Business
New banknotes in high demand in Ho Chi Minh City as Tet approaches
People in Ho Chi Minh City have been rushing to local lenders and seeking online services to exchange for new banknotes, which will be used as ‘li xi,’ or lucky money, given to children during the upcoming Lunar New Year (Tet) holiday.
The State Bank of Vietnam’s branch in Ho Chi Minh City began allocating new banknotes of all denominations to local banks last week.
However, many residents have been unable to exchange for these new banknotes due to the limited amount.
Most lenders informed that they would offer the exchange service free of charge, but only to long-term and corporate customers.
This forced many residents to seek the exchange services online, which require them to pay a fee.
Loan, who lives in Go Vap District, Ho Chi Minh City recently posted on social media that she needed about VND20 million (US$852) worth of new banknotes and instantly met a lot of service providers.
“A man offered me the exchange service at VND1.2 million [$51], about five to six percent of the exchange amount,” Loan said.
“For smaller denominations such as VND1,000 and VND2,000, the rate is up to 10 percent.”
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| A Facebook page offers gilded U.S. dollar banknotes as lucky money. |
Another service provider advertised the fee of about six to eight percent of the exchange amount depending on the denominations.
It is quite easy to look for such services online, while many service providers are also running advertisements and offering discounts to attract customers.
Aside from Vietnamese currency, the $1 and $2 banknotes are also in high demand, with each $1 banknote costing VND30,000 and $2 banknote costing VND55,000.
The current official exchange rate is $1 = VND23,470.
Some Facebook pages are also selling $2 banknotes gilded with the 12 zodiac animals, which can be used as lucky money.
A set including one of such banknote, a certificate, a blue or red leather case, and a lucky money envelope costs about VND105,000 ($4.47).
Nguyen Duc Lenh, deputy director of the State Bank of Vietnam branch in Ho Chi Minh City, told Tuoi Tre (Youth) newspaper that it is illegal to offer new banknote exchange service for a fee.
“We will review the reports and work with relevant authorities to handle such a violation,” Lenh stated.
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People in Ho Chi Minh City have been rushing to local lenders and seeking online services to exchange for new banknotes, which will be used as ‘li xi,’ or lucky money, given to children during the upcoming Lunar New Year (Tet) holiday.
The State Bank of Vietnam’s branch in Ho Chi Minh City began allocating new banknotes of all denominations to local banks last week.
However, many residents have been unable to exchange for these new banknotes due to the limited amount.
Most lenders informed that they would offer the exchange service free of charge, but only to long-term and corporate customers.
This forced many residents to seek the exchange services online, which require them to pay a fee.
Loan, who lives in Go Vap District, Ho Chi Minh City recently posted on social media that she needed about VND20 million (US$852) worth of new banknotes and instantly met a lot of service providers.
“A man offered me the exchange service at VND1.2 million [$51], about five to six percent of the exchange amount,” Loan said.
“For smaller denominations such as VND1,000 and VND2,000, the rate is up to 10 percent.”
|
| A Facebook page offers gilded U.S. dollar banknotes as lucky money. |
Another service provider advertised the fee of about six to eight percent of the exchange amount depending on the denominations.
It is quite easy to look for such services online, while many service providers are also running advertisements and offering discounts to attract customers.
Aside from Vietnamese currency, the $1 and $2 banknotes are also in high demand, with each $1 banknote costing VND30,000 and $2 banknote costing VND55,000.
The current official exchange rate is $1 = VND23,470.
Some Facebook pages are also selling $2 banknotes gilded with the 12 zodiac animals, which can be used as lucky money.
A set including one of such banknote, a certificate, a blue or red leather case, and a lucky money envelope costs about VND105,000 ($4.47).
Nguyen Duc Lenh, deputy director of the State Bank of Vietnam branch in Ho Chi Minh City, told Tuoi Tre (Youth) newspaper that it is illegal to offer new banknote exchange service for a fee.
“We will review the reports and work with relevant authorities to handle such a violation,” Lenh stated.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Source: https://tuoitrenews.vn/news/business/20230109/new-banknotes-in-high-demand-in-ho-chi-minh-city-as-tet-approaches/70832.html
Business
CapitaLand Ascott’s gross profit in Vietnam up 31% to $10 mln in 2022
Amid the country’s post-Covid-19 reopening, the revenue per available unit (REVPAU) grew 52% year-on-year to S$62 ($46.3) per day. The agency also attributed the growth to the acquisition of Somerset Central TD Haiphong City on November 30 last year.
As a result, the group earned a gross profit S$14 million ($10.46 million) in Vietnam, up 31% year-on-year.
On a global scale, CapitaLand Ascott recorded a revenue of S$621.2 million ($464.21 million) in 2022, up 58% year-on-year, with a REVPAU of S$120 ($89.67) per day, up 74%. Gross profit increased 63% year-on-year to S$282.8 million ($211.33 million).
