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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

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - National Assembly (NA) Chairman Vuong Dinh Hue asked agencies of the NA and its Standing Committee to keep a close watch on the macro-economic situation, as well as financial, monetary, stock and real property markets, while meeting their standing members on February 7. For urgent issues, NA agencies should actively and promptly work with relevant ministers and heads of ministry-level agencies to seek solutions, instead of waiting for question and answer (Q&A) sessions held by the legislative body and its Standing Committee. Read full story - The coming visit to Singapore by Vietnamese Prime Minister Pham Minh Chinh will be a key platform for both countries to reaffirm their excellent ties, said Singaporean Foreign Minister Vivian Balakrishnan in his written interview with the Vietnam News Agency. Read full story - Prime Minister Pham Minh Chinh’s upcoming … [Read more...] about ☕ Afternoon briefing on February 7

The following is the full text of the interview. Reporter: This year marks the 50th anniversary of diplomatic relations and 10th anniversary of strategic partnership between Singapore and Vietnam. How do you evaluate the Singapore-Vietnam relations in the past half century, especially in the last decade? What should the two countries do to further our bilateral cooperation and to advance the development of each country? Vivian Balakrishnan: The ties between Singapore and Vietnam have grown from strength to strength since we established diplomatic relations 50 years ago. We are longstanding friends and close partners that enjoy wide-ranging cooperation in many areas, both bilaterally and at multilateral fora. I am heartened that the bilateral relationship has continued to expand and evolve to tackle new challenges over the past decade. Our linkages are particularly strong in trade and investment. The 12 Vietnam-Singapore Industrial Parks (VSIPs) across Northern, Central, … [Read more...] about Prime Minister Pham Minh Chinh’s visit to enhance Singapore-Vietnam relations: Singaporean Foreign Minister