Vietnam International Bank (UPCoM: VIB) has released its unaudited financial statement for the first half of 2018 with positive performance in key indicators of pre-tax profit, total deposits, and lending as well as non-performing loans (NPL). Accordingly, VIB reported VND1.151 trillion ($51.15 million) in pre-tax profit in the first six months of the year, up 216 per cent on-year. Net revenue increased by 56 per cent to VND2.701 trillion ($120.04 million), while operating expenses picked up by some 16 per cent to VND1.316 billion ($58.48 million) on-year. Credit loss provisions were kept at a low level of VND234 billion ($10.4 million) at the end of the period. Lending and deposits reached VND91.7 trillion ($4.075 billion) and VND83.168 trillion ($3.69 billion), advancing by 8.94 and 7.1 per cent on-year. The Hanoi-based lender was also able to manage its other financial ratios, including the ratio of short-term deposits used for long-term loans at 40.7 per cent … [Read more...] about VIB reports over 200 per cent swell in half year profit
30 year level term life insurance rates
Retirement age increase necessary for Vietnam: ILO specialist
ILO senior specialist on social security Nuno Cunha (Photo nguoiduatin.vn) Hanoi (VNS/VNA) - Nuno Cunha, ILO senior specialist on social security, has stressed the need for Vietnam to increase retirement age in an interview granted to Vietnam media regarding a recent proposal to increase the retirement age of Vietnamese labourers. The following is the interview. Q: Is it possible to keep the current retirement age by increasing the performance of the social insurance funds investment? A: The performance of the social insurance funds can indeed play a long-term role in the sustainability of the fund, but the pace of demographic change with such a fast growing elderly population creates challenges that can only be solved by changing system parameters. One of those changes is the retirement age. Increasing the retirement age is a trend seen in several countries in the region, and when compared with other countries with the same life expectancy the age of retirement in … [Read more...] about Retirement age increase necessary for Vietnam: ILO specialist
BUSINESS IN BRIEF 16/4
Poultry breeding heats up again General manager CP Vietnam Montri Suwanposri said that Vietnam’s poultry prices are closer with prices of other countries; accordingly, CP Vietnam will sell chicken to Japan after finishing paper works as per the partners’ requirement. Montri Suwanposri added that C.P in Thailand is the leading firm exporting chicken meat to Japan for years with the quantity of five million a week. There has been an increase in poutry meat orders lately because many countries banned import chicken from Brazil , an exporter of chicken to Japan, after food safety scandal. These countries switched to import chicken meat from Asian countries especially Thailand. At present, prices of poultry in hi-tech farms in Vietnam is similar to chicken prices in other Asian countries, accordingly, C.P Thailand will share its orders with Vietnamese firms and C.P Vietnam has planned to sell chicken meat to Japan in 2019. In 2017, Vietnam’s livestock sector marked its … [Read more...] about BUSINESS IN BRIEF 16/4
Social News 5/4
Twenty-seven more communes and wards this year join family medical practice A health staff member takes blood for testing at An Hòa ward health station in Cần Thơ City’s Ninh Kiều District. Source http://soytecantho.vn The Department of Health in the Mekong Delta city of Cần Thơ this year plans to expand a model of family medical practice clinics to 27 more communes and wards. Family medical practice clinics aim to provide comprehensive and continuous health care services to each local individual and family in order to reduce overcrowding of patients at city or central-level hospitals. These clinics are located at health stations in communes and wards. Each commune or ward has one health station. Cần Thơ aims to equip more than 80 per cent of its 85 health stations with these clinics by 2020. According to Dr Bùi Thị Lệ Phi, the department’s head, the city now has 18 commune-based health stations with family … [Read more...] about Social News 5/4
Social News 5/4 (Hourly Updated)
Twenty-seven more communes and wards this year join family medical practice A health staff member takes blood for testing at An Hòa ward health station in Cần Thơ City’s Ninh Kiều District. Source http://soytecantho.vn The Department of Health in the Mekong Delta city of Cần Thơ this year plans to expand a model of family medical practice clinics to 27 more communes and wards. Family medical practice clinics aim to provide comprehensive and continuous health care services to each local individual and family in order to reduce overcrowding of patients at city or central-level hospitals. These clinics are located at health stations in communes and wards. Each commune or ward has one health station. Cần Thơ aims to equip more than 80 per cent of its 85 health stations with these clinics by 2020. According to Dr Bùi Thị Lệ Phi, the department’s head, the city now has 18 commune-based health stations with family … [Read more...] about Social News 5/4 (Hourly Updated)
