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BANKING / FINANCE / INSURANCE / TAX

DEPOSIT INTEREST RATES FORECAST TO HIT BOTTOM IN Q1 2024

In a macro report released last week, analysts of the MB Securities Company (MBS) believe that in the context of more positive growth of export and investment and consumption against last year, capital demand will return to balance instead of surplus as currently. They forecast that credit growth in 2024 will reach about 13-14 per cent.

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BANKING / FINANCE / INSURANCE / TAX

BAO MINH INSURANCE TEAM UP WITH TECHNOLOGY PARTNER HILLRIDGE TO OFFER INSURANCE FOR FARMERS

Australian insurtech firm Hillridge launched a new partnership with Bao Minh Insurance on March 7 that offers its new Typhoon Index Insurance product, a Vietnam-first new parametric product to protect Vietnamese acacia timber farmers from the nation's devastating typhoons.

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BANKING / FINANCE / INSURANCE / TAX

TAX SECTOR TO TIGHTEN MANAGEMENT FOR E-COMMERCE ACTIVITIES

The rapid development of e-commerce in recent times has posed significant challenges to the tax management in Việt Nam. The tax sector is coordinating with relevant ministries and branches to seek suitable solutions to development requirements and practices serving tax management and preventing tax loss.

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BANKING / FINANCE / INSURANCE / TAX

SIGNIFICANT PRESSURE ON CORPORATE BONDS MATURING IN 2024

According to the latest data compiled by the Việt Nam Bond Market Association (VBMA), the Hà Nội Stock Exchange (HNX) and the State Securities Commission, as of the information release date of February 23, 2024, the total value of corporate bonds due in the remaining part of this year is VNĐ258.2 trillion (US$10.5 million). 

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BANKING / FINANCE / INSURANCE / TAX

BRIGHT PROSPECTS FOR VIETNAMESE BANKING STOCKS

Banking stocks have demonstrated superior performance over the past three months. Notably, numerous large-cap tickers have made substantial gains in the year leading up to February 24, with CTG (+36.7%), MBB (+37%), and TCB (+41.6%) leading the charge.

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BANKING / FINANCE / INSURANCE / TAX

BANKS REMARKABLY PROPEL ECONOMIC GROWTH

In the previous year, the banking sector of Binh Thuan province adhered to the directives of the Governor of the State Bank of Vietnam (SBV), the Party Committee, and other authorities. This adherence was to execute its designated tasks, ensuring the stability of the banking system and stimulating local economic growth and social security.

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BANKING / FINANCE / INSURANCE / TAX

MAJOR BANKS CONTINUE CUTTING DEPOSIT INTEREST RATES

Vietcombank last week cut its rate by 0.2 per cent per year for terms under 12 months, pulling interest rates for 1-2 month, 3-month and 6-9-month deposits down to 1.7 per cent, 2 per cent and 3 per cent per year, respectively. The highest interest rate at the bank is 4.7 per cent per year when customers deposit for 12 months or more.

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BANKING / FINANCE / INSURANCE / TAX

CREDIT INSTITUTIONS FORECAST BANK CREDIT TO INCREASE BY 4.4% IN Q1 2024

Outstanding loans of the banking system are forecast to increase by 4.4 per cent in the first quarter of 2024, according to the State Bank of Vietnam (SBV)’s survey of business trends of credit institutions in the first quarter of 2024. Under the latest survey released last week, credit institutions forecast the rise of the outstanding loans in the whole year of 2024 would be 14.2 per cent, 0.4 percentage points higher than the forecast in the previous survey.


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