Banking

Despite good business results, 11 out of 17 listed commercial banks saw share prices decrease in the first half of the year. The first Q2 financial reports have been released by banks, and most reported satisfactory profits. Commenting about banks’ profit growth cycle, analysts said the peak of the cycle came in 2017-2018, and the banking sector had entered the stable growth period. The ROAA and ROAE indices were 1.62 percent and 25.19 percent, respectively.  As of the end of June the total assets of ACB had reached VND352 trillion and the bad debt ratio 0.7 percent. The State Bank allowed it to lift the credit growth ceiling from 13 percent to 17 percent. In the first half of the year, its outstanding loans increased by 9 percent, or VND20 trillion. Banks not only reported fat profits, but also made significant progress in settling bad debt. At Sacombank, the pre-tax profit hit VND1.5 trillion in the first six months of the year m, and the bad debt ratio … [Read more...] about VN banks make big profits but share prices fall

National Assembly (NA) Chairwoman Nguyen Thi Kim Ngan on November 21 appreciated the World Bank (WB)’s comprehensive cooperation with Vietnam and its contributions to the country’s development in recent times. NA Chairwoman Nguyen Thi Kim Ngan (R) shakes hands with Country Director for the WB in Vietnam Ousmane Dione During a reception for Country Director for the WB in Vietnam Ousmane Dione in Hanoi, Ngan also highly valued the outcomes of the recent conference to announce the WB’s study on factors impacting socio-economic development in ethnic minority regions in Vietnam. She thanked the bank for its coordination with the Vietnamese NA in specific cooperative activities, expressing her belief that it will continue to work closely with the legislative body in building and supervising the implementation of policies for ethnic minority groups. According to Dione, Vietnam is holding opportunities to thrive in the future, and the country will effectively and … [Read more...] about NA Chairwoman Nguyen Thi Kim Ngan receives WB’s country director

The Vietnamese Government will create the most favourable conditions for firms from the Republic of Korea (RoK) to operate successfully in Vietnam, Prime Minister Nguyen Xuan Phuc said on November 11. Prime Minister Nguyen Xuan Phuc (R) and Kim Jung-tai, Chairman of Republic of Korea's Hana Financial Group Inc. At a reception for Kim Jung-tai, Chairman of Hana Financial Group Inc. of the RoK in Hanoi, the leader welcomed the Korean firm’s operation in Vietnam and said he is delighted that the RoK attaches great importance to Vietnam's role in its New Southern Policy. The Vietnam-RoK cooperation has recorded strong developments in recent times, and collaboration between Hana Group and the Bank for Investment and Development of Vietnam (BIDV) is a vivid manifestation of this bond, he stressed. According to PM Phuc, there are more than 6,000 Korean enterprises operating in Vietnam, and about 160,000 Korean nationals living and working in Vietnam. Meanwhile, more than … [Read more...] about Prime Minister Nguyen Xuan Phuc greets Chairman of Hana Financial Group Inc.

In the afternoon on November 11, Mr. Tran Huu The, deputy chairman of Phu Yen provincial People’s Committee said that after the typhoon was over, residents have returned to clean up and repair their houses. Still 20 out of localities were still suffering power outage and the province’s electricity industry has been making efforts to resume power supply. On the same day, irrigation reservoirs Dong Tron, Phu Xuan, Suoi Vuc and hydro power reservoirs in Ba Ha river, Krong H’nang and La Hieng 2 have opened sluice gates because of heavy rains. As a slew of reservoirs released floodwater, many localities have been stranded. The sole road connecting Chi Thanh town to An Dinh commune in Tuy An district has been submerged under 2-3 meters of water. Over 1,000 households in the commune must travel by boat to go to work and buy necessary items. In the meantime, the typhoon blew away roofs of many houses in Hai Cang ward, Quy Nhon city and of two primary schools in Hoai An … [Read more...] about Central region copes with flooding in aftermath of typhoon

HONG KONG, CHINA - Media OutReach - 12 November 2019 - Cash is king, Gold is better. There is more than one reason bitcoin is dubbed as "digital gold" in time of turbulence. TideBit, as the largest and safest bitcoin to fiat exchange in Hong Kong and frequently quoted for its signature pair BTC/HKD and ETH/HKD, is grasping a golden opportunity presented by HK Securities and Futures Commission (SFC). During the Hong Kong Fintech Week, the HK SFC issued regulatory policies for digital currency exchanges. Two major take-away points:1. The new rules will apply to security tokens and digital assets only, but not to mainstream cryptocurrencies such as Bitcoin or Ethereum as regarded as commodity, not securities.2. SFC warned investors about the risks associated with the trading of futures contracts, which are highly leveraged, largely unregulated and exposed to tremendous risk. TideBit exchange platform token TBT rose nearly 30% after the announcement, and … [Read more...] about TideBit Rules HK Bitcoin to Fiat Market