Several major banks have cautiously set profit targets, albeit still in the billion-dollar range, while others aim to nearly double their growth. (Photo: VNA)
Hanoi (VNA) - With profits exceeding 20 trillion VND (833 billion USD) in 2023, many banks are eyeing to join the billion-dollar profit club this year.
Several major banks have cautiously set profit targets, albeit still in the billion-dollar range, while others aim to nearly double their growth pending approval at annual shareholder meetings.
Vietcombank has revealed a targeted increase of at least 10% in pre-tax profit, while MB Bank - the third-highest profit earner in the industry - is working toward a 10% profit growth to reach 28 trillion VND.
Luu Hoai Son, the head of the planning and marketing department at MB Bank, stated that the bank expects a higher credit growth rate than the 16% set by the State Bank of Vietnam (SBV). Based on this, the pre-tax profit is projected to rise by 10% compared to the previous year.
Meanwhile, ACB and HDBank anticipate their pre-tax profits to be 10% and more than 20% higher, respectively.
Although BIDV and VietinBank have yet to announce their targets, it is unlikely the figures will be lower than those achieved last year.
A transaction at TP Bank. (Illustrative photo: VNA)
The ACB Board of Directors said it believes that with the government's solutions to help ease difficulties in the real estate and corporate bond markets, the economy may recover this year. However, the toughest challenge is still the non-performing loans./.
The State Bank of Vietnam (SBV) on February 20 net injected more than 5 trillion VND (nearly 204 million USD) into the banking system through the open market operation (OMO) channel to support capital for commercial banks.
Banks are expecting an improvement in credit growth from the second quarter of 2024, especially now that loan interest rates have decreased, exports gradually recovered, and domestic consumption increased.
After a quiet year in 2023, many banks will promote stock offering to foreign investors again and some of them may complete the deals this year, analysts forecast.
A new regulation on reducing the loan limit under the amended Law on Credit Institutions will adversely affect capital supply for enterprises so commercial banks should cooperate in providing syndicated loans for businesses, experts said.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Several major banks have cautiously set profit targets, albeit still in the billion-dollar range, while others aim to nearly double their growth. (Photo: VNA) 
A transaction at TP Bank. (Illustrative photo: VNA) 
