Guangdong boluo rural commercial bank

Illustrative image It is being seen that private banks have now put in place many breakthroughs in business plans and are even preparing to overtake the strong performances of commercial banks in the Big 4 Group. Race for profits Vietcombank has just released its consolidated financial statement for the first quarter of the year, showing a pre-tax profit of more than VND9.95 trillion, which is an increase by 15.3 percent. However, in the first quarter, Vietcombank lost its former place as the number one champion. The private joint stock commercial bank, Vietnam Prosperity Joint Stock Commercial Bank (VPBank), has managed to push Vietcombank to second position. According to its consolidated financial statement for the first quarter, VPBank showed a profit before tax of VND11.14 trillion, up by 178 percent over the same period last year. The third and fourth positions are now being held by Techcombank which showed a profit of more than VND5.52 trillion, and Military … [Read more...] about Private banks coming strong against state-owned banks

NA Chairman Vuong Dinh Hue (eighth from left) presents a gift to a representative of the Lao - Viet Bank on May 15. (Photo: VNA) Vientiane (VNA) – National Assembly (NA) Chairman Vuong Dinh Hue visited the Lao - Viet Bank (LVB), the commercial representative of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) in Laos, in Vientiane on May 15. LVB was established on June 22, 1999 and had charter capital of 791.3 billion LAK (100 million USD at the date of capital contribution). Present in nine of the 18 provinces and cities in Laos, it is Vietnam’s leading commercial bank and also one of the three largest financial institutions in the country, with total assets currently approximating 1.1 billion USD - ranking third in the local banking system. Speaking highly of the bank’s development over the last 23 years, Chairman Hue, who is paying an official visit to Laos, said BIDV should help promote investment and give advice to Vietnamese … [Read more...] about NA Chairman visits Lao – Viet Bank in Vientiane

Hoa Phat Group and four commercial banks of Vietnam have been named in this year’s Forbes list of the world’s 2,000 largest companies (Global 2000). Customers conduct transactions at a branch of Vietcombank in Hanoi. (Photo: VNA) In the latest ranking, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) ranks at the 950th position while Vietnam Technological and Commercial Joint Stock Bank (Techcombank) stands at 1,874th. This year, Hoa Phat Group is named on the list for the first time with revenues of 1.5 billion USD and market value of 8.53 billion USD. The total capitalisation of the four Vietnamese banks on the list reached 46.84 billion USD, in which the market value of Vietcombank accounted for more than 36 percent.. Forbes said that despite the challenges of the COVID-19 pandemic and Russia-Ukraine conflict, the world’s top companies still managed to boost sales and profits last year. Besides, the stock values of … [Read more...] about Hoa Phat Group, four Vietnamese banks among world’s 2,000 largest companies

LVB was established on June 22, 1999 and had charter capital of 791.3 billion LAK (100 million USD at the date of capital contribution). Present in nine of the 18 provinces and cities in Laos, it is Vietnam’s leading commercial bank and also one of the three largest financial institutions in the country, with total assets currently approximating 1.1 billion USD - ranking third in the local banking system. Speaking highly of the bank’s development over the last 23 years, Chairman Hue, who is paying an official visit to Laos, said BIDV should help promote investment and give advice to Vietnamese firms planning to invest and do business in Laos. As bilateral trade stands at only 1.3 billion USD at present, much lower than the target of 2 billion USD, enterprises should make use of the Lao market, which is in close proximity to Vietnam. Aside from credit services, BIDV and its LVB need to develop non-credit ones so as to help achieve that target, he went on. The great friendship, … [Read more...] about N.A. Chairman visits Lao – Viet Bank in Vientiane

A customer makes a deposit at a bank in Binh Duong Province. — VNS Photo Many banks have increased deposit interest rates by 0.1-0.6 percentage points amid the growing demand for funds. Last year the average interest rates on bank deposits for six months and 12 months were 4.7 per cent and 5.5 per cent, down half a percentage point from 2020, Bảo Viẹt Securities said. The State Bank of Viet Nam said in 2021 rates were at their lowest level in five years. But rates, especially at small- and medium-sized banks, have increased sharply since the beginning of this month. Currently the peak rates are 6.5-7.4 per cent. NamABank offers the highest rate for online savings even for small amounts. Customers depositing money via its e-banking application for 16-36 months can get 7.4 per cent interest. For 12 months it is 6.4 per cent. Sai Gon – Ha Noi Commercial Joint Stock Bank (SHB) has increased rates by 0.2-0.4 percentage points. For 36 months the rate is 0.4 percentage … [Read more...] about Banks hike deposit interest rates on demand for funds, inflation

