Businesses at the ceremony held in HCM City. — Photo courtesy of Vietnam Report Top public companies and those in the banking, insurance, and technology sectors in 2022 were announced by the Vietnam Report JSC and VietNamNet newspaper on Wednesday. The Viet Nam Top 50 Public Companies (VIX50) are led by Vinhomes JSC, Hoa Phat Group JSC, Masan Group JSC, Mobile World Investment Corp, Viet Nam International Commercial Joint Stock Bank (VIB), Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank), Duc Giang Chemicals Group JSC, Viet Nam Technological and Commercial Joint Stock Bank (Techcombank), Military Commercial Joint Stock Bank (MB), and Asia Commercial Joint Stock Bank (ACB). The rankings were compiled based on Vietnam Report’s independent research and assessment of public companies’ financial strength, media reputation, growth potential, sustainability, governance quality, and stature in their sectors. Meanwhile, the Top 10 Banking Reputation Awards were … [Read more...] about Businesses awarded for top reputations
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Top 10 reputable banks of Vietnam honoured
The ceremony jointly held by the Vietnam Report JSC and the VietNamNet newspaper (Photo: https://diendandoanhnghiep.vn) Hanoi (VNA) – Winners of the Top 10 Banking Reputation Awards were honoured at a ceremony jointly held by the Vietnam Report JSC and the VietNamNet newspaper in Hanoi on August 3. The awards were presented to Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Vietnam Prosperity Joint Stock Commercial Bank (VPBank), and Military Commercial Joint Stock Bank (MB). On the list were also Asia Commercial Joint Stock Bank (ACB), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam International Commercial Joint Stock Bank (VIB), and Vietnam Bank for Agriculture and Rural Development (Agribank). (Photo: … [Read more...] about Top 10 reputable banks of Vietnam honoured
Service fee for money transfer to ETC accounts should be exempted, reduced
Employees of an ETC service provider is helping a vehicle driver to deposit money into his traffic account. Nguyen Van H from District 7 of Ho Chi Minh City informed that when transferring VND200,000 (US$8.5) from Citibank to ePass app to pay toll at collection booths, he is charged a service fee of VND6,000 ($0.26). Similarly, L.N.N. from District 12 is charged VND10,000 ($0.43) when transferring VND1 million ($42.7) from Agribank to VETC app for toll payment. A money transfer of VND200,000 ($8.5) from the e-wallet Momo also costs a fee of VND3,000 ($0.13). She annoyingly said that this fee, despite being a tiny sum, is still higher than the fee to transfer money between banks, which is normally free of only VND1,000 ($0.04). Only a minor quantity of banks like BIDV now allows this money transfer to ETC apps free of charge. To encourage cashless payment, recently, various e-wallet companies like Momo, Grab have run promotion campaigns. With each customer depositing a few … [Read more...] about Service fee for money transfer to ETC accounts should be exempted, reduced
Securities firms raise capital on recovery of stock prices
A worker talking to an investor at MB Securities' office. — Photo courtesy of MBS Despite poor business results in the second quarter, many securities stocks have rebounded sharply after hitting the bottom on June 20-21. Accordingly, Viet Dragon Securities JSC (VDS)'s shares gained 84.7 per cent from VND7,200 a share to VND13,300, while shares of Saigon - Hanoi Securities JSC(SHS) also increased by 65 per cent from VND8,904 to VND14,700. Shares of MB Securities JSC (MBS) jumped 61.3 per cent. Leading securities stocks like SSI Securities Corporation (SSI), Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) to small stocks such as Vietnam Industrial & Commercial Securities Corporation (VIG), Hoa Binh Securities JSC (HBS), and Agribank Securities Corporation (AGR) also surged 30-50 per cent in the last month and a half. Securities stocks have reported a good recovery as the general stock market picked up significantly from the area of … [Read more...] about Securities firms raise capital on recovery of stock prices
People prefer bank deposits amid global uncertainties
A customer deposits at an ACB’s transaction office. ACB has continually adjusted savings interest rates by 0.3-0.8 per year since early August. — VNA/VNS Photo Accumulated and idle money of local people is continually flowing into banks in the context of increasing savings interest rates and rising risks of other investment channels amid the global uncertainties. Nguyen Phuong Thao, a salesperson in a Ha Noi-based logistics company, said in the past two years, when the savings interest rate at banks dropped sharply due to the pandemic, she used her idle money to invest in the securities market and got a decent profit. However, now, when the stock market is plunging while deposit interest rates are increasing, she has decided to deposit her savings at banks. “I am depositing my savings at a bank with an interest rate of 5.65 per cent for a year term and do not invest in any other channels because I feel secure when depositing my money in a reputable bank. Though the interest … [Read more...] about People prefer bank deposits amid global uncertainties
Banks raise interest rates to attract depositors