CapitaLand Ascott Trust now manages five hotels in Vietnam, namely Somerset Hoa Binh Hanoi and Somerset Grand Hanoi in the capital city, Somerset Chancellor Court Ho Chi Minh City and Somerset Ho Chi Minh City in the southern economic hub, and Somerset Central TD Haiphong city.
The total valuation of the five hotels with 893 available units reached S$221.9 million ($165.82 million) as of end-2022, according to CapitaLand Ascott.
Source: The Investor
Source: https://e.nhipcaudautu.vn/companies/capitaland-ascotts-gross-profit-in-vietnam-up-31-to-10-mln-in-2022-3351413/
Bamboo Airways is negotiating a deal with a new investor, showing its latest move one year after former chairman Trinh Van Quyet was arrested in March 2022 on charges of stock market manipulation, a representative of the airline told Tuoi Tre (Youth) newspaper on Thursday.
The air carrier and the new investor are in the process of completing a part of investment procedures. Who the investor is remains unclear.
The airline has found a new investor to replace former chairman Trinh Van Quyet and some relevant shareholders, said Bamboo Airways CEO Nguyen Manh Quan.
The air carrier also actively helped the investor with relevant procedures of stake acquisition. The transferred stake was mortgaged at banks from 2020 by old shareholders.
Apart from the stake purchase, the new investor agreed to take responsibility for all payments for the previous loans taken out by the old shareholders who used their stakes in Bamboo Airways as collateral at banks.
Over the past few months, Bamboo Airways has faced financial distress due to the COVID-19 pandemic and upheavals in senior personnel. As such, the airline has cried for help from major investors to relieve the hardship.
Him Lam Corporation lent Bamboo Airways VND8 trillion (US$338 million). Him Lam is a real estate firm run by Duong Cong Minh, who is a senior advisor to Bamboo Airways.
The airline’s recent moves are considered a solution to its restructuring and operation stabilization.
Speaking at its annual general shareholder meeting in early March, Le Ba Nguyen, chairman of FLC Group, said that the firm was considering selling its stake in Bamboo Airways.
FLC Group’s total investment in the air carrier stands at VND4.015 trillion ($170 million), or a 21.7-percent stake.
In 2021, Bamboo Airways missed earnings, so FLC made a provision for its investment of over VND373 billion ($15.7 million). The provision jumped to VND3.64 trillion ($154 million) in 2022.
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| A flight attendant is at work on a Bamboo Airways plane. Photo: Cong Trung/ Tuoi Tre |
Bamboo Airways has sought for a new investor for more than one year, as aviation is a highly competitive industry and is regarded as a ‘cash-burning industry’ in airspace.
The airline has a fleet of 30 planes. For its strong growth, the carrier is set to expand its fleet to 100 aircraft.
Other local airlines, Pacific Airlines and Vietravel Airlines, are also looking for investors to make their financial health better to overcome market challenges.
FLC Group set up Bamboo Airways in late May 2017, with its initial charter capital of VND700 billion ($29.6 million).
In April 2022, FLC became the airline’s largest shareholder, with capital contribution totaling over VND3.58 trillion ($151.4 million), or a 51.24-percent stake in the air carrier.
FLC former chairman Quyet poured over VND2.8 trillion ($118.4 million) into the airline, or a 40.03-percent stake, while other shareholders injected more than VND610 billion ($25.8 million), an 8.73-percent share.
In its recent financial statement, FLC’s ownership in Bamboo Airways fell to 21.7 percent of the latter’s total charter capital of VND18.5 trillion ($782.3 million).
Bamboo Airways’ board of directors has five members, including Nguyen Ngoc Trong, chairman of the airline; Doan Huu Doan and Le Ba Nguyen, vice-chairs of the carrier; Le Thai Sam; and Nguyen Manh Quan.
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Bamboo Airways is negotiating a deal with a new investor, showing its latest move one year after former chairman Trinh Van Quyet was arrested in March 2022 on charges of stock market manipulation, a representative of the airline told Tuoi Tre (Youth) newspaper on Thursday.
The air carrier and the new investor are in the process of completing a part of investment procedures. Who the investor is remains unclear.
The airline has found a new investor to replace former chairman Trinh Van Quyet and some relevant shareholders, said Bamboo Airways CEO Nguyen Manh Quan.
The air carrier also actively helped the investor with relevant procedures of stake acquisition. The transferred stake was mortgaged at banks from 2020 by old shareholders.
Apart from the stake purchase, the new investor agreed to take responsibility for all payments for the previous loans taken out by the old shareholders who used their stakes in Bamboo Airways as collateral at banks.
Over the past few months, Bamboo Airways has faced financial distress due to the COVID-19 pandemic and upheavals in senior personnel. As such, the airline has cried for help from major investors to relieve the hardship.
Him Lam Corporation lent Bamboo Airways VND8 trillion (US$338 million). Him Lam is a real estate firm run by Duong Cong Minh, who is a senior advisor to Bamboo Airways.
