New era bank

Customers can experience a full range of new features and utilities Welcoming the new year, BAC A BANK has launched a promotion programme for customers who open an online account and/or register for e-banking services via eKYC identification through the bank’s mobile app or at transaction counters. With eKYC, customers can open online current accounts on the Mobile Banking application anytime, anywhere, with just a few simple steps. Moreover, without going through a physical branch, customers can still register for e-banking and SMS banking and be issued debit cards quickly and conveniently, free of charge. From January 5 to the end of March, the promotion is being deployed nationwide. It not only helps to facilitate positive customer service, but also expresses the bank’s desire for a year full of fortune, prosperity, and happiness. BAC A BANK is offering VND50,000 ($2.15) for the new accounts and a preferential fee combo for new customers who open an account for the first … [Read more...] about BAC A BANK’s user-friendly experience

A Techcombank transaction office in Hanoi. (Photo: Techcombank) Hanoi (VNS/VNA) - The race of interest rate hike s among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tet) holiday and have set stricter conditions for customers to enjoy the high rates. At Techcombank, the highest deposit interest rate at the bank is currently 9.2% per year, against 9.5% per year before Tet. To enjoy the 9.2% interest rate, depositors must be a VIP customer with minimum savings of 3 billion VND over 12 months. For regular customers, the rate for 6-month deposits at the bank is also down to 8.5% per year from more than 9% before Tet. At Sacombank, the highest interest rate before Tet was 9.8% per year. However, the highest rate is currently only 9.2% per year, applied to online deposits with terms from 15 to 36 months. Saigonbank, which was the first bank to list a deposit interest … [Read more...] about Banks lower saving interest rates right after Tet

Prime Minister Pham Minh Chinh speaks at the New Year meeting with the banking sector . (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh expressed his hope that the baking sector will be more proactive, creative and responsive to policies in 2023 at a meeting on January 27 or the sixth day of the Lunar New Year . The sector should continue to follow policies and guidelines adopted by the Party and the State, while closely coordinating with ministries, agencies and localities to fulfill socio-economic tasks, he said. Priorities should be given to maintaining the macro-economic stability, controlling inflation, spurring growth and ensuring major economic balances, the leader continued. PM Chinh asked the State Bank of Vietnam (SBV) to improve its analysing and forecasting capacity, provide timely consultancy and flexibly respond to developments of the domestic and international situation. The central bank was also urged to intensify inspection and … [Read more...] about PM urges banking sector to make more innovations

Bank profits are forecast to be the bright spot in the fourth quarter 2022 financial report season, which takes place after the Lunar New Year. This will help bank stocks flourish. Customers at a Vietcombank (VCB) branch. By the end of 2022, Vietcombank's pre-tax profit reached nearly VNĐ36.8 trillion (US$1.6 billion), an increase of 39 per cent compared to 2021. Photo vietcombank Although the financial statements for the fourth quarter of 2022 have not been announced, according to analysts' forecasts, in 2022, the picture of bank profits will have a strong divergence, along with the return of the commercial banking group with State capital. After two years of "holding" growth to support customers affected by the COVID-19 pandemic, the profit of this banking sector has increased sharply again. By the end of 2022, Vietcombank's pre-tax profit reached nearly VNĐ36.8 trillion (US$1.6 billion), an increase of 39 per cent compared to 2021. This figure at BIDV was … [Read more...] about Bank stocks to flourish in 2023

Vietcombank was the first bank with equity exceeding $4.26 billion by the end of 2021. In 2022, four more banks achieved this figure – Techcombank, Vietinbank, VPBank, and BIDV. In 2022, the charter capital of many banks saw a significant increase, with some banks even recording a vast increase in charter capital. At the same time, banks continue to improve their capital adequacy ratio and apply international standards in risk management. More than 20 banks have applied Basel II standards. Notably, many banks have successfully applied Basel III with more stringent requirements, such as TPBank, ACB, VPBank, SeABank, NamABank, and OCB. Some banks are also partially applying or piloting Basel III implementation, including VIB, HDBank, Techcombank, ABBank, MSB, and Sacombank. Besides the growth in scale, banks’ development in customer base is significantly greater, with digital transformation being an indispensable factor. While in the past, it typically took a traditional bank 20-30 … [Read more...] about Modest bank growth projected this year

