Banking

The year 2023 marks the 10th anniversary of the VietinBank - MUFG strategic alliance. This is a significant milestone on the good collaboration journey of the two banks with so many special memories. A series of activities has been planned to celebrate the 10th anniversary. To kick-start the celebrations, on September 22, 2022, VietinBank and MUFG held a ceremony to launch the logo of the 10th anniversary of the VietinBank – MUFG strategic alliance. The decade-long alliance between both banks is symbolized by the fusion of their corporate colors within the anniversary logo – a synergy of VietinBank’s trusted blue and MUFG’s vibrant red. Inspired by the sun as the world’s greatest source of energy as well as the beauty of the Vietnamese lotus flowers and Japanese cherry blossoms, the anniversary logo also blends cultural elements from both countries and reaffirms the commitment of the banks toward fostering bilateral economic ties. Their union is an exemplary demonstration of … [Read more...] about The 10th anniversary logo of VietinBank – MUFG strategic alliance

With its long-term vision for sustainable development, coupled with a clear implementation strategy and an effective social and environmental risk management system, VPBank has gradually become a role model of a “green” bank in Vietnam. Such progress has brought sustainable values to the bank itself as well as the community and the whole economy. Mrs. Luu Thi Thao, VPBank’s Standing Deputy CEO, shared with the Asian Business Leadership Forum (ABLF) the bank's efforts in building its Environmental, Social, and Governance (ESG) scheme. Mrs. Luu Thi Thao, VPBank’s Standing Deputy CEO In July, Moody's for the first time announced VPBank's ESG sustainability score at 2 out of 5, with 1 being the highest. Is this a testament to VPBank's long-term strategy for sustainability and building up the image of a green bank? What were the factors contributing to such a good result? With a rating at 2, out of 5 by Moody's for VPBank’s strong foundation, clear strategy and effective … [Read more...] about Sustainable finance is the way to address ESG challenges

An investor watching stock movements on his smartphone and laptop. — Photo nld.com.vn Investors went through a turbulent week as the VN-Index reported the biggest weekly fall since May. Analysts said that in the current environment, financial markets are very likely to continue revaluing. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index ended the last session of September at 1,132 points, up 0.54 per cent. However, it had lost 12 per cent last month and more than 24 per cent in 2022. The HNX-Index on the Ha Noi Stock Exchange (HNX) closed last week at 250.25 points, an increase of 0.34 per cent. For the week, both benchmarks posted big falls, of which the VN-Index dropped 5.9 per cent and the HNX-Index plummeted 5.4 per cent. Trading value on HOSE rose 12.8 per cent over the previous week to nearly VND68.3 trillion (US$2.86 billion), equal to a trading volume of more than 2.8 billion shares, up 18.1 per cent. Meanwhile, the trading value on HNX declined by 1.2 per … [Read more...] about Market likely to continue to correct this week

The Police Division of Administrative Management on Social Media under Dak Lak Province Public Security Department is issuing chip-based citizen ID cards to people in need. (Photo: Public Security Ministry) In a recent virtual meeting on implementing Project 06 held in Thai Nguyen Province, certain problems have been reported in the process of promoting digital transformation to serve citizens and businesses despite the strong determination of central and local state agencies. Statistics from the Ministry of Information and Communications reveal that the current IT state of ministries and state agencies is not sufficient to implement Project 06. During the connection among these units to access the available formal e-identification database, only 6/20 units can satisfy the hardware demands (accounting for 30 percent). Merely 5/20 units can answer the requirements of the system to handle administrative procedures and 3/20 of necessary equipment for the one-station model at … [Read more...] about National digital transformation project focuses on citizens, businesses

Flash flood in Nghe An's Ky Son district (Photo: VNA) According to the standing office of the National Steering Committee for Natural Disaster Prevention and Control, in Thanh Hoa, Nghe An and Ha Tinh, 26 houses saw over 70% of their structure damaged, 143 had their roofs blown off, 55 were affected by landslides, and over 14,000 submerged. Over 2,000 families had to relocate. Flooding also damaged 11,435 ha of rice and other crops, more than 3,800 ha of industrial and fruit trees, nearly 135 ha of forest, over 9,000 ha of ponds and lakes, and more than 710 tonnes of salt. The disaster also killed 155,340 cattle and poultry heads; affected 127 schools; 9,150 metres of canals and 82 bridges and sewers and eroded 1,550 metres of river bank. According to the National Centre for Hydro-meteorological Forecasting, on October 3, heavy rains are expected across Vietnam. Downpours are forecast to reduce in the north central region on October 4, but continue in the south central, … [Read more...] about Floods kill eight in Nghe An, Ha Tinh

Illustrative image. (Photo: VNA) Hanoi (VNA) – Vietnam’s GDP growth in 2022 and 2023 will be among the highest in Southeast Asia as shown in many international organisations’ forecasts and assessments on the Vietnamese economic outlook, Minister-Chairman of the Government Office Tran Van Son told a routine government press briefing in Hanoi on October 1. Moody’s, the World Bank (WB), the International Monetary Fund (IMF), and the Asian Development Bank (ADB) have projected Vietnam will achieve a GDP growth of 8.5%, 7.2%, 7% and 6.5%, respectively, this year, he said. The economy is back on track, Son said, noting that the GDP growth hit 13.6% in the third quarter of 2022 and 8.83% in the first nine months of the year, the highest since 2011. The nine-month GRDP growth exceeded 11% in 10 localities. Hanoi and HCM City recorded a GRDP growth of 9.97% and 9.69%, respectively, during the period, according to Son. From January to September, the agriculture, forestry and … [Read more...] about Vietnam’s GDP growth to be among the highest in SE as int’l organisations forecast

A customer at an HDBank office in Ha Noi. The SBV raised the cap of credit growth quota for 15 banks including HDBank in early September. — VNA/VNS Photo Businesses have faced difficulties in access to capital and commercial banks want to be able to lend freely to meet market demand. However, experts said the imposition of the credit growth cap is still necessary to keep the country’s macro economy stable in the short run. The credit growth quota regime was officially deployed in 2011 when Viet Nam’s economy was experiencing hyperinflation stemming from excessive money supply. The credit growth quota regime, putting a cap on the banking industry’s credit expansion, was announced by the State Bank of Vietnam (SBV) at the beginning of each year. Based on the credit growth quota for the entire banking industry, the SBV will determine the credit growth for each commercial bank depending on its financial health, with indicators including capital, asset quality, governance, business … [Read more...] about Credit growth cap remains indispensable for macroeconomic stability