BUSINESS IN BRIEF 26/3
HCM City to host food ingredients expo The 2018 Food Ingredients Vietnam to be held in HCM City in May will showcase a large variety of food and beverage ingredients and natural ingredients. The exhibition has attracted more than 140 exhibitors from many countries and territories, Rungphech (Rose) Chitanuwat, business director of UBM Asia, the organiser, said. The expo would also feature international conferences and professional seminars, and link up businesses, she said. With more than 93 million people, of whom more than half are under 30 years of age, Việt Nam is one of the most promising food and beverage consumption markets in the region, and has a diverse range of raw materials for food and beverages, she said. Speaking at a press conference in HCM City on March 22 to introduce the expo, Ly Kim Chi, chairwoman of the Food and Foodstuff Association of HCM City, said the country’s food and beverages sector has enjoyed strong growth in recent years. The market is … [Read more...] about BUSINESS IN BRIEF 26/3
Social News 15/1
Small-scale coffee farmer gets helping handLò Thị Phong from Chiềng Chung Commune in Mai Sơn District in the mountain province of Sơn La, has cultivated coffee for more than 10 years on 5,000 square metres of land, but she still finds life difficult.A decade seems long enough to improve farmining practices by trial-and-error, however, according to the middle-aged Thái woman, “even now, we still cannot keep proper financial accounts”.During discussions hosted by CARE International last week, stakeholders in the mountain coffee industry touched on deeper obstacles facing the industry.CARE has worked in Việt Nam since 1989, concentrating on supporting rights and sustainable development among vulnerable groups, particularly remote ethnic communities, poor women and girls and people vulnerable to climate change.Nguyễn Vĩnh Đức, deputy director of the Sơn La branch of the Minh Tiến Coffee Export Joint Stock … [Read more...] about Social News 15/1
BUSINESS IN BRIEF 15/1
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1
Insurance market maintains growth above 21 percent
Of this total, the revenue from non-life insurance premiums was VND40.56 trillion, up 10.61 percent, and life insurance premiums was VND65.05 trillion, rising 28.9 percent, said Pham Thu Phuong, Deputy Director of the Ministry of Finance’s Insurance Supervisory Authority (ISA).Besides maintaining a high growth rate, the financial status of insurance firms has also improved in 2017, Phuong said. Their total assets are estimated to rise 23.44 percent to VND302.94 trillion.This year, insurance companies re-invested VND247.8 trillion into the economy, which is a rise of 26.74 percent from last year. They also purchased Government bonds worth VND20.86 trillion in 2017.The insurers also paid VND29.42 trillion for customers, up 14.92 percent compared with last year.Insurance market maintains growth above 21 percent (Illustrative image. Source internet)Next year, the target of the insurance sector is to gain total revenue of VND129.24 trillion, up 22.38 percent from 2017. The sector also … [Read more...] about Insurance market maintains growth above 21 percent
Insurance market maintains growth above 21%
Of this total, the revenue from non-life insurance premiums was VND40.56 trillion, up 10.61 per cent, and life insurance premiums was VND65.05 trillion, rising 28.9 per cent, said Pham Thu Phuong, deputy director of the Ministry of Finance’s Insurance Supervisory Authority (ISA).Besides maintaining a high growth rate, the financial status of insurance firms has also improved in 2017, Phương said. Their total assets are estimated to rise 23.44 per cent to VND302.94 trillion.This year, insurance companies re-invested VND247.8 trillion into the economy, which is a rise of 26.74 per cent from last year. They also purchased Government bonds worth VND20.86 trillion in 2017.The insurers also paid VND29.42 trillion for customers, up 14.92 per cent compared with last year.Next year, the target of the insurance sector is to gain total revenue of VND129.24 trillion, up 22.38 per cent from 2017. The sector also plans to re-invest VND305.49 trillion into the economy.Insurance firms … [Read more...] about Insurance market maintains growth above 21%