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SeABank’s pre-tax profits exceed 85 million USD in first half of 2023



The Southeast Asia Commercial Joint Stock Bank (SeABank)’s pre-tax profits exceeded 2.01 trillion VND (over 85 million USD), with total outstanding loans of nearly 162 trillion VND, up 5.15% compared to December 31, 2022, according to the bank’s financial statement.

SeABank’s pre-tax profits exceed 85 million USD in first half of 2023 hinh anh 1A transaction office of SeABank (Photo: VNA)

Hanoi – The Southeast Asia Commercial Joint Stock
Bank (SeABank)’s pre-tax profits exceeded 2.01 trillion VND (over 85 million USD),
with total outstanding loans of nearly 162 trillion VND, up 5.15% compared to
December 31, 2022, according to the bank’s financial statement.

SeABank saw a gain of nearly 6% over the end of last year in total
assets to over 245.2 trillion VND (10.4 billion USD).

Thanks to the bank’s good management of credit risks amid economic
challenges, its non-performing loan ratio remained at a low rate of 1.73%.

In the first half of the year, SeABank’s total revenue increased
18% year-on-year to more than 12.1 trillion VND. Particularly, returns from
traditional businesses grew steadily over last year, with income from fees
reaching 466 billion VND.

The bank said that its fee income in the second quarter was double
that of the previous quarter and is expected to rise higher at the end of 2023.

During the period, its total deposits from customers climbed 5.64%
to nearly 144.8 trillion VND.

After passing the rigorous appraisal and evaluation process from
international organisations, SeABank was able to receive additional foreign
capital. As of June 30, the bank’s total mobilised capital from international
organisations was over 11.7 trillion VND, an increase of 26.15% over the end of

The mobilised fund plays a crucial role in serving SeABank’s
business activities amid the trend of diversification and globalisation of
working capital, the bank said.

Besides maintaining stable business operations, SeABank also
increased its charter capital to more than 24.5 trillion VND and cut loan
interest rates many times to support production and business, contributing to
economic recovery.

In June, the bank successfully issued shares to pay dividends and
bonus shares with a total ratio of nearly 20.3% to increase charter capital to
more than 24.5 trillion VND.

In 2023’s business plan, SeABank keeps its stance on sustainable
growth, continues to focus resources on innovation and digital transformation
activities to improve business performance and aims to improve client
experience with a variety of products and services. It is also focussing on
optimising operating costs.

The bank also implemented social security programmes such as
supporting the cost of houses of gratitude for the poor in Ha Tinh and Dien Bien
provinces with a total value of 30 billion VND, and holding the annual SeABank
Run For The Future (SeARun 2023) to raise funds to award 10 scholarships to
Nurture Dreams and plant 25,000 trees, totalling 1.5 billion VND. It organised
annual charity activities, including ‘Spring of Love’ and ‘SeABankers For
Children’, nationwide.

On the stock market, SeABank’s shares, with the ticker SSB, are
traded on the Ho Chi Minh Stock Exchange and have grown stably in the first six
months of the year, up nearly 6.5% compared to the beginning of the year.

The gain helps bring its capitalisation to more than 3 billion USD
and it was approved by the southern bourse to be a part of the VN30 basket. SSB
will officially join the VN30 basket on August 7.

Previously, SSB was also added to the Morgan Stanley Capital Index
(MSCI) Frontier Markets Index starting from March 1 this year./.



Emerging trends expected to power Vietnam’s tourism boom: study



Several ongoing trends in the Vietnamese tourism sector have contributed to its strong recovery in the wake of the global COVID-19 pandemic, with the increasing travel demands of Gen Z and families with kids as significant contributors, according to the Visa Global Travel Intentions Study (GTI) 2023.

Vietnam, with its stunning landscapes and diverse cultural heritage sites, has become a popular destination for travelers from around the world.

According to the study, it is vital for both travelers and industry stakeholders to understand new trends in Vietnamese tourism following the pandemic.

In terms of leisure trips, families with kids and ‘Silvers’ – individuals older than 60 – made an average of 2.4 trips over the past 12 months, more than any other market segments, according to the GTI 2023.

Besides ticking visiting landmarks, Vietnamese tourists are now placing a strong emphasis on leisure-focused and experiential journeys.

Relaxation was the main driver of travel, followed by shopping and exploration.

As the country blossoms into a playground for adventure seekers and culture enthusiasts, tourists are opting for personalized experiences that enable them to immerse themselves in local customs, traditions, and cuisine.

Environmental awareness was also a primary catalyst for travel over the past year. As such, Vietnamese travelers demonstrated remarkable interest and action in sustainable travel.

Up to 73 percent of those surveyed said they were either interested or very interested in sustainable travel options, while half had actively looked for these options when planning trips.

With an increasing number of travelers seeking eco-conscious options, the tourism sector is witnessing a shift toward greener travel practices, more support for local communities, and the preservation of natural resources.

Given the country’s growing middle class and their increasing disposable income, Vietnamese travelers are embarking on more domestic and international trips and they seek unforgettable experiences and bonding opportunities.

About one-fifth of the respondents said visiting and connecting with friends or families would be a key motivation for travel in the next year.

