Hsbc bank vietnam ltd

Profits come from service diversification Looking at the profit results of the four State-owned commercial banks (Big 4), Vietcombank had a pre-tax profit of nearly VND23.1 trillion (approximately US$1 billion) - the highest level in the banking system, helping the lender to be in the list of 200 groups with the highest profit in the world. Vietcombank's credit growth in 2020 was higher than the general growth rate of the banking system, at 14 percent. This is also the highest credit growth ever of this lender and the highest in the banking industry. The pre-tax profit of Vietinbank also reached VND16.45 trillion, up 43.5 percent over the previous year due to good credit growth. The recent report of Agribank shows that not only did the business results continue to improve, Agribank's administrative costs in 2020 were also being cut by 10 percent, helping the bank's pre-tax profit to touch nearly VND12.87 trillion, VND369 billion, or approximately 3 percent, higher than the plan. It … [Read more...] about Banks continue to lower interest rates further to support economic growth

According to reports by the Japanese media outlet, the Communist Party's economic tool of choice, the five-year plan, puts the technology sector at the centre of Vietnamese ambitions to become an upper-middle-income country by 2025. In an effort to meet this goal, Vietnam recorded a handful of high-profile investments last year, including Pegatron, a supplier for Apple and Samsung, and LG Electronics, which relies on the Vietnamese market for its vehicle and smartphone businesses. … [Read more...] about VIETNAM BUSINESS NEWS JANUARY 21

A rise in both the number and the value of mergers and acquisitions (M&As) in Vietnam last year and early this year have signaled that M&As are booming in the country. According to auditing firm Pricewater House Coopers (PwC)’s statistics, there were 295 M&As worth a combined 1,138 million USD in the country last year, up 77 percent over the previous year. In the first quarter of this year, the market was more ebullient with larger acquisitions: the Vietnam Industrial and Commercial Bank (Vietinbank) sold 10 percent and 15 percent of its statutory capital to the International Finance Corporation (IFC) and Canada ’s Nova Scotia Bank respectively, and VNPT Global sold 10 percent of its shares to the Singapore Technologies Telemedia (ST Telemedia). Notably, the Hung Vuong Fishery Joint Stock Company (HVG) offered to buy 3.75 million shares of the An Giang Fishery Import-Export Joint Stock Company (AGF) in a bid to raise its share in AGF to 51 … [Read more...] about M&A boom building up steam in Vietnam

There are only about 20 days until Tet, so more people are out and about shopping. To ensure safety, Tran Van Chung, deputy director of the Hanoi Department of Health, said that inspectors would focus on checking food businesses’ COVID-19 prevention and control in supermarkets, restaurants, shopping malls and markets. Those that fail to comply with pandemic preventive measures would be penalised. … [Read more...] about VIETNAM NEWS JANUARY 21

“Currently, Tay Ninh Province is giving priority to diversified tourism development. Building Ba Den Mountain National Tourism Area into a unique and highly competitive tourist centre is one of the key and breakthrough tasks of the local tourism industry according to Resolution of the 11th Tay Ninh Provincial Party Central Committee for the 2020-2025 term. The high determination of the whole political system will create all favourable conditions for strategic investors to implement projects to develop Ba Den Mountain Tourist Area into the centre for tourism development in not only Tay Ninh Province but also the southeast region and the country of Viet Nam," said Nguyen Thanh Tien, Director of Tay Ninh Provincial Department of Culture, Sports and Tourism. … [Read more...] about Awakening the sleeping beauty on the banks of the Vam Co Dong River