garmin vietnam announces expansion of payment service

Garmin Vietnam announces expansion of payment service

Garmin Vietnam is expanding its contactless payment service, Garmin Pay, through a collaboration with five major banks, ACB, MB, Sacombank, Techcombank, and Vietcombank, the company announced on April 1.
banks seek to bolster financial standing with capital hikes

Banks seek to bolster financial standing with capital hikes

Many banks have announced plans for their upcoming annual shareholders' meetings (AGMs), with diverse issues such as dividend payments, capital hikes, and profit targets topping the agendas.
banks predict increased profits in 2024

Banks predict increased profits in 2024

With the low-interest rate environment and resumed credit growth, banks are expecting a rosier profit picture this year compared to 2023.
banks saw profit spike in q4

Banks saw profit spike in Q4

Several banks saw a significant improvement in the fourth quarter (Q4) last year, leveraging credit growth and improved efficiencies to tackle bad debts.
banks containing threats of bad debt

Banks containing threats of bad debt

The credit quality of BaoViet Bank has receded as the bank’s non-performing loans (NPL) climbed to almost $70 million by the end of 2023, showing a near 50 per cent jump compared to the start of the year.
banks remain prudent about 2024 targets

Banks remain prudent about 2024 targets

Major state lender Vietcombank has just released its 2023 figures, with results across a variety of areas exceeding expectation. The Hanoi-headquartered bank saw $59.5 billion in deposit volume, up over 12 per cent on-year, and outstanding balances amounting to $53.58 billion, showing a 10.6 per cent jump on-year.
lending rate forecast to be cut by 1 15pp in 2024

Lending rate forecast to be cut by 1-1.5pp in 2024

There will be little room for further reduction in deposit interest rates in 2024 as they have dropped deeply to pre-COVID-19 levels, while the lending interest rate can still be lowered by 1-1.5 percentage points next year, Vietcombank Securities (VCBS) forecast.
vietnam seeks mizuho banks expertise

Vietnam seeks Mizuho Bank's expertise

Prime Minister Pham Minh Chinh has proposed a collaboration with Japan's Mizuho Bank, one of the three mega banks in Japan, for the restructuring of Vietnam's underperforming banks.
vietcombank launches the visa infinite credit card

Vietcombank launches the Visa Infinite Credit Card

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) introduced the premium Vietcombank Visa Infinite Credit Card, featuring a pair of unique and exquisite card designs, on December 1.
meeting customer needs bolsters vietcombank

Meeting customer needs bolsters Vietcombank

It is the time of the year that the demand for credit often soars to keep abreast with demand from individuals and businesses at the year-end. Nguyen Thanh Tung, CEO of Vietcombank, scrutinised the lender’s measures to bolster credit growth and surmount challenges in the current context with VIR’s Nhue Man.
banks witness bleak profit results

Banks witness bleak profit results

Throughout the first half of this year, many banks – particularly smaller entities – have witnessed a sharp reduction in their profits.
factors affecting bank profit outlook this year

Factors affecting bank profit outlook this year

Although the profit picture of most banks was upbeat in the first half of this year, the factors that have a key impact on bank performance in the second half are forecast to change.
vietnams banking powerhouses secure spots on forbes global 2000 list

Vietnam's banking powerhouses secure spots on Forbes' global 2,000 list

Forbes last week unveiled its annual list of the 2,000 largest companies worldwide in 2023. In a significant feat, Vietnam's banking sector has made a resounding impact, with Vietcombank, BIDV, VietinBank, Techcombank, and MBBank emerging as prominent players in the global financial arena.
cb on verge of mandatory transfer to vietcombank

CB on verge of mandatory transfer to Vietcombank

Construction Bank (CB) is reaping rewards as it embarks on its ninth year of restructuring, poised to undergo a compulsory transition into becoming a subsidiary of Vietcombank.
local banks seek foreign funding

Local banks seek foreign funding

Saigon-Hanoi Bank (SHB) announced the completion of the transfer of a 50 per cent stake in its consumer finance subsidiary SHB Finance to its Thai partner, Krungsri Bank. Over a year on from initially signing the contract to sell the stake, SHB has now received $78 million from its foreign partner.