Banks looked gloomy amidst COVID-19 Business

Banks looked gloomy amidst COVID-19

Financial reports released by some banks in the first quarter have reflected the adverse impacts of the COVID-19 pandemic on their business activities, with declining profits and rocketing bad debts.
Covid-19 severely impacts banking sector’s benefit growth Business

Covid-19 severely impacts banking sector’s benefit growth

According to the SSI Securities Corporation, if COVID-19 is controlled by the end of Q2, the banks' pre-tax profit will grow by 7.2 percent per year. However, if the epidemic ends at the end of the year instead, the growth will be 0.8 percent per year.
BIDV clears bad debts at VAMC Business

BIDV clears bad debts at VAMC

The Bank for Investment and Development of Vietnam (BIDV) has cleared all non-performing loans it had previously sold to the Vietnam Asset Management Company (VAMC), the bank’s Chairman Phan Duc Tu said.
VPBank announces record pre-tax profit in 2019 Business

VPBank announces record pre-tax profit in 2019

The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) announced a record consolidated pre-tax profit of 10.3 trillion VND in 2019 (447 million USD), exceeding 9 percent of the yearly plan and up 12.3 percent compared to 2018.
SeABank completes settlement of VAMC special bonds Business

SeABank completes settlement of VAMC special bonds

The Southeast Asia Joint Stock Commercial Bank (SeABank) has completed the early redemption of all special bonds at the Vietnam Asset Management Company (VAMC), thereby helping the bank proactively monitor and handle bad debts.
ADB affirms economic growth potential of Vietnam Business

ADB affirms economic growth potential of Vietnam

The Asian Development Bank has revised up its forecast of Vietnam’s GDP growth for 2019 and 20202 from 6.8 percent to 6.9 percent and 6.7 percent to 6.8 percent, respectively, in contrary with projections for Asia.
Banks report higher profits Business

Banks report higher profits

Banks are reporting better profits for the third quarter this year, with Vietcombank leading the way despite the predicted slowdown in credit growth.