Despite a worldwide economy hit hard by the COVID-19 pandemic, the banking sector has still enjoyed a good first half of the year and are on course to meet targets.
Banking, securities and insurance firms dominate Forbes Vietnam's 2020 list of top 50 listed firms with 10 representatives.
Many banks have cut their deposit interest rates significantly this month due to a credit growth slowdown in the wake of the pandemic.
To encourage customers to deposit money online amid the COVID-19 pandemic, many banks have raised interest rates for online savings by up to 1.4% higher than over-the-counter deposits.
The volume of corporate bonds issued during February has dropped remarkably compared to the previous month due to the negative impact of the COVID-19 epidemic on the stock market.
Capital difficulties are putting pressure on some banks struggling to meet the central bank’s Basel II deadline of early next year, but experts suggest the central bank should not delay the process.
Vietnam’s credit growth is slowing and can fall behind the central bank’s target of 14 percent for 2019, causing concerns that it could make it difficult for businesses to access bank loans during the remaining months of the year.
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.
Four Vietnamese banks were listed among the best companies to work for in Asia in the HR Asia Awards 2019 announced on July 10.
VOV.VN - Commercial banks have sought to raise capital via bond issuance as their tier one capital mobilization has run into difficulties.
Both Vietnamese and foreign banks are rushing to raise their chartered capital to satisfy the requirements of Basel II.
Some major commercial banks have adjusted down their annual deposit rates for certain tenors by 10-30 basis points after a hike in the middle of 2018, according to VnEconomy news sites.
The Asian Commercial Joint Stock Bank (ACB) has announced a plan to issue VND2.2 trillion (US$94.4 million) worth of non-convertible bonds by the end of 2018.
The State Bank of Vietnam (SBV) has allowed the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to apply minimum capital adequacy ratio requirements following Basel II standards one year earlier than the deadline initially set by the central bank.
Although Vietnamese bank stocks appear to have a bright future, foreign investors may find it difficult to join the parade due to a lack of progress on foreign ownership and corporate governance.
The funds managed by Alp Asia Finance have become a shareholder of Asia Commercial Bank (ACB) since May 7, holding a 10% stake of the bank. Whistler Investments Limited and Sather Gate Investments Limited both have 102.2 million ACB shares, each of which holds 51.1 million.
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 huge investments in Thaco, Vinamilk, the Asia Commercial Bank (ACB) and Refrigeration Engineering Enterprise (REE) all have relations with Jardine Matheson.
Commercial banks and financial companies are competing fiercely for a slice of the profitable personal-loan market as demand often rises sharply at the end of the Lunar New Year.
Standard Chartered Bank (Hong Kong) has ended its “12-year marriage” with the Asia Commercial Bank (ACB), offloading its entire holding of more than 154 million shares in the Vietnamese bank.