Shareholders

Vingroup offers incentives for semiconductor manufacturers Pham Nhat Vuong, chairman of Vingroup, said at the annual shareholders' meeting organised on May 11 that “It is a golden time for VinFast to expand its share in the domestic market and abroad, however, it is still challenging to source semiconductors.” “At present, there is a significant shortage in supply. We can not export products if they lack just a few of the approximately 40,000 parts and semiconductors that are required in a car. VinFast has to import some components from China, however, Shanghai is closing its gates due to the zero-covid policy and the chip manufacturers located there have been forced to halt their operations, causing disruption in the supply of chips around the globe,” Vuong said. The group has established a list of six groups of parts and materials for battery cell production and studied solutions to prepare long-term reserves of these products. The group’s main focus at present is looking … [Read more...] about Vingroup offers incentive for semiconductor manufacturers

Techcombank is on track to be among the top ASEAN banks Techcombank’s rise within the Vietnamese banking industry was highlighted last year when it became the first non-state-owned bank to join Vietnam’s billion-dollar profit club. “Even in the very tough environment we are seeing, our employees have maintained a high quality and reliable service for our customers and this is helping us to deliver stellar performance year after year,” said Jens Lottner, CEO of Techcombank. Last year, the bank continued to reduce costs while focusing on building deposits in its current accounts and savings accounts (CASA), which Lottner described as a “stable and cheap” source of funding. Techcombank’s CASA ratio, which reflects the percentage of the bank’s total deposits that are CASA, jumped from 46.1 per cent in 2020 to 50.5 per cent last year, well on its way to the bank’s target of 55 per cent by 2025. Techcombank’s net interest margin, a measure of the difference between the interest … [Read more...] about Techcombank on track for a seat among the top ASEAN banks

Japfa policy change irks chicken farmers-illustration photo, source: freepik At the end of April, some affiliated farms in Buon Ma Thuot city in Dak Lak province were quietly closed, and a lot of equipment for livestock has now become useless. Some of them have even had to sell their homes or suffer billions of VND in losses with chicken breeding. Hoang Thi Cuc, a farmer in Hoa Thang ward, poured in over $108,000 into lodging and began to work with Japfa in 2019 to feed 15,000 chickens, but he has now abandoned the farm. “At the time, Japfa said that we could recoup capital within the next three years. So we decided to borrow money and rent land to build the farm. However, after the first year and gaining some profit, we have suffered losses since then. To cut the losses, we stopped receiving chickens from the company for the last six months and have decided to abandon the farm,” said Cuc. Cuc said the farm was losing $8,700 and land rent for every farrow of chicken. While … [Read more...] about Japfa policy change irks chicken farmers

Illustrative image It is being seen that private banks have now put in place many breakthroughs in business plans and are even preparing to overtake the strong performances of commercial banks in the Big 4 Group. Race for profits Vietcombank has just released its consolidated financial statement for the first quarter of the year, showing a pre-tax profit of more than VND9.95 trillion, which is an increase by 15.3 percent. However, in the first quarter, Vietcombank lost its former place as the number one champion. The private joint stock commercial bank, Vietnam Prosperity Joint Stock Commercial Bank (VPBank), has managed to push Vietcombank to second position. According to its consolidated financial statement for the first quarter, VPBank showed a profit before tax of VND11.14 trillion, up by 178 percent over the same period last year. The third and fourth positions are now being held by Techcombank which showed a profit of more than VND5.52 trillion, and Military … [Read more...] about Private banks coming strong against state-owned banks