The airline’s recent moves are considered a solution to its restructuring and operation stabilization.
Speaking at its annual general shareholder meeting in early March, Le Ba Nguyen, chairman of FLC Group, said that the firm was considering selling its stake in Bamboo Airways.
FLC Group’s total investment in the air carrier stands at VND4.015 trillion ($170 million), or a 21.7-percent stake.
In 2021, Bamboo Airways missed earnings, so FLC made a provision for its investment of over VND373 billion ($15.7 million). The provision jumped to VND3.64 trillion ($154 million) in 2022.
|
|
| A flight attendant is at work on a Bamboo Airways plane. Photo: Cong Trung/ Tuoi Tre |
Bamboo Airways has sought for a new investor for more than one year, as aviation is a highly competitive industry and is regarded as a ‘cash-burning industry’ in airspace.
The airline has a fleet of 30 planes. For its strong growth, the carrier is set to expand its fleet to 100 aircraft.
Other local airlines, Pacific Airlines and Vietravel Airlines, are also looking for investors to make their financial health better to overcome market challenges.
FLC Group set up Bamboo Airways in late May 2017, with its initial charter capital of VND700 billion ($29.6 million).
In April 2022, FLC became the airline’s largest shareholder, with capital contribution totaling over VND3.58 trillion ($151.4 million), or a 51.24-percent stake in the air carrier.
FLC former chairman Quyet poured over VND2.8 trillion ($118.4 million) into the airline, or a 40.03-percent stake, while other shareholders injected more than VND610 billion ($25.8 million), an 8.73-percent share.
In its recent financial statement, FLC’s ownership in Bamboo Airways fell to 21.7 percent of the latter’s total charter capital of VND18.5 trillion ($782.3 million).
Bamboo Airways’ board of directors has five members, including Nguyen Ngoc Trong, chairman of the airline; Doan Huu Doan and Le Ba Nguyen, vice-chairs of the carrier; Le Thai Sam; and Nguyen Manh Quan.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Source: https://tuoitrenews.vn/news/business/20230318/bamboo-airways-has-new-investor/72149.html
Business
Eximbank forecasts $212 mln profit in 2023
The meeting is scheduled to be held on April 14 at the GEM Center Convention Center, Ho Chi Minh City.
In 2023, Eximbank targets total assets of VND210 trillion ($8.9 billion), up 13.5% year-on-year. Capital mobilization is expected to increase by 11% to VND165 trillion ($7 billion), and outstanding loans (including corporate bonds) to increase by 12.3% to VND146.6 trillion ($6.22 billion).
At the meeting, Eximbank will also present to shareholders a plan to increase charter capital. Specifically, the bank plans to issue 265.5 million shares to pay dividends, increasing its charter capital to more than VND17.47 trillion ($740.77 million).
Eximbank, listed on the Ho Chi Minh Stock Exchange (HoSE) as EIB, reported an after-tax profit of VND2.5 trillion ($106.78 million) in 2022, a three-time increase year-on-year.
The bank’s net interest income reached VND5.59 trillion ($238.47 million), up 59% year-on-year, while profit from service activities hit VND514 billion ($21.92 million), up 19%.
Profit from foreign exchange business increased by 54% to VND606 billion ($25.84 million), and the figure from other activities, mainly debt collection and settlement, rose by 68% to VND428 billion ($18.25 million).
Eximbank’s total operating income was VND7.23 trillion ($308.45 million), up 53.6% year-on-year. Operating expenses increased by 36% to VND3.42 trillion ($145.84 million), meaning the cost to income ratio (CIR) improved significantly, down from 53% to 47%.
Notably, the bank’s risk provision expense in 2022 was only VND103 billion ($4.39 million), down 90% over the same period last year.
By December 31, 2022, Eximbank’s total assets had reached VND185.05 trillion ($7.89 billion), up 11.6% compared to the end of 2021.
Outstanding loans increased by 14% to VND129.2 trillion ($5.51 billion), and customer deposits increased by 8.2 % to VND148.61 trillion ($6.34 billion).
Eximbank’s bad debt was VND2.35 trillion ($100 million), up 4.4% year-on-year, an increase much lower than the credit growth rate. The bad debt ratio improved, decreasing from 1.96% to 1.8%.
On January 14, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) sold 134 million Eximbank (EIB) shares, equivalent to 10.8% of the bank’s charter capital, for VND3.421 trillion ($146 million).
On March 18, 2022, the Japanese financial institution officially announced in writing the termination of its strategic alliance agreement with Eximbank. In September, a representative of SMBC in Eximbank, Vo Quang Hien, left as a member of its board of directors.
On the HoSE, Eximbank closed Monday’s session at VND18,750 ($0.79).
Source: The Investor
Source: https://e.nhipcaudautu.vn/companies/eximbank-forecasts-212-mln-profit-in-2023-3351414/
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