Bank stocks push market up”
Asian Development Bank to have new president
Advertisements Masatsugu Asakawa has been unanimously elected President of the Asian Development Bank (ADB) by its Board of Governors. Asakawa, 61, currently Special Advisor to Japan’s Prime Minister and Minister of Finance, will assume office as ADB’s 10th President on 17 January 2020. He will succeed Takehiko Nakao, who will leave office on 16 JanuaryContinue reading “Asian Development Bank to have new president”