The online transaction services of many Vietnamese banks are faltering due to the surge in demand as the Tet Lunar New Year Holiday nears. A customer of Vietinbank’s branch in Thanh Xuan District, Hanoi, said that she failed to transfer money through Vietinbank’s mobile banking service on January 10. “When logging into the VietinBank iPay app, I received a notice about the transaction surge which caused the congestion. Several minutes after that the system returned to normal,” she added. Many Military Bank customers also recently complained about errors they faced with their online transfers. Many Military Bank customers faced online transfer errors on January 6 The same situation also occurred at Tienphong Bank and National Citizen Bank (NCB) on January 6. Tran Minh Hai from Cau Giay District, Hanoi, said that he was unable to log into his NCB account several times. This affected his payment. According to the National Payment Corporation of Vietnam … [Read more...] about Online banking transactions falter ahead of Tet

This is the second time BAC A BANK has made such on offering. Earlier, building on the patronage of its customers in September 2022, the lender successfully issued its bonds for the first time. Under the new plan, it will deploy four bond issuances totally valued at up to VND4 trillion ($173.9 million). The issued bonds are non-convertible bonds, without warrants and collaterals, and satisfy the conditions to be included in the Tier 2 capital of the issuer. The second issuance of bonds is divided into three bond types including BAB202202-07L (term of seven years), BAB202202-07C (seven years) and BAB202202-08C (eight years). BAC A BANK continues offering bonds With a par value of VND100,000 ($4.34) per bond, with interests paid every 12 months, the bonds aim to help customers access a safe and stable source of profit. Along with other investment channels such as savings or ordinary certificates of deposit, the second bond issuance applies attractive flexible … [Read more...] about BAC A BANK opens new bond issuance

Illustrative image (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam has issued new regulations on cases of purchasing, sending, and bringing foreign currencies abroad for sponsorship and assistance purposes of organisations. According to Circular 20/2022/TT-NHNN, those cases include purchasing, sending, and bringing foreign currencies abroad for sponsorship and assistance purposes under commitments and agreements between the State, Government, and local administrations with other countries. The funding comes from the budgets or money sources of sponsoring and assistance providing organisations. The cases also include purchasing and sending foreign currencies abroad for supporting the settlement of natural disaster, epidemic, and war consequences. The funding is from donations by domestic organisations and individuals, and/or money sources of sponsors and assistance providers. They also cover purchasing and sending foreign currencies abroad to finance programmes, … [Read more...] about Central bank sets rules on transfer of money abroad for sponsorship, assistance purposes

Tung was also elected to become a member of Vietcombank's board of directors for the 2018-2023 term at the bank's extraordinary shareholders' meeting held the same day. Tung, 49, holds bachelor's degrees in economics of international trade and English education, as well as a master's degree in economics of Paris Dauphine University. His career at Vietcombank has lasted 26 years, starting in 1997. He became the bank's office head in 2008, and deputy director of its operation center in 2013. He became the deputy general director of the sales division in April 2019, before becoming deputy general director of the board of management in August 2021. … [Read more...] about Vietcombank names new general director

As part of its regional expansion strategy, APAC Realty acquired an initial 38 per cent stake in ERA Vietnam and Eurocapital in February 2020. Upon completion of the transaction, the group will increase its shareholding in ERA Vietnam and Eurocapital to 60 per cent each. “The growth capital extended during our initial investment was the catalyst which sparked ERA Vietnam’s tremendous growth over the past two years both in terms of revenue and agent headcount. Over this period, the agency’s management team established the ERA Vietnam brand name in Vietnam’s nascent and thriving real estate market, and more than doubled the salesperson headcount," said Marcus Chu, CEO of APAC Realty. "With these positive results, we are confident that our second investment will support ERA Vietnam’s next phase of growth and allow us to realise greater value for APAC Realty shareholders over the long-term.” Founded in 2017, ERA Vietnam is based in Ho Chi Minh City. The agency has grown its agent … [Read more...] about APAC Realty acquires additional stake in ERA Vietnam