Banking finance

The Vietnamese economy in the third quarter of 2021 has been severely affected by COVID-19, with all facets of the economy and enterprises left in the lurch. In this context, many commercial banks have taken the initiative in reducing cost and profit targets while increasing packages of preferential loans to give more support to people and enterprises. BAC A BANK always accompanies enterprises and individuals with preferential loans In addition to its fight against the pandemic and ensuring its staff and customers at transaction spots and keeping smooth operations to serve the economy’s demands, BAC A BANK has earmarked many types of attractive incentives for individual customers within September 7 to December 31, 2021, with the loans disbursed before January 31, 2022 at all branch systems of BAC A BANK nationwide. The preferential loans are aimed to help the customers to purchase real estate and automobiles, build and/or repair houses, supplement loans, and invest … [Read more...] about BAC A BANK offers preferential loans for individuals hit by COVID-19

About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 19

Illustrative image (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate on September 20 at 23,132 VND/USD, up 13 VND from the last working day of previous week (September 17). With the current trading band of +/- 3 percent, the ceiling rate applicable to commercial banks during the day is 23,825 VND/USD and the floor rate 22,438 VND/USD. The opening hour at commercial banks stayed stable. At 8:25 am, Vietcombank listed the buying rate at 22,640 VND/USD  and the selling rate at 22,870 VND/USD, unchanged from September 17. BIDV also kept both rates unchanged at 22,670 VND/USD (buying) and  22,870 VND/USD (selling). Similarly Vietinbank maintained both rates at the same level as on September 17 at 22,650 VND/USD  (buying) and 22,870 VND/USD (selling). The reference exchange rate fluctuated variably during the week from September 13-17, ending up 6 VND from the rate on the beginning of the week./. VNA … [Read more...] about Reference exchange rate up 13 VND at week’s beginning

Thailand's SCG Packaging Pcl (SCGP) on Monday announced an 11.8 billion baht ($353.93 million) expansion in its packaging paper business in Vietnam, anticipating growth in demand. A new facility will be built in Vinh Phuc province in northern Vietnam, to begin operations in early 2024, which will raise total production capacity to 870,000 tonnes of packaging paper per year, up from 500,000, SCGP said in a statement. It will be run by Vina Kraft Paper, a joint venture between SCG Packaging and Japan's Rengo Company, of which SCGP holds 70%. "Vietnam has strong domestic consumption and is an important export base in the region, a big draw for multinational companies to invest their operations there," chief executive Wichan Jitpukdee said. Wichan anticipated Vietnamese demand growth of 6% to 7% annually until 2025. SCGP, a unit of Thailand's largest industrial conglomerate, Siam Cement Pcl, said it would use cash and debt to finance the expansion. The facility is the latest … [Read more...] about Thailand’s SCG Packaging plans $353 mln Vietnam expansion

Many businesses in the southern region are unable to resume operations due to lack of human and financial resources. — Photo vov.vn Many businesses in the south have been allowed to reopen a few days ago but a worker shortage is preventing them from doing so. The owner of an organic rice production business in District 7, Tran Huu Tin, was happy when the city began to loosen social distancing requirements and allow businesses to resume. But after two weeks of trying to recruit and posting messages, he has not received any job applications, and he is now very worried. At the end of June four of his employees first tested positive for COVID-19, and a week later the number jumped 10-fold, and his business lost nearly half its workforce. Hiring has not been easy with the epidemic still raging. "People are very reluctant to go to work since they have to live on the premises and also fear the risk of COVID-19 infection," he said. Le Xuan Tan, a director of Hanh Phuc Wood Co., … [Read more...] about Lack of human resources, funds prevents businesses from reopening

This open-ended fund, which invests in high quality short-term fixed income securities and money market instruments, enables investors to generate stable returns while maintaining the flexibility of daily liquidity. VLBF’s current expected return of up to 4.4 percent per annum is significantly higher than current three-month term bank deposit rates and the less than one percent per annum that can be expected from bank current accounts. This makes it ideally suited to individual and corporate investors seeking higher returns on their cash holdings. The fund offers daily liquidity, with no lock-in period. Additionally, investors can access VinaCapital’s MiO website and mobile app to manage their portfolios anywhere and anytime. BIDV is the supervisor and administrator of VLBF. The fund’s first trading date will be 16 September 2021. Brook Taylor, CEO of VinaCapital Fund Management, commented, “VLBF is a great example of how VinaCapital is committed to delivering products that are … [Read more...] about Potential returns for investors in Vietnam