Banks, especially State-owned banks, are expected to increase their capital significantly this year as they are allowed to retain profits or pay dividend in shares instead of cash as previously.
Banking, securities and insurance firms dominate Forbes Vietnam's 2020 list of top 50 listed firms with 10 representatives.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) found a place among the 1,000 largest companies in Forbes’ recent “The World’s Largest Public Companies 2020” report, released in its Global 2000 annual rankings.
Total assets of credit institutions and foreign banks in Vietnam by the end of the first quarter of this year inched down 0.72% to VND12.48 quadrillion (US$521.76 billion) compared to the end of last year.
VOV.VN - If the ongoing COVID-19 epidemic is successfully brought under control by the end of the second quarter then it is likely that the pre-tax profits of banks will grow at an annual rate of 7.2%, with the rate drastically falling to 0.8% if the epidemic is unable to be controlled until the end of the year, according to SSI Securities Joint Stock Company.
Banking services will remain available to meet the transaction demands of businesses and individuals, according to the State Bank of Vietnam (SBV).
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu has asked commercial banks to promptly to support customers affected by COVID-19.
The Government’s plans to increase capital for large State-owned commercial banks in the first quarter of this year could be delayed due to the COVID-19 outbreak, analysts predicted.
Residents in Hanoi and Ho Chi Minh City will now be able to pay registration fees for cars and motorbikes through the Government’s national public service portal, banking electronic payment channels and intermediary payment service providers.
Banks have advised account owners to be vigilant as fraudulent activities, both online and offline, are on the rise.
The Vietnamese banking sector, now undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from their European partners after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to insiders.
The Government has decided to allow Vietcombank and Vietinbank to increase their charter capital by 10 trillion VND (434.8 million USD) in the first quarter of this year, Deputy Prime Minister Vuong Dinh Hue said last month.
Twelve out of 40 commercial banks have so far cleared all their non-performing loans (NPLs) kept at the Vietnam Asset Management Company (VAMC).
Most large-cap firms have released full-year earnings reports for 2019 with 29 companies reporting a pre-tax profit of more than 3 trillion VND (roughly 130 million USD).
Thirteen commercial banks and securities firms will be allowed to join the debt market or Government bonds (G-bonds) market in Vietnam this year.
Since the quantity of trading normally witnesses a significant growth when Tet holiday approaches, sophisticated frauds are more likely to happen. Several commercial banks have issued their warning and tips to avoid such swindles, especially in online trading.
The Government supports the policy of allowing four State-owned banks to raise charter capital, said Governor of the State Bank of Vietnam (SBV) Le Minh Hung.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said it has reached the target of 1 billion USD in profit one year ahead of schedule.
The combined market cap for Vietnam's top 10 listed companies surged 16 percent year-on-year to almost US$88 billion in 2019, according to financial data provider FiinGroup.
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.