CIMB Bank Vietnam posts $3.4 mln loss in 2023

CIMB Bank Vietnam posts $3.4 mln loss in 2023

CIMB Bank Vietnam, under Malaysia-headquartered CIMB bank, reduced its post-tax loss by 60.6% year-on-year to VND85.9 billion ($3.44 million) in 2023.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Sacombank targets 10% growth in 2024 pre-tax profit

Sacombank targets 10% growth in 2024 pre-tax profit

Private Vietnamese lender Sacombank has set a target of earning VND10.6 trillion ($424.6 million) in pre-tax profit for 2024, a year-on-year increase of 10%.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

ABBank targets $42 mln in pre-tax profit, to go public in 5 years

ABBank targets $42 mln in pre-tax profit, to go public in 5 years

An Binh Commercial Joint Stock Bank (ABBank) has targeted pre-tax profits of VND1 trillion ($41.6 million) this year, up 94.5% year-on-year.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

HSBC Vietnam records $208 mln post-tax profit in 2023, up 40%

HSBC Vietnam records $208 mln post-tax profit in 2023, up 40%

HSBC Bank (Vietnam) Ltd., under London-headquartered lender HSBC, recorded a post-tax profit of VND5,189.1 billion ($207.5 million) in 2023, up 40.2% year-on-year, according to the bank’s financial statements.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

USD rate passes VND25,000 milestone at top Vietnam lender Vietcombank

USD rate passes VND25,000 milestone at top Vietnam lender Vietcombank

Vietcombank, the largest Vietnamese lender by market capitalization and foreign exchange transactions, increased its USD buying and selling rates to VND24,790 and VND25,130 Wednesday afternoon.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Moody's upgrades outlook of Techcombank in 2024 to 'stable'

Moody's upgrades outlook of Techcombank in 2024 to 'stable'

Moody's Ratings has revised the outlook of Techcombank from negative to stable, the U.S. credit rating agency said Wednesday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Wave of cash dividends, capital addition likely at bank shareholder meetings: expert

Wave of cash dividends, capital addition likely at bank shareholder meetings: expert

The 2024 annual general shareholder meeting season of Vietnamese banks starting next March will likely usher in a wave of cash dividends and large capital increase plans, says Nguyen The Minh, chief analyst at Yuanta Vietnam Securities JSC.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Techcombank's 2023 net profit drops 10% to $731 mln

Techcombank's 2023 net profit drops 10% to $731 mln

Major Vietnamese private lender Techcombank reported VND40.06 trillion ($1.63 billion) in total income and over VND18 trillion ($731.4 million) in net profit last year, down 1.2% and 10.4% year-on-year, respectively.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam's Big 4 banks cut deposit interest rates to below 2%

Vietnam's Big 4 banks cut deposit interest rates to below 2%

Deposit interest rates at four state-controlled banks in Vietnam, namely Vietcombank, Agribank, BIDV and VietinBank, have dropped to below 2% for some terms as the banking sector continues to cut interest rates.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam passes amended credit institution law with cross ownership adjustments

Vietnam passes amended credit institution law with cross ownership adjustments

The National Assembly, Vietnam’s highest legislative body, passed the amended Law on Credit Institutions Thursday with 91.28% of votes in favor.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Zero interest rate appears as banks scramble to offer affordable loans

Zero interest rate appears as banks scramble to offer affordable loans

Vietnamese banks are racing to offer loan packages with preferential interest rates from only 3%, and even interest-free for the first month.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Fitch upgrades ratings of 7 banks in Vietnam, including StanChart, HSBC, ANZ

Fitch upgrades ratings of 7 banks in Vietnam, including StanChart, HSBC, ANZ

Fitch Ratings has upgraded the long-term foreign-currency issuer default rating (IDR) of six banks in Vietnam to ‘BB+,’ one to ‘BB,’ and one unchanged at ‘BB-,’ the rating agency announced Wednesday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Banks should continue reducing interest rates: central bank governor

Banks should continue reducing interest rates: central bank governor

Banks should continue cutting costs in order to reduce interest rates, Governor Nguyen Thi Hong of the State Bank of Vietnam said at the government’s Thursday meeting on boosting credit growth for the economy.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Positive outlook for Vietnamese banks, GDP growth over 6% in 2024: Fitch

Positive outlook for Vietnamese banks, GDP growth over 6% in 2024: Fitch

Vietnamese banks are set to enjoy a favorable business environment over the next few years in tandem with a strengthening economy, a Fitch Ratings report says.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

BIDV, Switzerland’s Edmond de Rothschild to build ‘leading private bank in Vietnam’

BIDV, Switzerland’s Edmond de Rothschild to build ‘leading private bank in Vietnam’

BIDV, a Vietnamese state-controlled banking giant, has teamed up with Switzerland-based financial institution Edmond de Rothchild to “build the leading private bank in the country.”

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam’s SeABank halts plan to sell shares to Norway investment fund

Vietnam’s SeABank halts plan to sell shares to Norway investment fund

Vietnamese lender SeABank, listed on the Ho Chi Minh Stock Exchange as SSB, has decided not to proceed with a planned sale of shares to the Norwegian Investment Fund (Norfund), the bank announced Friday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Shinhan Bank Vietnam wins Outstanding Depository and Supervisory Bank 2023 award

Shinhan Bank Vietnam wins Outstanding Depository and Supervisory Bank 2023 award

Shinhan Bank Vietnam Limited has been conferred the “Outstanding Depository and Supervisor Bank of the year 2023” award by the Vietnam Securities Depository and Clearing Corporation (VSDC).