Shopping has also become an integral part of the Vietnamese travel experience, with many Vietnamese travelers seeking out unique souvenirs and indulging in retail therapy as part of their journeys.

Sustainable tourism is increasingly preferable for Vietnamese travelers

Sustainable tourism is increasingly preferable for Vietnamese travelers.

Amid the strong development of digital technology, Vietnamese tourists prefer seamless transactions and optimal security measures.

The digital revolution is transforming payment methods, and Vietnamese travelers have embraced the convenience of credit, debit, and pre-paid cards.

Almost all Vietnamese respondents in the GTI 2023 indicated that they intended to use these cashless payment options during their journeys, streamlining transactions and enhancing their overall travel experiences.

Accordingly, 64 percent of the Vietnamese respondents said they brought their digital wallets along with them for their travels.

Thus, the incorporation of cashless payment solutions has become a pivotal pillar in travel, fostering convenience, security, and efficiency for travelers while contributing to the industry’s overall vitality.

“Vietnam’s tourism is entering a new era where the role of digital payments will advance side by side with the industry as customers demand more efficient and secure payment services,” said Dang Tuyet Dung, Visa country manager for Vietnam and Laos.

“Adapting swiftly, hotels, restaurants, and tour operators must cater to evolving traveler needs, supported by the growing use of cashless payment methods for added convenience.”

Amid the global recovery from COVID-19, Vietnam’s tourism sector is rebounding. Domestic tourism has been pivotal, with locals exploring their own country, bolstering local businesses and jobs.

Vietnam welcomed over 7.8 million foreign visitors between January and August this year, meeting 98 percent of its full-year target of eight million international tourist arrivals.

The tourism sector also served 86 million domestic tourist arrivals in the eight-month period, according to the General Statistics Office.

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Zhejiang Trade Exhibition opens in Hanoi



The 2023 Zhejiang International Trade Exhibition and the 11th Zhejiang Export Fair, the largest and oldest expo independently held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International Convention Centre on September 28.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 1At the opening ceremony of the exhibition (Photo: VNA)

Hanoi – The 2023 Zhejiang International Trade Exhibition
and the 11th Zhejiang Export Fair, the largest and oldest expo independently
held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International
Convention Centre on September 28.

The 4,000sq.m expo features 120 booths, displaying
products in hardware and machinery, textiles and inputs, interior and exterior
furniture, electronics and household appliances.

The three-day event is hosted by the Department of Commerce of Zhejiang province, and co-organised by Zhejiang Yuanda International Exhibition Co Ltd and
the Vietnam National Trade Fair and Advertising Company (VINEXAD).

Deputy Director of the Asia-Africa Market Development under the Ministry of
Industry and Trade  (MoIT) To Ngoc Son
said this is the 11th year the two sides have coordinated to
organise the trade promotion activity which marks the full recovery of economic
and trade exchanges between the two nations after three years of hiatus due to COVID-19.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 2Deputy Director of the Asia-Africa Market Development To Ngoc Son speaks at the opening ceremony. (Photo: VNA)

The event is expected to create more cooperation opportunities for businesses
from both nations in the context that the global economy is facing a gloomy outlook,
he said, adding Zhejiang province – an important gateway in China’s eastern
region has an important role to play in the Vietnam – China trade, with Vietnam
– Zhejiang trade revenue accounting for 10% of the total trade between
the two nations in 2022.

Launched in 2011, the expo has been a platform not only for product exhibition
and promotion but also for Vietnam and China to strengthen economic and cultural
exchanges and multifaceted cooperation between their localities.

Last year, Zhejiang’s exports
to Vietnam reached 14.5 billion USD, an increase of 17.99%, while imports were 6
billion USD, up 14.21% over the same period last year.

The exhibition will run until September 30./.


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Vietnam’s nine-month economic growth reported at 4.24% YoY

The country’s GDP grew by 4.24% in the first 9 months, exceeding the growth rate of 2.19% and 1.57% in 2020 and 2021, according to data from the General Statistics Office.



The results suggest that the economy is experiencing a notable upswing, potentially due to favorable economic politics or external factors.

The gross domestic product in the July-September quarter was estimated to increase by 5.33% from a year earlier, faster than the growth rate of 4.05% in the second quarter.

The recent growth registered in the country’s economy is a positive sign, indicating a continued recovery from the pandemic-induced downturn. Despite a slight decrease in growth compared to the same period last year, the economy remains stable and may continue to grow in the coming months.

In September, the consumer price index increased by 3.66% compared to the same period last year. The average value recorded in the third quarter of 2023 grew by 2.89% compared to the third quarter of 2022.

In the reviewed period, the total import and export turnover of goods reached $497.66 billion, down 11% over the same period last year. Of which export value hit $259.67 billion, down by 8.2%, while import value hit $237.99 billion, down 13.8%.

With regard to trade balance, the country posted a trade surplus of $2.29 billion in September and $21.68 billion during the nine months.

Industrial production in September increased by 5.1% year on year, up 0.1% from the previous month, while the January-September period showed an increase of 0.3% from the previous year.

In addition, the total retail sales and consumer service revenue in the first 9 months of 2023 is estimated to reach VND 4,567.8 trillion, an increase of 9.7% year on year (the same period in 2022 increased 20.9%). 


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