Vietnamplus

Most banks reported strong profit growth from the foreign exchange business in the first three quarters of this year thanks to the sharp appreciation of the US dollar, Q3 2022 financial statements showed.

A majority of banks expected their business results to continually improve in Q4 2022, helping them gain profit for the whole year.

Sacombank has been named among the country’s 50 best profitable companies in 2022 for a sixth consecutive year in the annual list compiled by Vietnam Report Joint Stock Company and VietnamNet.

Banks have been promoting a target of diversifying income sources to reduce dependence on credit.

Some banks have temporarily stopped providing loans to the real estate sector in the short term in the wake of the State Bank of Vietnam (SBV)'s policy on controlling credit growth in risky areas.

The group of State-owned banks has continued to maintain their leading position in terms of network coverage in the country’s banking industry.

In the run-up to Tet (Lunar New Year), the biggest traditional festival of Vietnam, the inflow of remittances sent by overseas Vietnamese to the homeland has been on the rise, fueled further by local banks’ preferential programmes.

HDBank, Sacombank, ABBANK, and VNG have won the ‘Best Companies to Work for in Asia 2021’ award from HR Asia, an authoritative regional publisher in the human resources industry.

Visa, one of the world’s leading electronic payment technology companies, announced that it has partnered with Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to deploy the inbound remittance transfer service through Visa Direct.

Sacombank has won two awards, the ‘Vietnam Domestic Trade Finance Bank of the Year’ and ‘Vietnam Domestic Technology and Operations Bank of the Year,’ from The Asian Banking and Finance magazine.

The bancassurance service offered by Sacombank and Dai-ichi Life Vietnam has won the 2021 award for Most Trusted Bancassurance Provider Vietnam from Finance Derivative, a financial and business analysis magazine published in the Netherlands.

The Vietnam Bank for Agriculture and Rural Development (Agribank) on July 15 said it will cut lending rates in Vietnam dong for the fifth time.

Sacombank and Mastercard have collaborated to offer ‘purchase protection’ and ‘ATM protection’ features in their payment cards.

Despite negative impacts of the COVID-19 pandemic, remittances Ho Chi Minh City received through commercial banks and economic organisations are forecast to reach 5.5 billion USD this year, a slight increase from 2019.

The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) won the Corporate Excellence Award at the 2020 Asia Pacific Enterprise Awards for its outstanding achievements in business while also fulfilling its social responsibilities.

Universities have developed a variety of assistance programmes to help students access higher education, including loans, scholarships, housing and food aid.

Seaport companies still reported positive earnings despite the impacts of the COVID-19 pandemic.

Some organisations have rushed to sell shares of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) to retrieve bad debts, but it was not easy to find buyers agreeing with the offered price.

Sacombank has released its consolidated financial statements for the second quarter, with pre-tax profit going up by more than 10 percent from the same period last year to 441 billion VND (19 million USD).

Sacombank and 15 other banks have signed credit contracts to provide preferential loans for corporate customers to support them in their efforts to restore and expand business and production after the COVID-19 pandemic.