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PetroVietnam posted upbeat performance in this first quarter, leveraging its diligent workforce at project sites nationwide Fitch Ratings has also assessed PetroVietnam’s standalone credit profile (SCP) at “BB+” and long-term foreign-currency issuer default rating (IDR) at “BB”. The assessments followed Fitch Ratings’ upgrade of the "BB" outlook for Vietnam from “stable” to “positive” earlier this month. Like other oil and gas firms around the world, PetroVietnam encountered numerous difficulties in 2020 due to the impacts of the COVID-19 pandemic and the nosedive in oil prices. In the face of unprecedented challenges from COVID-19, PetroVietnam has carried out drastic solutions to achieve last year’s targets. in the face of unprecedented challenges from COVID-19, the group has carried out drastic solutions to achieve last year’s targets. Accordingly, PetroVietnam recorded VND11 trillion ($482.6 million) in consolidated after-tax profit and VND313.3 trillion ($13.6 billion) in revenue and contributed VND83 trillion ($3.6 billion) to state coffers. It had also supplemented reserves by more than 15 million tonnes of oil equivalents in the wake of new oil discoveries at the Ken Bau and Soi Vang fields. These achievements came by virtue of PetroVietnam’s constant efforts to bridge over market challenges, making practical contributions in celebration of the success of the XIII Party Congress and preparing to commemorate the group's 60-year anniversary on November 27, while in the meantime ushering in bright development prospects. By Anh Duc …

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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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Hanoi’s iconic Hoan Kiem Lake is adored by tourists and locals alike, but many surrounding areas are simply too full Located deep in an alley on Hang Buom street is house No.53, built over 100 years ago. Although severely degraded with many cracks appearing in the rotten walls and stairs, the 3-storey house with dozens of apartments has been the residence for nearly 200 people for many years. Nguyen Trung Truc, a resident living in an apartment on the first floor said, “The house has signs of dilapidation and the entrance to the house lacks sunlight, so it is dirty and dark. When opening the door, the smell flies straight into the house. Every time it rains, the house and the yard are wet.” Truc’s family and the households who live here all want to have a new spacious and cleaner place, but what they worry about most is how to earn a living after moving, when their current income mainly depends on street trading in the Old Quarter. With a history of more than 1,000 years, the area is both an administrative and commercial centre and a place with great historical value, architecture, and culture. The 36 traditional craft streets represent business activities, attracting not only people in Hanoi but also people in the surrounding areas to come here for settlement. Over the years, the rapid population growth has narrowed the land fund in the Old Quarter, creating great pressure on infrastructure, causing cramped and messy conditions which, in turn, affects the urban appearance and affection of international tourists to Hanoi, and is also related to damage caused to many historical monuments. Therefore, the relocation of the population in the Old Quarter area is considered a top priority of Hanoi’s administration in urban reconstruction and conservation of cultural heritage. According to the urban planning, 215,000 residents in Hoan Kiem, Ba Dinh, Dong Da, and Hai Ba Trung will be relocated by the end of the decade. The land fund released from relocation …

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