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Security credit union

/ April 15, 2021

VIETNAM BUSINESS NEWS APRIL 15

Deposits at banks modest due to low interest rates A person arranges stacks of Vietnamese banknotes. Capital has been poured into other sectors rather than banks due to their low deposit rates According to the Department of Credit for Economic Sectors under the State Bank of Vietnam, in the first quarter of this year, the deposit growth reached only 0.54%, well below the credit growth of 2.93% and the average deposit growth of 2.28% in the first quarter of the past seven years, Lao Dong newspaper reported. At present, the rate for savings of less than six months is 3%-4%. Meanwhile, tenors of six to less than 12 months and over 12 months enjoy a rate of 3.5%-5.5% and 4.6%-6%, respectively. Although some banks have revised up their deposit rates by 0.1-0.4 percentage points, the banks’ average deposit rate in the first quarter remained some 2 percentage points lower than that in the same period last year. If the trend continues, the banking system’s liquidity will no longer be ample this year, according to Bao Viet Securities Company. Meanwhile, the General Statistics Office stated that capital had been injected into other sectors, with life insurance premium soaring 11%. Meanwhile, the securities market mobilized nearly VND55.6 trillion, surging 42% over the same period last year. Pham Lam, vice chairman of the Vietnam Association of Realtors, attributed land fevers over the past few months partly to residents’ idle money and their expectations of higher prices of real estate products. According to Dao Minh Tu, deputy governor of the central bank, as of mid-March, banks’ outstanding loans for the property sector grew 2.13%, higher than the current credit growth of 2.04%, despite the central bank’s close control over credit for the sector. Market rebounds, VN-Index returns to 1,250 point-level Shares settled higher on Wednesday, reversing their morning course on recoveries of materials and banking stocks. The benchmark VN-Index …

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/ April 15, 2021

Bright prospects for bank stocks

Bank tickers will remain in the spotlight, with investors racing to capitalise on bright profit prospects. In its forecast for 2021, Hanoi-based VNDIRECT Securities Corporation said banks would be among the first corporate entities to take advantage of the economic rebound. The company also anticipates a sharp jump in banks’ profit this year in the wake of improved net income margin (NIM) and higher credit growth. Banks’ profit is forecast to be on a sharp rise in 2021 Agreeing with the forecast, the BIDV Securities Company (BSC) recently issued a report on the prospects of the banking sector, saying that commercial lenders would witness a sharp rise in profit thanks to the economic rebound and good control of asset quality post-pandemic. The BSC report assumed that the whole sector’s pre-tax profit could soar 28 per cent, chiefly attributable to 14 per cent credit growth in 2021, plus the interest rate going sideways and reduced pressure on making loan loss provisioning. Notably, despite their continual short-selling in Vietnam’s stock exchange since early 2021, foreign investors and investment finds are holding banking tickers, putting their trust in their upbeat growth potential. Finnish equity fund PYN Elite even forecast 50-60 per cent growth for banking tickers in the first quarter this year, compared to a year ago. Le Duc Khanh, Investment director at VP Bank Securities Company (VPS) said that based on forecasts by several international organisations, banks’ after-tax profit could be growing at 18 per cent in 2021 in the wake of improved credit performance and higher revenue stream from services. BSC’s report, meanwhile, says that a slew of banks are scaling up efforts to replenish their low-cost capital source (Customer Account Saving Account – CASA), striving to expand customer base through reducing transaction-transfer fees or upgrading operation system and infrastructure. The CASA ratio in the banking sector reached 18 …

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/ April 15, 2021

Vietnam develops digital transformation platforms for businesses

MISA Co., the developer of MISA ASP, is introducing its digital transformation products to interested businesses. (Photo: SGGP) Among them, MISA ASP connects accounting service providers and businesses in need. This platform allows the search of suitable service providers anywhere in the nation and the smooth communication between partners. Clients data are safely stored on Cloud for convenient reference. MISA ASP delivers a method for companies to possess non-stop transparent financial reports that satisfy all current legal regulations, which is a foundation for easy loaning procedures from banks and credit organizations. Another significant platform is Momo, which allows convenient money transfers. 1Office has had an impressive launch thanks to its ability to effectively handle the 6 famous administration tasks of all enterprises in only one platform: business management, task management, human resources management, client management, money flow management, and organization culture building. Until now, 2,000 companies and 100,000 individual clients have chosen it for their daily operation. One more promising platform is Consultant Anywhere, which specializes in linking businesses to experts in the corresponding fields. It lets those in need communicate with experts anywhere and anytime via functions like appointment making, online payment, document storage, video call making. According to the Vietnam Association of Small and Medium Enterprises (VINASME), there are now around 800,000 businesses nationwide, 98 percent of which are SMEs. When Covid-19 pandemic happens, over 90 percent of these SMEs are severely affected since their traditional markets are narrowed down. To maintain and improve their operation, these SMEs need a proper digital transformation tool. Sadly, also due to Covid-19 pandemic, SMEs’ investment into the IT and cyber security field seems to considerably decrease. Certain super-small enterprises and household businesses do not have …

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