Defaulting on unsecured debt

Profits come from service diversification Looking at the profit results of the four State-owned commercial banks (Big 4), Vietcombank had a pre-tax profit of nearly VND23.1 trillion (approximately US$1 billion) - the highest level in the banking system, helping the lender to be in the list of 200 groups with the highest profit in the world. Vietcombank's credit growth in 2020 was higher than the general growth rate of the banking system, at 14 percent. This is also the highest credit growth ever of this lender and the highest in the banking industry. The pre-tax profit of Vietinbank also reached VND16.45 trillion, up 43.5 percent over the previous year due to good credit growth. The recent report of Agribank shows that not only did the business results continue to improve, Agribank's administrative costs in 2020 were also being cut by 10 percent, helping the bank's pre-tax profit to touch nearly VND12.87 trillion, VND369 billion, or approximately 3 percent, higher than the plan. It … [Read more...] about Banks continue to lower interest rates further to support economic growth

New York (VNA) – Vietnam supports the democratic process in Somalia, particularly the upcoming elections, Minister Counsellor Nguyen Phuong Tra, Deputy Permanent Representative of Vietnam to the United Nations, has said. At the informal dialogue with between the United Nations Security Council (UNSC) and Somalian Foreign Minister Mohamed Abdirizak on January 20, Tra expressed her hope that the Federal Government of Somalia, member states and political parties will make more efforts to reach political consensus on specific date to hold elections as well as seek solutions to existing challenges. Regarding the security situation in Somalia, Tra condemned the bomb explosion that killed at least six military personnel and government officials in Lower Shabelle on January 17, as well as other attacks on civilians, security and military forces, and establishments of the UN and the African Union Mission to Somalia (AMISOM). She took the occasion to reiterate support for Somali … [Read more...] about Vietnam supports democratic process in Somalia: Diplomat