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Shinhan Bank, Public Bank the only 2 foreign banks offering above 5% interest rates

Shinhan Bank, Public Bank the only 2 foreign banks offering above 5% interest rates

South Korea-invested Shinhan Bank and Malaysia-invested Public Bank are the only two foreign commercial banks in Vietnam offering more than 5% interest for 12-month deposits, at 5.3% and 5.6% respectively.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Fitch affirms HSBC Vietnam ‘BB’ rating, outlook positive

Fitch affirms HSBC Vietnam ‘BB’ rating, outlook positive

Fitch Ratings has assigned HSBC Vietnam a long-term foreign-currency issuer default rating (IDR) of “BB” and its long-term local-currency IDR of “BBB-“ while the outlook is positive, Fitch Ratings said Monday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Agribank actively implements 5 preferential credit programs

Agribank actively implements 5 preferential credit programs

So far this year, state-owned Agribank has been actively implementing five preferential credit programs for businesses, per the Prime Minister's request to improve firms' access to credit to boost production and state budget revenue.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Agribank's commitment to green credit development strategy

Agribank's commitment to green credit development strategy

As a pivotal institution providing capital and financial services to the agriculture and rural sectors, Agribank is resolute in spearheading the realization of the government's directives on fostering green credit growth, managing environmental and social risks in credit operations, and striving to lay the groundwork for secure agriculture and sustainable development.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Agribank retains status as pioneering brand with prestigious awards

Agribank retains status as pioneering brand with prestigious awards

Wholly state-owned Agribank has regularly claimed the top positions in major domestic and international brand rankings over the years thanks to its scale and effective operations.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam stock market upgrade to attract more int’l capital: Citibank

Vietnam stock market upgrade to attract more int’l capital: Citibank

The upgrade of Vietnam’s stock market status from frontier to emerging market will see more international capital flow into the country and boost economic growth, says Citibank Vietnam.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Commercial banks to continue loan rate cuts: central bank

Commercial banks to continue loan rate cuts: central bank

Vietnamese banks have reduced loan interest rates by 1.5-2 percentage points from end-2022, exceeding the initially-expected decrease of 1.5 percentage points, and the trend is likely to continue.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Techcombank's new twin headquarters in Hanoi, HCMC: A bright future built on a legacy

Techcombank's new twin headquarters in Hanoi, HCMC: A bright future built on a legacy

In celebration of its 30th anniversary this September, Techcombank has unveiled two new headquarters, located at 6 Quang Trung street, Hanoi and 23 Le Duan street, Ho Chi Minh City.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Techcombank turns 30, fetes sustained entrepreneurial spirit and constant renewal

Techcombank turns 30, fetes sustained entrepreneurial spirit and constant renewal

Techcombank has always done things a bit differently, with more daring, says CEO Jens Lottner as he reflects on the Vietnamese bank’s 30-year journey and the future it envisions.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Five Vietnam banks reduce 12-month deposit interest rates to below 5.5%

Five Vietnam banks reduce 12-month deposit interest rates to below 5.5%

Private lenders ABBank, Techcombank, GPBank and SeABank and state-controlled Vietcombank have become the first five Vietnamese banks to cut their 12-month deposit interest rates to below 5.5%.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Eximbank elects two last board members

Eximbank elects two last board members

Private Vietnamese lender Eximbank's board of directors on Monday elected CEO Tran Tan Loc and Nguyen Canh Anh as its last members for the 2020-2025 tenure.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Three firms to become major shareholders in PG Bank

Three firms to become major shareholders in PG Bank

The State Bank of Vietnam (SBV) has approved the purchase of shares by three companies that will make them major shareholders in private lender PG Bank.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

HSBC, Shinhan Bank, UOB record strong earnings in Vietnam

HSBC, Shinhan Bank, UOB record strong earnings in Vietnam

Foreign banks HSBC, Shinhan Bank and UOB posted strong performances in Vietnam in the first half of this year, according to their half-year reports.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Shinhan Bank Vietnam makes H1 profit of $99.4 mln

Shinhan Bank Vietnam makes H1 profit of $99.4 mln

Shinhan Bank Vietnam Ltd. posted post-tax profits of VND2.39 trillion ($99.4 million) in the first half of this year, up 48.23% year-on-year.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Thailand’s Kasikornbank eyes to invest $1 bln in Vietnam till 2027

Thailand’s Kasikornbank eyes to invest $1 bln in Vietnam till 2027

Thailand's second-biggest lender Kasikornbank (KBank) aims to invest at least $1 billion in Vietnam until 2027 as part of its expansion in Southeast Asia, the bank announced Friday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam banks cut six-month deposit rates to 7%

Vietnam banks cut six-month deposit rates to 7%

The six-month deposit interest rates at banks in Vietnam, barring some outliers, fell to a maximum of 7% starting Wednesday.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Singapore's UOB triples Vietnam operating profit to $10.5 mln in H1

Singapore's UOB triples Vietnam operating profit to $10.5 mln in H1

Singapore’s United Overseas Bank (UOB) recorded a core operating profit of SGD14 ($10.5 million) from activities in Vietnam in the first half of 2023, nearly tripling year-on-year, according to the bank’s latest report.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnamese commercial banks to see profit growth decelerate

Vietnamese commercial banks to see profit growth decelerate

Vietnamese banks have seen significantly lower second quarter profits and could find it difficult to reach even a 10% year-on-year growth this year, compared to last year’s 35%.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7