Amalgamated bank annual report 2017

Outside of the State Bank of Vietnam in downtown Ha Noi. — Photo SBV The State Bank of Viet Nam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank. Carolyn Turk, WB country director in Viet Nam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (US' 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She said there are many similarities that can be … [Read more...] about Central bank must keep a close on the financial market: WB

The headquarters of the State Bank of Vietnam in downtown Hanoi. (Photo: SBV) Hanoi (VNS/VNA) - The State Bank of Vietnam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank (WB). Carolyn Turk, WB Country Director in Vietnam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (the US's 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She … [Read more...] about Central bank must keep a close on financial market: WB

VPBank last week was rumoured to be close to an agreement to sell 15 per cent of stakes to Sumitomo Mitsui Financial Group, one of Japan’s largest financial companies. The estimated agreement is valued at around $1.4 billion, cited Bloomberg. “The Vietnamese bank will sell more than one billion shares to SMBC Consumer Finance, a unit of the Japanese megabank, for $1.35-1.39 each,” the newswire noted. Banks continue with consolidation game, illustration photo/ Source: Shutterstock VNDirect Securities told VIR that due to a high capital adequacy ratio of 20.5 per cent in 2022, VPBank could receive a higher credit limit from the State Bank of Vietnam this year. In addition, the brokerage predicted that the bank would invest significantly to diversify its products and expand its footprint in other segments, such as VPBank Securities in the securities market or OPES – its new non-life insurance arm. With the 15 per cent stake sale to SMBC, VPBank would consolidate and … [Read more...] about Banks continue with consolidation game

A customer uses VIB’s app. After only six months launching MyVIB 2.0 digital banking application, VIB has doubled the number of customers compared to the previous year. (Photo: thoibaonganhang.vn) Hanoi (VNS/VNA) - The number of new customers of commercial banks has increased dramatically in recent years thanks to their digital applications. After only six months of launching MyVIB 2.0 digital banking application – which uses multi-cloud computing technology to process 60-70% of the input data to help banks realise ideas, bring products and services to the market faster and respond sooner to customer requests, VIB has doubled the number of customers compared to the previous year and reach the target of 4 million customers nearly a year earlier than expected. Not only VIB, the wave of “cloudisation” of digital banking applications to expand modes and storage capacity, and increase integrated processing and user data security capacity has been invested in and implemented … [Read more...] about Digital banks attract significant numbers of customers

With the outstanding feature of earning points and cashback, and with many attractive incentives, the products promise to become a solution to help customers manage their finances effectively, flexibly, and proactively. BAC A BANK MasterCard cardholders will enjoy many attractive and competitive fee and interest rate policies such as free-of-charge card issuance, annual fee for the first year, interest free payments of up to 45 days, or 0 per cent interest instalment payments with flexible terms up to 12 months. BAC A BANK offers new credit cards with incentives The waiver of most fees will provide cardholders with a more useful and practical experience. Customers are both comfortable and assured when using BAC A BANK international credit cards to meet their personal financial needs, while still being able to take advantage of their cash flows to optimise costs. Besides the fee privileges, customers can also experience the most modern contactless card payment … [Read more...] about BAC A BANK offers new credit cards with incentives

The independent recognition from IFR Asia reaffirms the expertise and solution-driven approach of Citi’s capital markets and advisory teams in developing and executing complex transactions for clients in an ever-changing and challenging macro-environment. IFR Asia said, “Citi’s pan-Asian footprint and diverse sector coverage made it a bastion of stability, while its commercial bank enabled it to give issuers more options amidst the rapidly changing market conditions.” Jan Metzger, head of Asia-Pacific Banking, Capital Markets and Advisory at Citi added, “This win is a recognition of the strength of Citi’s franchise, the competitive advantage of our global network, and the passion and energy of our teams. We would like to thank our clients for their trust in Citi, and for choosing us as their partner to support their banking requirements.” In Vietnam, on March 17 Citi was honoured at the Golden Dragon Awards 2023 for its role as an Outstanding Foreign-Invested … [Read more...] about Citi named Bank of the Year in Asia-Pacific

Health authorities in Ho Chi Minh City have reported an additional 12,000 tuberculosis (TB) patients over the past three years, on top of its annual number of 17,000-18,000 TB cases, given the support of international healthcare organizations, especially the U.S. Centers for Disease Control and Prevention (CDC). The figures were revealed by Nguyen Huu Hung, deputy director of the municipal Department of Health, at a free-of-charge TB health screening event held on Saturday in District 5. The event also gathered Rochelle Walensky, director of the CDC and administrator of the Agency for Toxic Substances and Disease Registry, along with other health officials and employees at home and abroad. Walensky discussed with healthcare workers the procedures for taking chest X-rays and returning the results to local residents, while sharing with local people the benefits of TB screening. A local healthcare worker tells Nguyen Thi Lang, an 82-year-old resident in District 5, Ho … [Read more...] about Int’l support enables Ho Chi Minh City to detect additional 4,000 TB patients annually

State Securities Commission in collaboration with the International Finance Corporation (IFC) ) organised a training programme on “Gas Inventory and Reporting” for listed companies in Ha Noi and HCM City. — Photo courtesy of HoSE In the face of increasing concerns about climate change as well as corporate responsibility in sustainable development, the Ho Chi Minh Stock Exchange (HoSE) said it was considering deducting points of businesses who does not include information on greenhouse gas (GHG) emissions in the annual report period of 2022. Nguyen Thi Thu Thuy, deputy director of the International Cooperation Department under the State Securities Commission, said that in Viet Nam, standards, regulations and guidelines are helping information disclosure under ESG (Environment – Society – Governance) become more popular such as the 2020 Law on Environmental Protection, Decree No. 06/2022/ND-CP on mitigation of greenhouse gas (GHG) emissions and protection of the ozone layer, … [Read more...] about Listed businesses failing to report emissions may receive penalty points from HoSE

The State Securities Commission in collaboration with the International Finance Corporation (IFC) organised a training programme on “Gas Inventory and Reporting” for listed companies in Hanoi and HCM City. (Photo courtesy of HoSE) Hanoi (VNS/VNA) - In the face of increasing concerns about climate change as well as corporate responsibility in sustainable development, the Ho Chi Minh Stock Exchange (HoSE) said it was considering deducting points of businesses who does not include information on greenhouse gas (GHG) emissions in the annual report period of 2022. Nguyen Thi Thu Thuy, Deputy Director of the International Cooperation Department under the State Securities Commission, said that in Vietnam, standards, regulations and guidelines are helping information disclosure under ESG (Environment – Society – Governance) become more popular such as the 2020 Law on Environmental Protection, Decree No. 06/2022/ND-CP on mitigation of greenhouse gas (GHG) emissions and protection of the … [Read more...] about Listed firms failing to report emissions may receive penalty points from HoSE

Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California on March 13. (Photo: XINHUA/VNA) HCM City (VNS/VNA) - The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital , has said in a report. “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15% since mid-2021 and yields surged. However, VGB holdings only accounted for around 6% of listed … [Read more...] about Silicon Valley Bank collapse not to impact VN: VinaCapital