Vietnam life banks in vietnam report handsome profits in 2022

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) – to issue 15 percent of equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion, or approximately US$1.5 billion, of Tier 1 capital, increasing its owner equity to around VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years. Following the latest SMBC’s strategic investment, VPBank will become Vietnam’s second largest bank in terms of owner equity, which allows it to serve a wide range of customer needs in various … [Read more...] about Vietnam’s VPBank announces agreement to issue 15% of its charter capital to Japan’s SMBC

A mission, including 52 businesses from the U.S., is scheduled to visit Vietnam this week to learn about the local market and seek business and investment opportunities. This is the largest-ever U.S. business mission to Vietnam. Ted Osius, president and CEO of the U.S.-ASEAN Business Council (USABC), told Tuoi Tre (Youth) newspaper on Monday that these U.S. firms will meet with the Vietnamese prime minister, National Assembly chairman, and ministers. Amazon is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters Learning about Vietnam’s digital, green transformation potential According to Osius, USABC members stressed at a meeting with Vietnamese Prime Minister Pham Minh Chinh during his visit to the U.S. on the occasion of the ASEAN-U.S. Special Summit in May 2022 that they considered Vietnam a strategic market in the region and were committed to making investments in Vietnam and cooperating with Vietnamese partners for a long term. … [Read more...] about Biggest-ever US business delegation comes to Vietnam to seek investment opportunities

Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California on March 13. (Photo: XINHUA/VNA) HCM City (VNS/VNA) - The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital , has said in a report. “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15% since mid-2021 and yields surged. However, VGB holdings only accounted for around 6% of listed … [Read more...] about Silicon Valley Bank collapse not to impact VN: VinaCapital

The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a report. Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California. — AFP/VNA Photo “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15 per cent since mid-2021 and yields surged. However, VGB holdings only accounted for around 6 per cent of listed banks’ … [Read more...] about Silicon Valley Bank collapse not to impact Vietnam: VinaCapital

Some banks used to be very popular, with hundreds of thousands of customers, but they gradually disappeared from the market because of many reasons. Nam Do Commercial Joint Stock Bank Nam Do was a bank based in Ho Chi Minh City, which operated strongly in the mid-90s of the last century. However, under impacts of the Asian financial crisis in 1998, this bank could not recover debts. In 1998, after a series of violations in credit activities, Nam Do Commercial Joint Stock Bank was insolvent and was placed under special control by the State Bank of Vietnam. To ensure the safety of the banking system as well as stabilize the socio-economic situation in Ho Chi Minh City, the Prime Minister and the State Bank of Vietnam assigned the Bank for Investment and Development of Vietnam (BIDV) to participate in controlling Nam Do Bank. BIDV established a special working group to assess the entire situation of Nam Do Bank and propose solutions. Photo: Vietnamnet … [Read more...] about Vietnamese banks that ‘disappear’ from the market

Over the past 35 years of development, the Vietnam Bank for Agriculture and Rural Development, better known as Agribank, always proves its position and role as a leading commercial bank in Vietnam. It has pioneered monetary policies, contributing to stabilizing the macro-economy, curbing inflation and supporting the country’s economic growth. The bank has cemented its key role in developing the agriculture sector and rural areas and offering credit and services to serve the country’s socio-economic development. Agribank was proud to receive the Vietnam National Brand award for the third consecutive year in 2022 and was among the top 10 Vietnamese strong banking and financial brands the same year. The lender has obtained impressive achievements in digital and green transformation and made substantial contributions to community development. Despite the negative impact of the COVID-19 pandemic, Agribank, with its initiative and flexibility, has employed multiple … [Read more...] about Vietnam’s Agribank wins many local prestigious prizes

VPBank last week was rumoured to be close to an agreement to sell 15 per cent of stakes to Sumitomo Mitsui Financial Group, one of Japan’s largest financial companies. The estimated agreement is valued at around $1.4 billion, cited Bloomberg. “The Vietnamese bank will sell more than one billion shares to SMBC Consumer Finance, a unit of the Japanese megabank, for $1.35-1.39 each,” the newswire noted. Banks continue with consolidation game, illustration photo/ Source: Shutterstock VNDirect Securities told VIR that due to a high capital adequacy ratio of 20.5 per cent in 2022, VPBank could receive a higher credit limit from the State Bank of Vietnam this year. In addition, the brokerage predicted that the bank would invest significantly to diversify its products and expand its footprint in other segments, such as VPBank Securities in the securities market or OPES – its new non-life insurance arm. With the 15 per cent stake sale to SMBC, VPBank would consolidate and … [Read more...] about Banks continue with consolidation game

Vietnamese property developer Novaland is continuing personnel changes as Dennis Ng Teck Yow has been named CEO of the firm from Friday to replace Nguyen Ngoc Huyen, who tendered his resignation in late 2022. Novaland, whose NVL shares are traded on the Ho Chi Minh Stock Exchange, announced on Friday morning that the firm’s board of directors decided to select Dennis Ng Teck Yow, a native of Malaysia, as the new chief executive officer. He holds a master’s in banking and finance from the University of Hull in the United Kingdom. Yow is a housing industry veteran, previously working as general director at Gamuda Land Vietnam. The Malaysian entrepreneur has nearly 30 years of experience in property and in top posts of business strategy development, project development, and financial planning and analysis at domestic and international enterprises, according to Novaland. Novaland says will complete key projects Novaland’s appointment was made while the firm is struggling with … [Read more...] about Vietnam’s Novaland appoints Malaysian as new CEO

Domestic and foreign exports have proposed solutions to develop a circular economy in Vietnam, including ideas to turn the country’s plastic waste into economic resources. About 0.73 million metric tons of plastic waste was discharged into the ocean of Vietnam in 2022, the World Bank data showed. The current problem that Vietnam needs to solve when it comes to developing the circular economy is how to turn that huge amount of plastic waste into economic resources. The Embassies of Denmark, Finland, Norway, and Sweden, in collaboration with the Ho Chi Minh National Academy of Politics, organized the Nordic Day 2023 with the theme ‘Green Nordic Solutions for Circular Economy and Waste Management’ on Wednesday and Thursday. This is the fifth time the event has been held since 2018. During this year’s event, domestic and foreign experts shared their experience and proposed solutions to build a circular economy in Vietnam. The idea of using plastic waste as an input material … [Read more...] about Experts propose turning Vietnam’s plastic waste into economic resources

Police in Ho Chi Minh City, southern Vietnam, have arrested and pressed criminal charges on three Malaysian men who allegedly lured 30 Indonesians to Vietnam through false promises of good jobs but actually forced them to join fraudulent acts for asset misappropriation. The three Malaysian nationals include Leaw Boon Kiat, 36, Thong Joon Kin, 32, and Gan Ban Lee, 42, who have all been prosecuted on charges of “organizing for others to stay in Vietnam illegally,” the city’s police announced at a press conference on Friday. The arrest warrants and prosecution decisions against these suspects have been approved by the municipal People’s Procuracy. Earlier on March 12, the city’s police received a notice from the Department of Foreign Affairs about 30 Indonesian citizens who came to the Indonesian Consulate General in the city for urgent help after they managed to escape from a building where they had been kept under surveillance by a group of Malaysians. They reported that they … [Read more...] about 3 Malaysians prosecuted for tricking 30 Indonesians into fraud scams in Vietnam