Banks raise interest rates to attract depositors Noticeably, quite a few commercial banks are starting to join the deposit interest rate hike race along with small and medium-sized banks, they adjusted a deposit interest rate of more than 7 percent for a 12-month term. Specifically, customers who deposit money at CBBank for 12 months are enjoying a rate of 7.45 percent per year and 7.5 percent for online savings customers from August 6 meanwhile depositors at Sai Gon Commercial Bank (SCB) are enjoying a yearly interest rate of 7.3 percent -7.6 percent for a 12-month term on both over-the-counter and online channels. Many other banks such as VPBank, KienlongBank, LienVietpostBank, NamABank, and Techcombank also have applied deposit interest rates of over 7 percent with terms of 12 months or more. Commercial banks have not only adjusted interest rates for long-term deposits but also for short-term under 12 months, even 1-3 months to increase interest rates from 0.2 to 0.5 … [Read more...] about Banks raise interest rates to attract depositors
Qualified banks expect higher credit growth quota in the next few months
A view of an MB office in Ha Noi. MB could be allowed to expand its credit room to about 25 per cent in 2022. — VNA/VNS Photo Some qualified commercial banks are forecast to get higher credit growth quotas from the State Bank of Viet Nam (SBV) in the next few months. According to the Bao Viet Securities Company (BVSC), the SBV is expected to announce a credit expansion for commercial banks at the end of Q3 2022 or at the beginning of Q4 2022 as most banks have so far used up most of their assigned credit quota. However, as the SBV has so far decided to keep the credit growth target unchanged at 14 per cent in 2022, the selection of banks to get a higher credit growth quota in the remaining months of this year will be tightened. According to the SBV’s rules, the granting of credit growth quota will be based on the asset quality and operation scale of each bank according to Circular 52/2018/TT-NHNN. Specifically, the SBV will rank banks according to six criteria, including … [Read more...] about Qualified banks expect higher credit growth quota in the next few months
Qualified banks expect higher credit growth quota in next few months
A view of an MB office in Hanoi. MB could be allowed to expand its credit room to about 25 per cent in 2022. (Photo: VNA) Hanoi (VNS/VNA) - Some qualified commercial banks are forecast to get higher credit growth quotas from the State Bank of Vietnam (SBV) in the next few months. According to the Bao Viet Securities Company (BVSC), the SBV is expected to announce a credit expansion for commercial banks at the end of Q3 2022 or at the beginning of Q4 2022 as most banks have so far used up most of their assigned credit quota. However, as the SBV has so far decided to keep the credit growth target unchanged at 14% in 2022, the selection of banks to get a higher credit growth quota in the remaining months of this year will be tightened. According to the SBV’s rules, the granting of credit growth quota will be based on the asset quality and operation scale of each bank according to Circular 52/2018/TT-NHNN. Specifically, the SBV will rank banks according to six criteria, including … [Read more...] about Qualified banks expect higher credit growth quota in next few months
Faster disbursement of public investment boosts cement industry
Workers of the Bim Son Cement Company move cement bags out of a production line for sale. In the second quarter, Bim Son Cement JSC (BCC) saw profit before tax decrease by 38.88 per cent compared to the same period in 2021, equivalent to nearly VND48 billion. — VNA/VNS Photo Anh Tuan The recovery of the economy, along with the Government's acceleration of the disbursement of public investment capital are favourable factors for the development of the domestic cement industry. But the cost of input materials, accounting for a large proportion of the composition of cement production, is increasing sharply, affecting the profits of enterprises in the industry. According to Agribank Securities Joint Stock Company (Agriseco), the world commodity market has formed a strong uptrend since 2020 when the COVID-19 pandemic broke out. This has had a great impact on many businesses, especially the structure of input material costs. Some basic commodities such as oil, gas, and coal have … [Read more...] about Faster disbursement of public investment boosts cement industry
EVFTA and UKVFTA: the same sweet spot
Tuna processing for exports. This is one of the products allowed zero export tax from the UK. — Photo baocongthuong.vn With many similarities, the UK- Viet Nam Free Trade Agreement (UKVFTA) could be called a direct copy of the EU- Viet Nam Free Trade Agreement (EVFTA). In 14 sectors of UKVFTA, the UK allows Viet Nam to enjoy zero export tax with a certain quota, including for egg yolk and poultry meat, garlic, sweet corn, milled rice, tapioca starch, tuna, crab stick, fish cake, sugar and products containing a lot of sugar, mushrooms, ethanol, mannitol, sorbitol, dextrin, and other modified starches. In the banking services sector, Viet Nam agreed to allow British credit institutions to raise foreign ownership to 49 per cent of chartered capital at a joint-stock commercial bank in the country. Similar to the EVFTA, this commitment is only valid for five years (after which it will not bind Viet Nam). It does not apply to four joint stock commercial banks with a State … [Read more...] about EVFTA and UKVFTA: the same sweet spot