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,160 VND/USD on May 17. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,160 VND/USD on May 17, unchanged from the previous day. With the current trading band of  +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,854 VND/USD and the floor rate 22,454 VND/USD. The opening-hour rates at some commercial banks rose. At 8:27 am, BIDV added 10 VND to both rates, listing the buying rate at 22,960 VND/USD and the selling rate at 23,240 VND/USD. Meanwhile, Vietcombank also adjusted both rates up by 10 VND, listing at 22,930 VND/USD (buying) and 23,240 VND/USD (selling)./. VNA … [Read more...] about Reference exchange rate kept unchanged on May 17

A blind woman in the northern province of Bac Giang is calling for help as she faces kidney failure, but her family are too poor to cover the treatment. Trieu Thi Yen, 46, from Yen Dung District has been suffering from kidney failure for 14 years. She has to come to Bac Giang General Hospital for dialysis three times a week. Yen and her son Yen said that she was blind since birth. In 2005, she started working for a massage facility for the blind in Hai Duong Province. Then, three years later, she gave birth to her son Trieu Van Hung. When her son was three years old, she faced tiredness and oedema. She also lost breast milk. She was diagnosed with the final stages of kidney failure. She was totally shocked. Due to financial difficulties, she could not afford to buy powdered milk for her child. Instead, she had to use dilute soup to feed him. Nguyen Tien Manh, vice chairman of Dong Phuc Commune People’s Committee, said that Yen’s family was among the poorest in … [Read more...] about Alling woman in Bac Giang in desperate need of support

Illustrative image (Photo: VNA) Washington D.C – Vietnamese Minister of Agriculture and Rural Development Le Minh Hoan and Marc Mealy, Senior Vice President for Policy at the US-ASEAN Business Council (USABC), co-chaired a seminar connecting agricultural enterprises of Vietnam and the US on May 13 in Washington D.C. The event took place on the sidelines of Prime Minister Pham Minh Chinh’s trip to the US to attend the ASEAN-US Special Summit. It was attended by representatives from agencies, businesses and associations in the agricultural sector of the two countries and several banks and investment funds, and representatives from some major US industry associations such as the Soybean Export Council, the Grains Council, the National Pork Producers Council and multinational agricultural corporations. At the seminar, a representative of the Ministry of Agriculture and Rural Development informed participants about the priority strategy for the development of Vietnam's agricultural … [Read more...] about Seminar connects Vietnamese, US agricultural businesses

Le Minh Sang, health specialist at World Bank Vietnam Healthcare public-private partnerships (PPPs) can be classified into five types (see Figure 1) depending on the roles and responsibilities that the private sector takes. Each type has certain advantages and disadvantages. A managed equipment service PPP enables major equipment suppliers to own and manage all equipment required for health facility operations. Under an operation and management services PPP, a private partner is contracted to operate and manage a hospital, health facility, or health network in exchange for a management fee. Specialised services PPPs involve a government contract with a private partner to deliver specific services (dialysis, radiotherapy, laboratory testing) at public healthcare facilities. In a health facility PPP, the government retains control of clinical services, but the private sector provides some combination of the detailed design, construction, and refurbishment of infrastructure. And … [Read more...] about Narrowing the gap for PPPs in health

AFD Executive Director Philippe Orliange (left) has recently paid a working visit to Vietnam. (Photo: VNA) Hanoi (VNA) – Responding to climate change, reducing greenhouse gas emissions and adapting to climate change impacts are among priorities of the French Development Agency (AFD)’s cooperation priorities in Vietnam, AFD Executive Director Philippe Orliange has affirmed. Such cooperation priorities completely match commitments made by Vietnamese Prime Minister Pham Minh Chinh at the 26th United Nations Climate Change Conference of the Parties ( COP26 ) in Glasgow, Scotland (the UK), last November, Orliange said in an interview with the press. The AFD Executive Director, who has recently paid a working visit to Vietnam, also lauded the Vietnamese government’s strong commitments at COP26. Under the cooperation strategy, the AFD has promoted in-depth discussions with Vietnam’s government agencies on policies regarding climate change impacts, during which … [Read more...] about Climate change response among AFD’s cooperation priorities in Vietnam