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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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BANKING / FINANCE / INSURANCE / TAX

CENTRAL BANK POLICIES WILL ADDRESS MODEST SLOWDOWN

The global growth rate for 2024 is projected at approximately 2.9 per cent, a slight decrease from the 3.1 per cent observed last year. This trend indicates a modest slowdown, yet it’s important to note that the economy remains above the recessionary threshold, typically marked by growth rates below 2 per cent.

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BANKING / FINANCE / INSURANCE / TAX

VIETNAM HAS GREAT POTENTIAL IN DEVELOPMENT OF CARBON CREDIT MARKET

Carbon credits, also known as carbon offsets, are permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases. One credit permits the emission of one tonne of carbon dioxide (CO2) or the equivalent in other greenhouse gases.

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BANKING / FINANCE / INSURANCE / TAX

BANKS REMAIN PRUDENT ABOUT 2024 TARGETS

Major state lender Vietcombank has just released its 2023 figures, with results across a variety of areas exceeding expectation. The Hanoi-headquartered bank saw $59.5 billion in deposit volume, up over 12 per cent on-year, and outstanding balances amounting to $53.58 billion, showing a 10.6 per cent jump on-year.

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BANKING / FINANCE / INSURANCE / TAX

POSITIVE SIGNALS LIFT THE STOCK MARKET

The VN-Index reported a positive start to 2024, with six consecutive sessions of gains. The return of banking stocks leading the market’s trend and a surge in liquidity signal significant capital entering the stock market.


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