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He was cited in a resolution passed at the January meeting of the Cabinet. Real estate accounts for 11% of the country’s GDP and, being closely related to many other industries, creates a large number of jobs. But the sector has recently faced difficulties as credit has been tightened and demand has slumped. Many projects have stalled due to a lack of capital. Recent statistics from the Ministry of Construction show that nearly 40% of real estate businesses went bankrupt last year. In the resolution, the PM also tasked the ministry with coming up measures to mitigate the difficulties and report to him before February 15. Last December the PM had once called on banks to cut costs to be able to reduce loan interest rates and foster economic recovery. He instructed the State Bank of Vietnam to get banks to speed up disbursement of loan subsidies. In January interest rates on loans to the property sector ranged from 4.99% to 13%. … [Read more...] about PM orders banks to smooth credit flows to property sector

HDBank has achieved 105 per cent of the 2022 targets approved by shareholders. The bank hopes to maintain its high growth momentum with an average rate of more than 25 per cent in the next five years. — Photo courtesy of the bank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its results for 2022, which show it exceeded all its targets and achieved high growth. Its profit before tax was VND10.27 trillion (US$435.8 million), up 27.2 per cent from 2021 and 105 per cent of the target approved by sharehoders. Its net fee income grew dramatically, while its prudential and profitability ratios were among the best in the industry. The total operating income topped VND5.87 trillion ($249.1 million) for the fourth quarter and VND21.97 trillion ($933 million) for the entire year, a year-on-year increase of 26.8 per cent and 31.1 per cent. The net interest income grew by 29.7 per cent and the net fee income by 53.4 per cent. Operating expenses and credit … [Read more...] about HDBank profits top $436m in 2022, 105 per cent of target

ASEAN countries like Vietnam are not spared from the impact of climate change. Rapid economic development also means increasing demand for energy and power to meet the pace of growth, which leads to an increase in CO2 emissions. The journey to a cleaner future Takeshi Masuyama, Managing director, regional head of Vietnam, MUFG Bank, Ltd. The Vietnamese government has announced in various international forums its commitment to address environmental issues, and has firmed up its national net-zero target. In addition, the announcement of the Vietnam Just Energy Transition Partnership (JETP) in last December is another milestone and will further rally the private and public sectors towards accelerating the country’s green transition. MUFG is part of the working group convened by the Glasgow Financial Alliance for Net Zero (GFANZ) supporting the JETP initiative for Vietnam. The sustainability mission Since announcing our Carbon Neutrality Declaration in 2021, MUFG … [Read more...] about Committed to empowering a brighter future