State cooperative banks

Vietnam and Australia are actively coordinating to prepare for activities commemorating 50 years of diplomatic relations, including high-level visits, cultural events, people-to-people exchange, and tourism promotion. Australia aims to expand cooperation with Vietnam in many fields, such as energy, education, defense, science, technology, innovation, gender equality, and cultural exchange. Delegates looked at children's drawings on display at the program. Photo: VNA That's the statement of Australian Ambassador to Vietnam Andrew Goledzinowski during a friendship exchange to celebrate the 50th anniversary of establishing diplomatic relations between Vietnam and Australia (February 26, 1973). The event was jointly organized by the Australian Embassy in Vietnam, the Hanoi Union of Friendship Organizations and the Vietnam-Australia Friendship Association in Hanoi on March 31. Speaking at the ceremony, the Ambassador emphasized that the bilateral relationship … [Read more...] about Vietnam, Australia eye stronger multifaced cooperation

It said the overnight electronic interbank rate would also be kept at the current level of 6.0%. The bank also said it will from Monday lower its refinance rate by 50 basis points to 5.5%, its latest move to support economic growth that bucks a trend among regional peers. The State Bank of Vietnam (SBV) said in a statement it would keep the discount rate unchanged at 3.5%. Earlier this month, the SBV cut several policy rates to increase liquidity and help spur growth, in what was a surprise move amid global financial turmoil. The announcement came just hours after a senior central bank official said the U.S. Federal Reserve's move to ease its rate hikes meant Vietnam would consider further cutting rates in future to spur growth. Vietnam's economic growth slowed to 3.32% in the first quarter, against a 5.92% expansion in the fourth quarter of 2022. The SBV pledged on Friday to keep monetary policy flexible for the rest of the year to support economic stability amid … [Read more...] about Central bank to cut deposit interest rate ceiling from Monday

An HDBank transaction office in HCM City. HDBank hopes to maintain its high growth momentum in the coming years. — Photo courtesy of HDBank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its 2022 results audited by PwC, which shows profit before tax of nearly VND10.27 trillion (US$437.18 million), its highest ever and up 27.2 per cent from the previous year and 105 per cent of the target approved by shareholders. The non-performing loans (NPL) ratio was low, while operational safety indicators were among the best in the industry. The operating income for the year topped VND22 trillion ($936.39 million), up 31.1 per cent. Its credit, services, card, and digital banking businesses all saw high growth. The total number of credit cards it issued quadrupled while their transaction value nearly tripled, and the number of e-banking transactions doubled with their value growing by six times to VND761 trillion ($$32.39 million). The return on equity and … [Read more...] about HDBank outstanding loans to property sector, corporate bond holdings among industry lowest

Participants at the talks (Photo: VNA) Lang Son (VNA) – Secretary of the Party Committee of Lang Son province Nguyen Quoc Doan held talks with Liu Ning, Secretary of the Party Committee of China's Guangxi Zhuang Autonomous Region, in Lang Son city on March 30, during which they discussed measures to further expand border trade cooperation. The two sides positively evaluated the close high-level relationship between the two Parties and States, as well as between Lang Son and Guangxi, which has been increasingly strengthened and nurtured. They also discussed measures to promote the potential and strengths, and step up cross-border trade. Liu said he hopes the two countries will continue to strengthen strategic development and connection and deepen practical cooperation in various fields, thus strongly promoting the partnership and comprehensive strategic cooperation in the new era. The Chinese official said Guangxi is currently implementing measures to promote the … [Read more...] about Vietnamese, Chinese localities eye stronger border trade

Vietnam ese Deputy Minister of Foreign Affairs Le Thi Thu Hang (R) and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi (Photo: VNA) Rome (VNA) – Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi co-chaired the fifth political consultation between the two ministries to discuss orientations to promote the bilateral Strategic Partnership in the coming time. The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties, and the 10th founding anniversary of the Strategic Partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to … [Read more...] about Vietnam, Italy agree on orientations to enhance Strategic Partnership

