Headquarters of the State Bank of Vietnam in Hà Nội. — VNA/VNS Photo HÀ NỘI — Commercial banks have recorded lower profit during the third quarter of the year with the underlying cause being the fourth outbreak of the novel coronavirus, which resulted in lockdowns in major cities and provinces across the country, said the latest report by the State Bank of Việt Nam (SBV). In a recent survey conducted by the SBV, 54 per cent of commercial banks and financial institutes have said they expected business to pick up in the last quarter of the year. SSI Securities Corporation (SSI)'s forecast shows profit during the third quarter of the year for Việt Nam International Commercial Joint Stock Bank (VIB) may experience a nosedive due to the bank's restructuring efforts to support borrowers, despite a positive 11 per cent credit growth since the beginning of the year. In addition, income generated from bancassurance, which typically accounts for around 20 per cent of the bank's profit, … [Read more...] about Profit down in Q3, likely to pick up in Q4: banks
Vietnam banking report
The ticking time bomb of Evergrande has been making headlines for many days. The world's most indebted real estate group is saddled with more than $305 billion in debt and has issued repeated warnings that it could default. Currently, Evergrande's stock and bond prices are falling sharply, declining 90 per cent from their peak in 2020. Shareholders and 70,000 investors stand to lose almost everything as the Chinese government signalled intention to let Evergrande handle matters on its own under market mechanisms. According to CNBC , the Evergrande is threatening to push over real estate companies like a line of dominoes stretching across China while the international press is making a list of other large enterprises whose hefty debts could catch up with them after property sales and debt credit decline. The cooling of the housing market could pose a serious risk to the Chinese economy, as the real estate industry contributes nearly 30 per cent of its GDP and is one of the … [Read more...] about Vietnam’s real estate scene post-Evergrande: who will stand tall?
Việt Nam calls on relevant sides to further facilitate humanitarian and post-conflict reconstruction activities in the Gaza Strip. Photo Xinhua/VNA New York — Ambassador Đặng Đình Quý, Permanent Representative of Việt Nam to the United Nations (UN), on Tuesday expressed his concern over continuous violence, causing many fatalities and injuries to Palestinians, especially children. Addressing the UN Security Council’s open debate on the situation in the Middle East, including the Palestinian issue, Quý called on Israel to put an end to violence against civilians, and conduct objective, quick investigations into all attacks on Palestinians. The ambassador also noted his concern over recent reports about the continued implementation of settlement projects in the West Bank, including East Jerusalem, saying such activities are illegal under international law, and would weaken prospects of a two-state solution. He welcomed recent dialogues and meetings between officials of … [Read more...] about Việt Nam concerned over Israeli-Palestinian violence
Inside a Vinamilk factory. — Photo vietnamplus.vn The Vietnam Report and online newspaper VietNamNet have just announced the Profit 500 list, featuring the top 500 most profitable enterprises in Viet Nam this year. Prominent in the list are Samsung Electronics Thai Nguyen Co Ltd, Viettel Military Industry and Telecoms Group (Viettel), Vietnam Oil and Gas Group (PetroVietnam), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Hoa Phat Group JSC, Vietnam Electricity (EVN), Vingroup, and Vietnam Dairy Products JSC (Vinamilk). During the 2017-21 period, the three sectors of property development and construction, finance, and food and beverages, had the largest number of companies in the rankings, said General Director of the Vietnam Report JSC Vu Dang Vinh. The compound annual growth rate (CAGR) of all companies in the Profit 500 list this year averaged 10.12 per cent. Statistics also … [Read more...] about Viet Nam’s 500 most profitable enterprises in 2021 announced
The workshop to announce the Digital Transformation Index (DTI) 2020. — Photo hanoimoi.com.vn HÀ NỘI — Đà Nẵng leads the rankings in the Digital Transformation Index (DTI) Report 2020 in all three pillars of digital government, digital economy and digital society. The Ministry of Finance is the leading agency in the rankings at the ministerial level in providing online public services. This is information from the workshop on the Digital Transformation Index (DTI) of ministries, ministerial-level agencies, government agencies and provinces and centrally-run cities last year held in Hà Nội on Wednesday. Last year is the first year that the Ministry of Information and Communications evaluates the Digital Transformation Index (DTI) of ministries, ministerial-level agencies, agencies of provinces and municipalities. The DTI 2020 report is compiled from four data sources collected including digital transformation report data of ministries, ministerial-level agencies, … [Read more...] about Đà Nẵng leads rankings in Digital Transformation Index