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”
Tag Archives: banking
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”
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”
Former chairman of top Vietnam bank dies in prison
Advertisements Tran Bac Ha, former chairman of BIDV, died while being held for alleged banking violations in Hanoi. Colonel Do Quang Mao, a senior official at the 105 Military Hospital, told VnExpress that Ha, 62, was brought dead to the hospital Thursday morning by staff members of a prison in Hanoi’s Ba Vi District. SinceContinue reading “Former chairman of top Vietnam bank dies in prison”
CIO interview: Tran Nhat Minh and digital transformation journey at VIB
Advertisements The financial services industry is going through dramatic changes as a consequence of changing customer behavior, increasing expectations, channel proliferation, disruption, innovative use and adoption of new technologies and the digitization of business and society in general. Cost reductions, increasing top-line revenue and mitigating risk remain the key drivers, also in retail banking. TheContinue reading “CIO interview: Tran Nhat Minh and digital transformation journey at VIB”
Bank stocks move market up
Advertisements Vietnamese shares advanced on Tuesday morning, driven by banking-financial companies. The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.56 per cent to close at 977.98 points. The VN-Index dropped 0.29 per cent on Monday. Nearly 90.7 million shares were traded on the southern bourse, worth VND2 trillion (US$87.6 million). Bank andContinue reading “Bank stocks move market up”
VIB hits VND1,820 billion in profit in H1 2019, leads the market in bancassurance, card issuance
Advertisements Vietnam International Bank (VIB) has earned VND 1,820 billion in profit in the first 6 months of 2019, leading the market in life insurance distribution and card issuance. According to its first half-year financial report for 2019, revenue of the bank reached VND 3,662 billion, up 36% YOY, of which net profit from servicesContinue reading “VIB hits VND1,820 billion in profit in H1 2019, leads the market in bancassurance, card issuance”
Vietnam Seeks to Sell Stake in Military Commercial Bank: WSJ
Advertisements Lender has more than 100 branches, $16 billion in assets and a market cap close to $2 billion Vietnam’s government is looking to sell part of its stake in Military Commercial Joint Stock Bank , MBB -0.23% a large local lender with a market capitalization of close to $2 billion, people familiar with theContinue reading “Vietnam Seeks to Sell Stake in Military Commercial Bank: WSJ”
Banks rush to buy back bad debts
Advertisements Many banks have bought back the bad debts that they had sold before to the Vietnam Asset Management Company (VAMC), taking a new step forward in bad debt settlement. Vietcombank, Techcombank, MB Bank, OCB, VIB and ACB are pioneering the movement. Other banks, Eximbank, TP Bank, Kien Long Bank, VP Bank, BIDV, Eximbank andContinue reading “Banks rush to buy back bad debts”
Will Vietnam loosen monetary policies?
Advertisements Some central banks have loosened monetary policy to promote economic growth. Bloomberg reported that the US FED has decided to keep the reference interest rate unchanged at 2.25-2.5 percent after a meeting discussing the monetary policies last week. The US FED may issue the first interest rate reduction since 2008 because of uncertainties theContinue reading “Will Vietnam loosen monetary policies?”
Vietcombank to open New York rep office
Advertisements Bank licensed by New York and US regulators to open office in Q3. The New York representative office of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is expected to officially begin operations in the third quarter of this year, becoming an extended arm of Vietcombank in North America and theContinue reading “Vietcombank to open New York rep office”
VIB pushing cashless payment solutions
Advertisements Local bank staying abreast of cashless trends in Vietnam. Vietnam International Bank (VIB) recently shared its initiatives to pivot to cashless transactions and emphasized the benefits to consumers in Vietnam. Ms. Tran Thu Huong, Head of Retail Banking – Strategic Businesses and Head of the Strategy & Business Support Department at VIB, underlined theContinue reading “VIB pushing cashless payment solutions”
Foreign investors to join restructuring of Vietnamese banking system
Advertisements Recently, foreign investors have been ramping up their presence in the Vietnamese market, with foreign banks in particular expressing eagerness to jump on the mergers and acquisitions (M&A) bandwagon in the banking sector. The case of JTrust conglomerate from Japan recently joining the restructuring of Construction Bank (CBank) has raised the possibility of cross-borderContinue reading “Foreign investors to join restructuring of Vietnamese banking system”
VPBank partners with VinaCapital to provide investment options
Advertisements Two sign strategic cooperation agreement to provide bank’s priority individual customers with outstanding investment products. The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and VinaCapital Fund Management (VCFM), a member of the VinaCapital Group, one of Vietnam’s leading investment and asset management firms, recently signed a strategic partnership agreement in which the two willContinue reading “VPBank partners with VinaCapital to provide investment options”
Local banks are racing to develop retail markets
Advertisements Seeing the potential from a population of 96 million and the 2018 per capita GDP of 2,590 USD, Vietnamese banks are racing to develop retail markets. Retail banking is closely associated with consumer lending. In 2008, total outstanding loans for consumer lending accounted for only 3.8 percent of all outstanding loans, but now itContinue reading “Local banks are racing to develop retail markets”