Bank

According to the Military Commercial Joint Stock Bank (MBBank), the bank was on course to exceed its profit target. Domestic banks are in a position to complete their 2019 profit targets if they finish the year on a high. Thanks to high profits in the first three quarters of the year, many banks are close to reaching their yearly targets, while others are positive that the busy fourth quarter will be enough to get them over the finish line. According to the Military Commercial Joint Stock Bank (MBBank), the bank was on course to exceed its profit target. MBBank closed the first ten months of 2019 with pre-tax profit of more than VND8 trillion (US$347.82 million), completing 96 per cent of its annual target approved by shareholders in April. The Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank) is also confident of completing its profit goal of VND20 trillion. After recording its highest profit ever in the first three quarters of 2019 thanks to growing revenue … [Read more...] about Banks confident of meeting 2019 profit targets

Riverbank strengthening work along the Lũy River in Bắc Bình District was inaugurated on Thursday. — Photo courtesy of the Belgian embassy Viet Nam News HÀ NỘI — A newly-built dyke project using financial assistance from Belgium is expected to provide protection to as many as 500 people living on the banks of the Lũy River in Bình Thuận Province’s Bắc Bình District. A press release issued by the Belgian Embassy in Hà Nội on Thursday states that the riverbank strengthening work conducted from April to December 2018 used 567,000 euro (US$653,000) from Belgian funds and another 76,600 euro from other sources. While many sections of the river have unstable banks, two sections were identified as critical, including 330m of the river bank in Phan Thanh Commune, and 250m of the river bank in Chợ Lầu Town, it said. The construction includes concrete and rock reinforcement of the river bank … [Read more...] about New dyke protects river bank residents

Hoa Sen Group shipped the largest batch of plated steel to Mexico (Photo: VNA) Nghe An (VNA) – Hoa Sen Group shipped 15,000 tonnes of steel sheets worth 12 million USD to Mexico from Nghi Son port in the central province of Nghe An on April 22. This is the largest batch of plated steel destined for the American country after the Comprehensive and Progressive Agreement for Trans-Pacific (CPTPP) came into effect. The group said that in the context of unpredictable price fluctuations of hot rolled steel exerting immense pressure on the steel industry in recent times, Hoa Sen has adopted various measures to develop both domestic and foreign markets. In the 2017-2018 fiscal year, Hoa Sen raked in 538 million USD from exports, up 27 percent from the previous fiscal year. Its products have been present in more than 75 countries and territories so far. Additionally, the corporation is targeting exports to several markets with high standards, like the Americas, Europe, and … [Read more...] about Hoa Sen Group exports 15,000 tonnes of steel sheets to Mexico

Virgina Foote, representative of AmCham Vietnam, comments on the the draft decree regarding non-cash payments in Ha Noi on Thursday. — Photo danviet A draft regulation put forward by the State Bank of Viet Nam (SBV) that would limit the foreign ownership rate in the payment intermediary service sector to 49 per cent was discussed at a workshop in Ha Noi on Thursday. Legal experts, fintech and e-payment firms attended the workshop held by the Viet Nam Chambers of Commerce and Industry (VCCI). The draft decree includes new policies on the legal synchronisation of cryptocurrencies, managing cross-border payment activities, providing non-account payment services, payment management, perfecting regulations for payment intermediary services, and foreign investment in payment intermediaries. Article 29 sets out the maximum percentage foreign investors can hold, including direct and indirect ownership, at 49 per cent of charter capital of an intermediary payment service provider … [Read more...] about Fintech firms worry about possible foreign ownership limit in payment intermediaries

On Ho Chi Minh Stock Exchange (HoSE) represented by the VN-Index, 202 stocks gained while 127 stocks lost. HoSE accounts for a 90 percent market cap of all Vietnam’s listed companies. Liquidity of order-matched transactions plunged to VND2.79 trillion ($120.4 million) from VND2.9 trillion ($125.15 million) the previous session, well below last month’s average of VND3.5 trillion ($151.79 million). The VN30-Index for Vietnam’s 30 biggest market cap companies also added 0.74 percent, with 20 stocks gaining and 5 losing. MSN shares of food giant Masan Group led gains this session, clawing back 5 percent after losing a total 20.85 percent between Wednesday and last Tuesday. Stocks had plummeted last Tuesday when Masan announced a merger deal with Vingroup, Vietnam’s biggest conglomerate, the biggest losing stock on the VN30 for 5 sessions since. Vietnam’s three biggest state-owned lenders by assets all posted positive results, … [Read more...] about VN-Index posts gains in cautious session