The State Bank of Vietnam sets daily reference exchange rate at 23,600 VND/USD on March 31. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,600 VND/USD on March 31, down 3 VND from the previous day. With the current trading band of +/- 5%, the ceiling rate applied to commercial banks during the day is 24,780 VND/USD and the floor rate 22,420 VND/USD. The opening hour rates at commercial banks showed a declining trend. At 8:45am, Vietcombank listed the buying rate at 23,270 VND/USD, and the selling rate at 23,640 VND/USD, both down 10 VND from the end of March 30. BIDV kept both rates unchanged at  23,330 VND/USD (buying) and 23,630 VND/USD (selling). During the week from March 27 to 31, the daily reference exchange rate was adjusted up on the first two days and down towards the end of the week. It ended the week down 2 VND./. VNA … [Read more...] about Reference exchange rate down 3 VND on March 31

Illustrative Image (Photo: VNA) Jakarta (VNA) –  The ASEAN 3 Finance and Central Bank Deputies Meeting (AFCDM 3) took place in Indonesia from March 29-30 to discuss the regional macroeconomic situation and the progress of implementing financial cooperation initiatives. Representatives of the Ministry of Finance and the State Bank of Vietnam attended the event. Under the co-chair of Indonesia and Japan, deputy ministers of finance and deputy governors of ASEAN 3 central banks discussed the regional macro economic situation and the pace of the implementation of the financial cooperation initiatives. Regarding regional macroeconomics, the ASEAN 3 Macroeconomic Research Office (AMRO) assessed that economic growth in the ASEAN 3 region in 2022 recorded a recovery after the COVID-19 period, mainly from increased domestic demand. Regional growth is estimated at 3.2%, of which China, Japan and the Republic of Korea (RoK) achieved 2.6% and ASEAN member states at 5.6%. In 2023, the … [Read more...] about ASEAN+3 intensifies finance collaboration

On March 31, the event occurred adjacent to the Hanoi Cooperative Alliance's headquarters in Van Quan Ward, Ha Dong District. More than 100 cooperative groups of cooperative alliances from Hanoi and provinces all over the country participated in a week-long fair promoting the sale of farm produce and handicrafts recognized by the One Commune One Product (OCOP) program to showcase their products and agricultural models linked to eco-tourism. Hanoi's authorities attend the opening ceremony of the event. Photo: Trong Tung/ The Hanoi Times Do Huy Chien, the chairman of the Hanoi Cooperative Alliance, stated that the week-long fair aims to promote farm goods, processed foods, and OCOP items related to rural and agricultural sectors and traditional craft villages from Hanoi and other areas. "The event is also intended to link tourism promotion activities between the city and localities throughout the country, contributing to increasing the brand value of … [Read more...] about Hanoi hosts a week-long exhibition showcasing OCOP farm products

UK Minister of State for Defense Baroness Goldie visited Vietnam on Wednesday and Thursday to continue efforts to strengthen the two countries’ bilateral defense partnership. During the visit, Goldie met with Senior Lieutenant General Hoang Xuan Chien, Vietnam’s Deputy Minister of National Defense, and co-chaired the UK and Vietnam’s Fourth Defense Policy Dialogue – an annual bilateral meeting between the two nations which focuses on the future of joint defense cooperation. The minister also visited the Vietnam Department for Peacekeeping Operations as the UK reaffirms its support for Vietnam in developing as a UN Troop Contributing Nation. The UK has already supported Vietnam’s deployments, including to South Sudan and Abyei, by training medical and engineering personnel. She also shared that the UK is eager to assist with future initiatives. UK Minister of State for Defense Baroness Goldie visits the Vietnam Department for Peacekeeping Operations in Hanoi in a … [Read more...] about UK defense minister visits Vietnam, bolsters bilateral defense partnership

Illustrative image (Source: VNA) Jakarta (VNA) – The Asian Development Bank (ADB) and ASEAN Catalytic Green Finance Facility jointly held the Southeast Asia Development Symposium themed “ Imagining a net-zero ASEAN ” in Indonesia’s Bali on March 30. In his opening remarks, ADB President Masatsugu Asakawa pointed out that climate change remains the most urgent issue facing Southeast Asia, and suggested countries in the region cooperate with each other to put forth innovative solutions in order to accelerate the regional transition to carbon neutrality, and ensure strong, sustainable, inclusive economic growth. He also spoke of the bank’s goals of elevating its ambition 100 billion USD in cumulative climate finance by 2030, and rolling out “game-changing” platforms to scale up the climate finance . Indonesian Finance Minister Sri Mulyani Indrawati said ASEAN - which relies heavily on fossil fuels for economic and industrial development - should address the need for … [Read more...] about ASEAN looks towards net zero emissions