Corporate

BIM Group and Hyatt Hotels Corporation recently signed a hotel service agreement for the Park Hyatt Phu Quoc Residences project, the first branded residences managed by Hyatt Hotels in Southeast Asia. Representatives from the two sides spoke to Viet Nam News about their views of Viet Nam’s tourism potential and their prospects for the partnership. Monika Dubaj, Vice President of Development, Hyatt Hotels Corporation Monika Dubaj, Vice President of Development, Hyatt Hotels Corporation Viet Nam’s tourism sector has seen a boom in recent years but many beautiful regions still have great potential, such as Phu Quoc Island. What are your strategies to optimise the potential of these areas? Viet Nam is indisputably on its way to becoming a leading global tourism destination. Over the last decade, Viet Nam's tourist arrivals have grown from four million to 17 million, which is a huge success story. I really believe this is an impressive start to a promising journey. Viet Nam … [Read more...] about In’l partnership drives VN resort developer toward luxury segment

Thanh told the press that with the bank’s strategic orientation and its business results in January 2018, the goal is completely within reach.  According to him, VCB became the first bank in Vietnam to obtain the profit target of VND10 trillion (US$439 million), and one of the banks with assets worth quadrillion VND in 2017.  VCB’s profit in 2017 hit VND11.3 trillion (over US$496 million) and its total assets last year valued at over VND1 quadrillion (US$43.9 billion), representing year-on-year increases of nearly 33% and 31%, respectively. In 2017, the bank also worked hard to effectively resolve bad debts, keeping its bad debt at 1.1% – the lowest among Vietnam’s credit institutions.  Thanh attributed the results to both effective credit and non-credit services of the bank.  Under its development strategy to 2020, VCB’s credit services are expected to contribute 32-33% to its revenue, while non-credit services will … [Read more...] about Vietcombank looks to earn US$570 mln profit in 2018

It also plans to cut non-performing loan ratio (NPL) to below 1.5 percent and a rise of 14 percent in total asset. The targets were announced at the annual shareholders’ meeting of the bank on April 27.  Vietcombank chairman Nghiem Xuan Thanh also informed the shareholders on plans to add 10 percent to its tier-1 capital in 2018 through issuing shares for foreign investors. He said the capital raise proposal was approved by the State Bank of Vietnam and the Government in December 2017. The action aims to secure the bank’s capital adequacy ratio of nine percent in accordance with Basel II standards.  The number of to-be-issued shares would not exceed 10 percent of the bank’s total number of shares, which is now nearly 3.6 billion. Vietcombank will issue additional shares to a maximum of 10 foreign investors, chairman Thanh said. Vietcombank general director Pham Quang Dung said the Japanese bank Mizuho, one of the largest shareholders at … [Read more...] about Vietcombank aims for 15-percent credit growth

A Vietnam National Shipping Lines (Vinalines) cargo ship (Photo: thuonggiaonline.vn) Hanoi (VNA) - Only nine state-owned enterprises (SOEs) were given the green light from the government for their equitisation plans this year, reported the Ministry of Finance (MoF). The progress was still “very slow”, said Dang Quyet Tien, Director of the MoF's Corporate Finance Department, at the ministry’s press conference on the local financial and production situation and the restructuring and equitisation of SOEs in Hanoi on December 10. Tien said though equitisation and divestment had a positive impact on the development of the stock market, improving the performance of firms, the slow progress was “concerning”. Among nine SOEs reported, three were on the list of 128 SOEs required to be equitised by the Prime Minister Nguyen Xuan Phuc in the period from 2016 to 2020. He said since 2016, Vietnam had 168 SOEs approved for equitisation, of which 36 were in the … [Read more...] about Equitisation of SOEs still sees slow progress

CSR Kindness towards the community By Hoai An Wednesday,  Dec 11, 2019,19:49 (GMT+7) Kindness towards the communityBy Hoai An A representative of Hung Loc Phat (6th R, front row) is seen in a community program to support poor families on the occasion of the Lunar New Year festival – PHOTO: HUNG LOC PHAT Making contributions to the community, for Hung Loc Phat Corporation, is a mandate from the heart. The company, an emerging brand in the local’s real estate market, has in the past few years engaged in a wide range of charity programs to support the needy and the underprivileged. Hung Loc Phat Corporation first started business as a trader of building materials and later expanded to energy before marching into the real estate sector. Its name became popular just a few years ago alongside the revival of the local real estate market, and over the past four years, Hung Loc Phat has established its foothold in … [Read more...] about Kindness towards the community