Unsecured debts

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued to take the lead in pre-tax profit in the first nine months of the year. However, the gap has been narrowed significantly. Following a three-percent decrease in first-half pre-tax profit, Vietcombank’s third-quarter figure fell over 20 percent to more than VND4.98 trillion. Except for foreign exchange trading, which is Vietcombank’s strength, activity of other business divisions remained flat or declined. Net profits declined with provision for bad debts increasing 25 percent in the first nine months of the year. … [Read more...] about Pre-tax banking profits grow – as do bad debts

In comparison with the growth of 1.39 percent of gross regional domestic product (GRDP), the credit capital provided in the city was not small. Particularly, last year, the authorized capital of HCMC-based credit institutions grew 11.38 percent; total assets increased 10.4 percent; capital mobilization gained 11.5 percent; non-performing loans were at 2.25 percent of the total outstanding loans. To carry out the direction of the SBV, the banking system in the city has also strived to launch several measures to support people and enterprises to restore and develop production and business activities. Accordingly, the lending interest rates for short-term loans in Vietnamese dong were reduced from 5.5 percent per annum to 4.5 percent per annum, with total loans exceeding VND168 trillion of more than 32,000 customers. Commercial banks have also actively rescheduled debt payment, absolved or reduced interest rates and fees, and kept the same debt group for customers following Circular … [Read more...] about Credit growth of HCMC reaches 8 percent

“The Government and local authorities have to do strict budget estimates so that the balance between spending and income and the macro-economic conditions are sustained” as Việt Nam is further integrating in the world’s economy with less barriers of taxes and tariffs, thus the decline of taxes and tariffs has had negative impacts on the budget income, he added. … [Read more...] about Deputies fear State will miss budget targets

Hanoi (VNS/VNA) - Many businesses have scaled down production and reduced their workforce due to the COVID-19 pandemic, leading to a decrease in the number of those participating in social and health insurance, as well as an increase in unpaid social security debts, experts have said. As a result, the Government’s targets on sustainable development of participants in social insurance will be difficult to achieve if no drastic measures are taken. Pham Xuan Toan, director of southern Binh Thuan province’s Social Security, said the COVID-19 pandemic had a great impact on many businesses in the province, proven by the adjustment of participants in social security and health insurance. Figures from March 1 to the end of June showed that more than 740 enterprises in the province, accounting for 47.5 percent of the total, have stopped participating in health insurance for more than 12,240 workers. These workers either quit their jobs or requested unpaid leave. More than … [Read more...] about Measures needed to raise insurance participation

Doan Nguyen Duc, board chairman of HAGL Agrico with the stock code of HNG, signed a resolution announcing the sale of three of its member companies to Truong Hai Agriculture JSC (Thagrico). Founded in early 2019, Thagrico is headquartered is in the central province of Quang Nam, and its legal representative is Tran Ba Duong, board chairman of Thaco. … [Read more...] about HAGL Agrico sells four companies to Thagrico