2021 was a fruitful year for commercial banks, which saw a 25 percent growth rate. TP Bank reported total revenue of VND13.5 trillion in 2021, an increase of 30 percent over the year before. The bank not only made profits from lending but also from services, with net profit increasing by 65 percent. Its pre-tax profit was VND6.038 trillion in 2021. Vietnam Bank for Agriculture and Rural Development (Agribank) has reported profit of VND14 trillion in 2021, while VietinBank VND16.8 trillion. Maritime Bank (MSB) had made a pre-tax profit of VND4.6 trillion as of the end of October 2021, or 40 percent higher than the targeted level for the year. The bank estimates pre-profit of over VND5 trillion in 2021, far higher than the target of VND4.1 trillion. Other commercial banks also fulfilled their yearly business plans just after the first nine months of the year. VietBank made a profit of VND400 billion, higher than the VND390 billion target, SeA Bank VND2.53 trillion (VND2.414 … [Read more...] about VN bankers still pocketed high profits in 2021 despite Covid-19
Illustrative image Loss to small shareholders In the trading session on 24 December 2021, many investors dumped PV Power (POW) shares at floor price of VND 17,250 per share. The investors decision resulted from the information that this business was likely to suffer heavy losses in the fourth quarter of 2021. At the meeting with investors the day before, POW representatives said that the pre-tax profit in 2021 was estimated to be nearly VND 2,200 bn, a 24% year-on-year fall. Based on this preliminary estimate, POW would lose about VND 124 bn in the fourth quarter. This would also mean its first loss in a quarter since it was listed on the stock market for the first time in early 2019 at a reference price of VND 14,900 per share. POW loss in the fourth quarter of 2021 came as a result of maintenance and repair costs and technical problems at the Vung Ang Coal-fired Power Plant in Ha Tinh Province. The technical problems were identified in September 2020 and were expected to be … [Read more...] about Market manipulators set to devalue stocks
Dr Nguyễn Thu Anh, country director of the Woolcock Institute of Medical Research, University of Sydney. The COVID-19 pandemic has shown how important grassroots health units are to the whole system. However, the grassroots health systems in many provinces and cities in Việt Nam are underdeveloped due to a lack of investment. Dr Nguyễn Thu Anh, country director of the Woolcock Institute of Medical Research, University of Sydney, talks to Thu Vân about her expectations of an ideal grassroots healthcare system. What are your observations of the current situation of Việt Nam’s grassroots healthcare system, especially with regards to the pandemic ? In the fourth wave of the pandemic in Việt Nam, especially in HCM City, we witnessed an unprecedented overload of the health system. Primary health care, or grassroots health care, is the closest medical line to the people, so the first pressures of the pandemic are put on the shoulders of these medical staff, especially early … [Read more...] about A new model for grassroots healthcare
A view of Thu Thiem new urban area in HCM City. — Photo vtc.vn Recent property firm scandals have shaken the stock market, blowing tens of trillions of Vietnamese dong and making investors feel the pain of loss when the market was in free fall. The question now is whether investors turn to value investing after the shock? On January 18, the State Securities Commission (SSC) issued a decision to fine FLC chairman Trinh Van Quyet VND1.5 billion (US$65,200) for his ‘underground’ trading. The fine is the biggest applicable to an individual who is a major shareholder of a company for not informing the stock authority three working days before making a sale. Quyet sold nearly 75 million FLC shares on January 10 but the SSC only received the disclosure on the evening of the same day. The watchdog made a quick response with a decision of blocking his accounts the next day and cancelled the transaction, the first time such a large volume was treated so on Viet Nam’s stock market, and … [Read more...] about Will ‘scandals’ in property firms draw investors back to value investing?
RCEP facilitates ease of entry for financial service providers The agreement, which began on January 1, is to play a significant role in driving regional economic growth over the next several decades. In terms of some major arenas in the financial landscape, Clarence Wong, chief economist at Hong Kong-based reinsurance specialist PeakRe, believed that insurance demand will profit both directly via incoming foreign investment, and indirectly through income growth and increased asset ownership. This will be the most significant advantage for insurance companies from the RCEP, Wong estimates. The trade bloc could provide $186 billion to global revenues in 2030, while the insurance premiums in member states might be $9.6 billion more in 2030 than they would be otherwise. In order to reap the benefits of these opportunities, financial services and technology providers will need to develop a more comprehensive ecosystem that will allow them to offer a wide variety of goods and … [Read more...] about RCEP facilitates ease of entry for financial service providers