Malaysia's Public Bank to open new HCMC branch
Public Bank Vietnam Limited, a wholly-owned subsidiary of Malaysia’s Public Bank Berhad, has been okayed to open a new branch in Ho Chi Minh City.
The new branch, will be based in Hiep Thanh ward, District 12. Public Bank Vietnam has a year to launch, register, and announce the establishment of the new branch, the State Bank of Vietnam said Friday.
On November 30, the SBV also approved for Public Bank Vietnam to set up a new branch in the southern province of Long An and six transaction offices in Hanoi, Danang, HCMC and Binh Duong.
Public Bank Vietnam already has 33 branches and transaction offices across the country. The bank earned a post-tax profit of $379.35 million on a revenue of $1.12 billion in 2021, up 13.8% and 17.7% year-on-year, respectively, according to its 2021 annual report.
As of September 30, there were nine fully-owned foreign banks in Vietnam, according to the SBV. They are ANZ, Hong Leong Bank, HSBC, Shinhan Bank, Standard Chartered, Public Bank, CIMB, Woori Bank, and UOB. There were also 52 branches of foreign banks across the country.
Foreign banks have been expanding their businesses in Vietnam. Bank of America is completing procedures to open its second Vietnam branch in Ho Chi Minh City after the first opened in Hanoi 27 years ago, with an investment of $50 million.
Thailand’s Kasikornbank opened a branch in Ho Chi Minh City in August, aiming to have 1.2 million clients and disburse over $500 million in Vietnam before 2023.
South Korea’s Shinhan Bank in July launched one more branch in Hanoi and two more transaction offices in Ho Chi Minh City, increasing the total number of its units in Vietnam to 46.
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Latvian man on trial for running loan shark ring with 1,380% interest rates
The Ho Chi Minh City People’s Court is holding the first-instance trial of Aigars Plivės, a 39-year-old Latvian national, for engaging in illegal lending through online platforms with interest rates as high as 1,380% per year, earning VND4.15 trillion ($163.35 million) in illicit profits.
Finance - Sun, December 15, 2024 | 8:11 pm GMT+7
Vietnam interest rates under rising pressure to go north in 2024: central bank
Vietnam’s banking sector will face significant challenges in the near future, including mounting pressure for higher interest rates, amidst global economic uncertainty and domestic economic risks, says Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
Banking - Sun, December 15, 2024 | 2:17 pm GMT+7
Daughter of Vietnam jewelry major PNJ head to spend $15 mln on company’s shares
Tran Phuong Ngoc Thao, vice chairwoman of Phu Nhuan Jewelry JSC (PNJ), has registered to purchase 4 million PNJ shares between December 18 and January 16, 2025.
Finance - Sun, December 15, 2024 | 10:20 am GMT+7
Exchange rate to cool down, deposit interest rates to inch up by year-end: broker
While the VND/USD exchange rate may cool off toward the VND25,000 mark, interest rates on savings could see modest increases over the rest of the year, broker MB Securities (MBS) said in its latest macroeconomic report.
Banking - Sun, December 15, 2024 | 10:03 am GMT+7
US policy changes likely to impact Asia and Pacific growth
Asia and the Pacific’s economic growth will remain steady this year and next, but expected U.S. policy changes under the incoming administration of President-elect Donald Trump are likely to affect the region’s longer-term outlook, write Asian Development Bank (ADB) analysts in the latest edition of Asian Development Outlook (ADO).
Consulting - Sun, December 15, 2024 | 8:00 am GMT+7
Vietnamese hospitality firm Vinpearl seeks to mobilize $197 mln before stock relisting
Vinpearl JSC, the hospitality arm of Vietnam's leading private conglomerate Vingroup, will offer more than 70 million shares to the public at VND71,350 apiece, for proceeds of over VND5,000 billion (nearly $197 million).
Finance - Sat, December 14, 2024 | 10:12 pm GMT+7
Vietnam has 174 FDI projects in semiconductor sector: minister
Vietnam is now hosting 174 foreign-invested projects in the semiconductor sector, with a total registered capital of nearly $11.6 billion, according to Minister of Planning and Investment Nguyen Chi Dung.
Industries - Sat, December 14, 2024 | 4:47 pm GMT+7
‘Euro’ leads Vietnam’s most trending Google search in 2024
Google has released its “Year in Search” list for 2024, with "Euro" emerging as the most trending search term among Vietnamese internet users.
Society - Sat, December 14, 2024 | 3:35 pm GMT+7
Vietnam Airlines posts first profit in 4 years, record revenue since listing
National flag carrier Vietnam Airlines JSC is estimated to earn VND6.26 trillion ($246.57 million) in pre-tax profit in 2024, marking its first return to profitability since 2020.
Companies - Sat, December 14, 2024 | 2:56 pm GMT+7
Fraud in coconut growing area codes must be strictly addressed: Vina T&T Group exec
The buying and selling of growing area codes in the coconut sector are severely damaging Vietnam's reputation and competitiveness, says Nguyen Phong Phu, deputy technical director of Vina T&T Group.
Companies - Sat, December 14, 2024 | 12:11 pm GMT+7
KKR's investment portfolio features 4 firms in Vietnam
American global investment firm KKR currently has investments in four Vietnam-based companies, namely EQuest Education Group, KiotViet, Saigon Medical Group, and Vinhomes.
Investing - Sat, December 14, 2024 | 7:56 am GMT+7
Vietnam Aeon's second most important market: exec
Vietnam is retail giant Aeon's second most important market, after Japan, says Kazaoka Takao, chief merchandising officer at Aeon Vietnam.
Companies - Fri, December 13, 2024 | 11:18 pm GMT+7
Thai gov't collaborates with Google to combat cyber threats
The Thai government has intensified efforts to combat severe cyber threats, particularly malicious applications that siphon funds from users' accounts.
Southeast Asia - Fri, December 13, 2024 | 10:25 pm GMT+7
S&P affirms Thailand's BBB+ credit rating with stable outlook
S&P Global Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook.
Southeast Asia - Fri, December 13, 2024 | 10:20 pm GMT+7
USD price likely to hit VND25,450 by Q2/2025: StanChart
Standard Chartered forecasts Fed rate cuts, which should lead to a softer-USD bias over the next few quarters, will result in the exchange rate of USD/VND at 25,250 by the end of 2024 and 25,450 by Q2/2025.
Economy - Fri, December 13, 2024 | 10:03 pm GMT+7
ThaiBev earns $1.71 bln revenue from Vietnam in fiscal year 2024
Thailand’s largest beverage firm Thai Beverage (ThaiBev) earned a revenue of THB58,319 million ($1.71 billion) in Vietnam in fiscal year 2024 (ending September 30, 2024), down 2.7% year-on-year.
Companies - Fri, December 13, 2024 | 6:59 pm GMT+7
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