BANK BAD DEBTS FORECAST TO REMAIN UNDER GREAT PRESSURE IN 2024
The experts made the recommendation because, while existing bad debts have not been resolved yet, new bad debts are estimated to surge when Circular 02/2023/TT-NHNN on debt restructuring and debt repayment postponement expires in June 2024.
LIVESTOCK SECTOR AIMS FOR 5% GROWTH IN 2024
The Department of Livestock Production has set its sights on achieving a 4-5% increase in production value next year, contributing to around 28-30% of the nation’s overall agricultural output. This target was discussed at a conference held in Hanoi on December 19. Deputy Minister of Agriculture and Rural Development Phung Duc Tien outlined specific objectives for various livestock products in 2024.
LENDING RATE FORECAST TO BE CUT BY 1-1.5PP IN 2024
There will be little room for further reduction in deposit interest rates in 2024 as they have dropped deeply to pre-COVID-19 levels, while the lending interest rate can still be lowered by 1-1.5 percentage points next year, Vietcombank Securities (VCBS) forecast.
REAL ESTATE COMPANIES AMONG TOP TAX DEBTORS IN HCMC
Nearly 200 businesses in HCMC owe a combined tax debt of over VND8.08 trillion, with real estate companies featuring prominently among the top 20 entities with the highest tax arrears. The city’s tax department recently unveiled its second batch of tax debtors, with the list finalized on October 31.
POSITIVE SIGNS IN VIETNAM'S GREEN CREDIT SECTOR
'Green credit' refers to the kinds of loans provided by banks for projects that are considered environmentally friendly or protective of the ecosystem. Green credit is now a trend in the global banking and finance industry, and more Vietnamese banks are following suit.
BANKS INCREASE CAPITAL THROUGH PAYING DIVIDENDS IN SHARES
Many large banks are implementing plans to issue shares to pay dividends in the last months of this year. The move is aimed to increase charter capital, improve financial strength, meet the State Bank of Vietnam (SBV)’s capital safety regulations and expand operating scale.
STOCK MARKET REBOUNDS AS BANKING, MINING, AND SECURITIES STOCKS FUEL RECOVERY
Banking stocks gained ground with most of the stocks in the basket rising, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Vietcombank (VCB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Sacombank (STB) and VPBank (VPB).
ENTERPRISES CONTINUE TO FIGHT FINANCIAL DIFFICULTIES
The General Statistics Office (GSO) reported that in the first 10 months of this year, Vietnam’s total state budget revenue sat at $59 billion, down 9.2 per cent on-year. Domestic revenues are estimated to stand at nearly $48.84 billion, down 5.9 per cent on-year. The nine-month reduction rate was only 3.2 per cent on-year – meaning enterprises are facing mounting problems.
