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Profits come from service diversification Looking at the profit results of the four State-owned commercial banks (Big 4), Vietcombank had a pre-tax profit of nearly VND23.1 trillion (approximately US$1 billion) - the highest level in the banking system, helping the lender to be in the list of 200 groups with the highest profit in the world. Vietcombank's credit growth in 2020 was higher than the general growth rate of the banking system, at 14 percent. This is also the highest credit growth ever of this lender and the highest in the banking industry. The pre-tax profit of Vietinbank also reached VND16.45 trillion, up 43.5 percent over the previous year due to good credit growth. The recent report of Agribank shows that not only did the business results continue to improve, Agribank's administrative costs in 2020 were also being cut by 10 percent, helping the bank's pre-tax profit to touch nearly VND12.87 trillion, VND369 billion, or approximately 3 percent, higher than the plan. It … [Read more...] about Banks continue to lower interest rates further to support economic growth

Revenues jump by up to 37 percent In recent days, many supermarkets have seen lots of footfalls. At certain times of the day, customers have to wait in line for their turn to pay. Ms. Nguyen Minh Ha, a customer of Co.opmart Nguyen Dinh Chieu in District 3, shared that this year her family decided not to travel but to stay in the city to celebrate the Tet holidays. So, when she had free time, she visited supermarkets to buy decorative products for her house and food to make many delicious dishes for her family. Mr. Nguyen Anh Duc, CEO of Saigon Co-op, said that in the first week of January this year, the purchasing power of the whole network surged by 37 percent compared to the previous week. Revenues surged robustly in a wide range of essential commodities, from fresh and processed foods, cosmetics, kitchen appliances to garments. The purchasing power at supermarkets in other provinces and cities has also increased well, especially at newly-opened supermarkets, such as Thap Muoi … [Read more...] about Purchasing power for Tet goods flourishes

To achieve the goal, Hai requested concerned authorities to focus more on public investment disbursement. The municipal State Treasury must better coordinate with other sectors to promptly address problems in order to accelerate the disbursement progress, he said, adding that it should also effectively promote public administrative reforms and make use of information technology to cut procedures businesses and organisations are required to fulfill. … [Read more...] about VIETNAM BUSINESS NEWS JANUARY 22

Due to the severe impact of the novel coronavirus (COVID-19) on supply and value chains, the country’s agro-processing industry will need to make adjustments to adapt to shifting consumer behaviour. While logistics are likely to witness a post-pandemic upswing due to the growth of e-commerce and the changing nature of retail, both agro-processing and logistics must embrace digital supply chains. Indeed, they must launch attractive new digital initiatives, with these factors meaning that the need to upskill and reskill local workers is even more urgent. … [Read more...] about VIETNAM BUSINESS NEWS JANUARY 21

The large-cap tracker VN30-Index, however, gained 0.38 per cent to 895.55 points thanks to the growth of steel producer Hoa Phat (HPG), Techcombank (TCB), petrol station operator Petrolimex (PLX) and Vietinbank (CTG). … [Read more...] about VN-Index loses on profit taking pressure