Vietnamplus

With an overall brand value growth of 49 percent, Vietnam’s banking sector is one of the fastest growing in the world, according to Brand Finance’s latest report on the most valuable and strongest banking brands globally.

Amid the COVID-19 pandemic, many Vietnamese enterprises in Cambodia have tried their best to stand firm and have worked towards developing their business in the “new normal”.

Many banks have cut their deposit interest rates significantly this month due to a credit growth slowdown in the wake of the pandemic.

The Military Commercial Joint Stock Bank (MBBank) has decided to postpone its annual shareholders’ meeting.

Governor of the National Bank of Cambodia Chea Chanto has praised contributions by Vietnamese enterprises, especially those operating in the banking sector, to promoting the two countries’ prosperity and tightening solidarity between the two peoples.

Several banks have recently announced they would recruit a large number of personnel to meet their business expansion plans in the last quarter of the year - the busiest time for banks.

Instead of the modest contribution made previously, the insurance business segment, or bancassurance (banks co-operate with insurers to sell insurance products), has now become the main source of income from service activities for many banks.

Vietnamese shares fell on August 9 as strong selling pressure weighed down large-cap stocks and listed firms suffered from negative news of the macro-economy.

Moody’s Investors Service has upgraded the long-term local-currency bank deposits ratings and local- and foreign-currency issuer ratings of three banks of Vietnam from B2 to B1.

The State Treasury deposited more than 238.49 trillion VND (10.5 billion USD) in five commercial banks by the end of last year, up 3.3 times against January.

Shares on both local exchanges declined on December 13 with investors cautious about market volatility.

Vietnam’s benchmark VN-Index extended its rally on November 29 for the eighth consecutive session as investor confidence was lifted by expectations of the Government selling its stakes in listed companies.

Shares rose on the Ho Chi Minh Stock Exchange on October 5, led by banks but liquidity remained low on weak market sentiment.

Shares rallied for a third consecutive session on November 24, driving by consumer goods producer Masan Group’s dividend payment plan, while financial-banking stocks continued to perform well.

The State Bank of Vietnam has recently approved in principle a merger between the Song Da Finance Company (SDFC) and the Military Commercial Joint Stock Bank (MBBank).

The Military Commercial Joint Stock Bank will complete its merger with Song Da Finance Company this year, the bank reported on its website after a shareholder meeting on October 6.