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An HDBank transaction office in HCM City. HDBank hopes to maintain its high growth momentum in the coming years. — Photo courtesy of HDBank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its 2022 results audited by PwC, which shows profit before tax of nearly VND10.27 trillion (US$437.18 million), its highest ever and up 27.2 per cent from the previous year and 105 per cent of the target approved by shareholders. The non-performing loans (NPL) ratio was low, while operational safety indicators were among the best in the industry. The operating income for the year topped VND22 trillion ($936.39 million), up 31.1 per cent. Its credit, services, card, and digital banking businesses all saw high growth. The total number of credit cards it issued quadrupled while their transaction value nearly tripled, and the number of e-banking transactions doubled with their value growing by six times to VND761 trillion ($$32.39 million). The return on equity and … [Read more...] about HDBank outstanding loans to property sector, corporate bond holdings among industry lowest

NEW YORK/LONDON -- Global mergers and acquisitions (M&A) activity shrank to its lowest level in more than a decade in the first quarter of 2023, as rising interest rates, high inflation and fears of a recession soured the appetite of companies for dealmaking. M&A volumes during the first quarter slumped 48% to $575.1 billion as of March 30, compared to $1.1 trillion during the same period last year, according to data from Dealogic. A banking crisis that started in the United States this month with Silicon Valley Bank and spread to Europe with the Swiss government-orchestrated sale of Credit Suisse Group AG (CSGN.S) to UBS Group AG (UBSG.S) roiled markets and stopped many deals in their tracks, investment bankers and lawyers said. "The first quarter had extraordinary levels of volatility and uncertainty - more than expected going into the year. And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & … [Read more...] about Global dealmaking sinks to lowest level in over a decade

Nguyen Minh Thoai, CEO of DIGI-TEXX Nguyen Minh Thoai, CEO of DIGI-TEXX, last weekend shared his insight at Finovate : Product Day 2 - a Jobhoppin’s event themed “Digitalisation and Automation strategy for operations in financial services” in Ho Chi Minh City. “Finovate: Product Day 2” event shredded lights on how organisations of all industries navigated through uncertainties amidst this period of of hyper-turbulence and change. Businesses that highlight and successfully optimise automation process at the centre of their transformations will have a competitive advantage through complexity. While there's little doubt that automation can yield significant benefits for all kinds of sectors, such as financial services, healthcare services, e-commerce, and real estate, to name a few. Robotic Process Automation (RPA) could relieve humans from repetitive hazardous and unpleasant tasks. “Organisations across the globe are increasingly relying on RPA to carry out routine, … [Read more...] about DIGI-TEXX sets the standards in digital and business process outsourcing services

Vietnam ese Deputy Minister of Foreign Affairs Le Thi Thu Hang (R) and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi (Photo: VNA) Rome (VNA) – Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi co-chaired the fifth political consultation between the two ministries to discuss orientations to promote the bilateral Strategic Partnership in the coming time. The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties, and the 10th founding anniversary of the Strategic Partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to … [Read more...] about Vietnam, Italy agree on orientations to enhance Strategic Partnership

The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties and the 10th founding anniversary of the strategic partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to positive impacts of the European Union - Vietnam Free Trade Agreement (EVFTA). Le Thi Thu Hang affirmed Vietnam hopes to develop and deepen its strategic partnership with Italy – a member state with an important role in the E.U. She proposed the two sides step up delegation exchanges; maintain the efficiency of bilateral cooperation mechanisms in the fields of diplomacy, defense, economy, and science and technology; and coordinate together in organizing celebrations this year. Regarding socio-economic recovery … [Read more...] about Vietnam, Italy agree on orientations to enhance strategic partnership

The call was due to the first quarter (Q1) of the year getting off to a slow start, likely hampering the total performance for the year. Vietnam’s real GDP growth in Q1/2023 decelerated to 3.32 per cent on-year, and from 5.92 per cent in Q2/2022, missing both the UOB and consensus forecasts. The main cause for the weak performance was due to manufacturing, which dipped into negative territory with a 0.4 per cent decline, for the first contraction since Q3/2021. The sector undershot estimates considerably and saw the slowest pace of expansion since that 6 per cent fall over 18 months ago, when the economy was in a state of shutdown during the pandemic. UOB said that the main cause for the manufacturing sector’s poor performance came primarily from weak external demand, which was largely expected. Exports in Q1 fell just under 12 per cent on-year to $79.2 billion, compared with an almost 13 per cent increase in the same quarter last year, while imports declined by over 14.5 per cent, … [Read more...] about UOB trim GDP growth forecast for Vietnam

Visa extension proposal is expected to help boost tourism. (Photo: VNA) Hanoi (VNA) – The Government has agreed to propose to the National Assembly some new policies relating to the immigration, transit and residence of foreigners in Vietnam, including one on a visa extension to 90 days. 15-day stay too short Do Van Thuc, Deputy Director of Dat Viet Tour Company, said his trans-national tours are favoured by many international tourists, adding that such tours offer six days in the north and another six days in the central region. Therefore, those with visa-free stay of only 15 days will not have enough time to travel the southern region, he said. According to the official, many international tourists initially plan to spend only two weeks in Vietnam. However, the country’s charm has persuaded them to stay longer, and seek ways to extend their visa. Many others spend up to two days on flights to the Southeast Asian nation. Meanwhile, many tourist destinations … [Read more...] about Visa extension proposal to help boost tourism: Insiders

Illustrative Image (Photo: VNA) Jakarta (VNA) –  The ASEAN 3 Finance and Central Bank Deputies Meeting (AFCDM 3) took place in Indonesia from March 29-30 to discuss the regional macroeconomic situation and the progress of implementing financial cooperation initiatives. Representatives of the Ministry of Finance and the State Bank of Vietnam attended the event. Under the co-chair of Indonesia and Japan, deputy ministers of finance and deputy governors of ASEAN 3 central banks discussed the regional macro economic situation and the pace of the implementation of the financial cooperation initiatives. Regarding regional macroeconomics, the ASEAN 3 Macroeconomic Research Office (AMRO) assessed that economic growth in the ASEAN 3 region in 2022 recorded a recovery after the COVID-19 period, mainly from increased domestic demand. Regional growth is estimated at 3.2%, of which China, Japan and the Republic of Korea (RoK) achieved 2.6% and ASEAN member states at 5.6%. In 2023, the … [Read more...] about ASEAN+3 intensifies finance collaboration