Economic growth

Many banks set high profit targets this year. (Photo: Vietnam Plus) Hanoi (VNA) - Many banks have set high profit ambitions for this year due to rising credit demand and the grand march of continued economic recovery. Vietnam’s gross domestic product (GDP) in the first quarter of this year increased 5.03% year-on-year, higher than the 4.72 percent growth rate in the same period last year. As of March 21, credit growth had risen by more than 4%, 2.7 times higher than at the same time last year. In the recently published 2021 annual report, the management board of the Military Commercial Joint Stock Bank (MB) said that in 2022, the bank aims to increase total assets by 15% compared to the previous year and charter capital by 19.4%. Notably, it targets 20.3 trillion VND (869 million USD) in pre-tax profit this year, up 23% year-on-year. At the recent meeting of shareholders, the Vietnam International Commercial Joint Stock Bank (VIB) approved a plan with an expected profit … [Read more...] about Banks to book impressive profits for 2022 as economy recovers

Business impact statement "Impact" can bear different meanings to specific people and context. Particularly at Unilever, the impact statement that the business is pursuing is “making sustainable living commonplace”. “Our compass is to bring sustainability to every home. This is our corporate DNA. Because sustainable development does not only appear at Unilever, but a country and society also need to develop sustainably to drive the growth of businesses”, Ms. Bich Van shared at the conference. Unilever Vietnam Chairwoman Nguyen Thi Bich Van (right) speaks at the summit Putting its first step in Vietnam since 1995, Unilever has accompanied and grown with the country in both economic and social aspects through the mission of improving hygiene, health and beauty for millions of Vietnamese people with purposeful products, as well as creating more positive impacts on the environment and people's lives. Sustainable development is the driving force for the business … [Read more...] about Unilever Vietnam Chairwoman shares the impact business statement

Workers put out coffee beans to dry in a glass house in northern Son La Province — VNAVNS Photo Huu Quyet Vietnamese businesses must stay vigilant and do their homework to avoid trade and legal disputes in exporting to the UK to take full advantage of the United Kingdom-Vietnam Free Trade Agreement (UKVFTA), which officially went into effect last May, say industry experts and policymakers. The agreement was intended to provide both sides with the same trade benefits under the previously signed EU–Vietnam Free Trade Agreement (EVFTA ) as the United Kingdom has left the EU. UKVFTA aims to go even further than the EVFTA to boost trade between Viet Nam and the UK with 65 per cent of all tariffs having been removed so far. In the next six years, the agreement is to remove up to 99.2 per cent of all tariffs on Vietnamese exports, with the Southeast Asian country to remove 48.5 per cent of all tariffs on UK products in return. Early signs have shown a positive effect on bilateral … [Read more...] about Trade and legal disputes part of the game with UKVFTA