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Upheavals in banking sector: many managers are replaced

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During this year’s shareholders’ meeting season, big changes in shareholders’ structure have been made and many bank managers have been replaced.

Upheavals in banking sector: many managers are replaced

VietBank (VBB) has officially appointed Le Huy Dung to the post of VietBank’s CEO. He took the office on March 8.

On the same day, Nguyen Tien Sy was appointed to the post of deputy CEO.

Prior to that, on February 23, VietBank unexpectedly announced that Duong Ngoc Hoa had resigned from the post of president and Bui Xuan Khu, who was deputy minister of industry and trade, took the post.

In early February 2021, Kien Long Bank elected Le Hong Phuong as chair of the board of directors for the 2018-2022 term from February 1, 2021.

The bank aims to complete the settlement of bad debts with mortgaged assets (STB shares of Sacombank) this year and reduce the bad debt ratio to below 2 percent of total outstanding loans. It will also apply measures to prevent new bad debts, manage risks and increase revenue from non-credit services.

Personnel changes are usually seen in shareholders’ meeting seasons in recent years. However, analysts commented that the movement is stronger this year.

Earlier this year, Techcombank decided to appoint Kalyanaraman Sivaramakrishnan to the post of deputy CEO and Risk Management Director of the bank, commencing on January 10.

In late 2020, a foreigner, Chen Yi-Chung (Jeremy Chen), took office as acting CEO of SCB to replace Hoang Minh Hoan, who is now permanent deputy CEO.

The appointment was made when SCB was implementing the sustainable development strategy for 2020-2030 with strategic consultancy from McKinsey & Company.

At the shareholders’ meeting to be held on March 30, PG Bank is expected to mention the M&A plan which has been delayed for five years.

Analysts note that many high-ranking personalities from MSB have been appointed to important posts at PG Bank.

Nguyen Phi Hung, former deputy CEO of MSB, has been appointed acting CEO of PG Bank. Prior to that, Hoang Xuan Hiep, who held high-ranking posts at MSB, has become deputy CEO of PG Bank.

MSB and PG Bank have had close relations for some years. The 2018 annual report of MSB showed that on December 31, 2018 MSB was a big shareholder of PG Bank with 9.98 percent of shares.

At Kien Long Bank, investors can see the presence of Sunshine Group. On January 30, Kien Long Bank elected Le Hong Phuong, former CEO of BB Group, as president, and elected Tran Thi Thu Hang, CEO of Sunshine Group, as deputy chair. 

V. Ha

Source: https://vietnamnet.vn/en/business/upheavals-in-banking-sector-many-managers-are-replaced-718919.html

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VN-Index drops with trade value surges

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VN-Index drops with trade value surges

An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


Vietnam’s benchmark VN-Index fell 0.7 percent to 1,241.81 points Friday with trading value hitting a 10-session high.

The index stayed in the red throughout the day, dipping to around 1,231 points in the early afternoon before climbing and ending with a near 9-point fall. This is its biggest plunge in the last seven sessions.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 10 percent to VND22.4 trillion ($975 million), the highest of the past 10 sessions.

The VN30 basket, comprising the largest 30 capped stocks, saw 22 tickers in the red, with VCB of state-owned lender Vietcombank and VNM of dairy giant Vinamilk the biggest contributors to the drop of VN-Index.

VCB fell 2.3 percent. The ticker has been going sideways around the VND100,000 level since February after climbing to a new historic peak of VND107,000 in early January.

VNM dropped 2.9 percent to a nine-month low. The ticker continued its downward trend that began in January, having lost 25 percent in four months.

VHM of real estate giant Vinhomes fell 1.6 percent to its lowest level since March 30.

BID of state-owned lender BIDV lost 1.5 percent, having fallen nearly 17 percent since its mid-January peak.

On the winning side, HPG of steelmaker Hoa Phat Group rose 2.4 percent, and CTG of state-owned lender VietinBank gained, 2.1 percent. They were the top tickers pushing up the VN-Index this session.

Foreign investors were net sellers for the fifth session in a row to the tune of VND330 billion, with the strongest pressure on VPB of private lender VPBank and HPG.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.44 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 0.41 percent.

Source: https://e.vnexpress.net/news/business/vn-index-drops-with-trade-value-surges-4267353.html

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Inflation fears begin as economy recovers

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Customers shop at a supermarket in HCM City. VNA/ Photo

HCM CITY — The cost of raw materials used in many industries have risen sharply in the last few months, putting pressure on the prices of many essential goods.

Instant noodles, seasoning, cooking oil, and others have seen prices increase by 7 -10 per cent since the end of 2020.

The price of meat and poultry has increased by 10 -15 per cent.

Nguyễn Thị Trâm, a pig farmer in Đồng Nai Province’s Thống Nhất District, said the price of a 25kg bag of bran has increased from VNĐ245,000 in October last year to VNĐ295,000 now.

Prices of raw materials used to make feed, such as corn, rice bran and fish flour, are also rising.

But farmers cannot hike poultry price since they have to compete with cheap imported products.

Globally, the prices of raw materials and fuels are expected to rise again as COVID is gradually controlled, vaccination is done on a large scale and production and trade recover.

Dr Nguyễn Ngọc Tuyến of the Academy of Finance predicted the consumer price index (CPI) to rise more than last year but remain below 4 per cent for the year, the target set by the National Assembly.

Nguyễn Anh Tuấn, director of the Ministry of Finance’s price management department, warned there would be pressure on prices this year because of the rise in fuel prices.

But a spokesperson for a large supermarket chain in HCM City said the price of each item would be carefully considered before any increase is made, and essential goods are not expected to be affected much in general. —

Source: https://vietnamnews.vn/economy/942930/inflation-fears-begin-as-economy-recovers.html

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FTA providing impetus for Việt Nam – Chile trade

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Deputy Minister of Industry and Trade  Đỗ Thắng Hải  (centre) poses for a group photo with participants of the meeting in Hà Nội. — Photo courtesy of MOIT

HÀ NỘI — Despite there being no commitments on services and investment in the Việt Nam – Chile Free Trade Agreement (FTA), the pact has boosted trade and economic ties between the two countries.

The view was shared at the fourth meeting of the Việt Nam – Chile free trade council, which was held online and chaired by Deputy Minister of Industry and Trade (MoIT) Đỗ Thắng Hải and Vice Minister of Trade at Chile’s Ministry of Foreign Affairs, Rodrigo Yanez on Thursday.

According to the Ministry of Industry and Trade’s European – American Market Department, the two countries have enjoyed robust relations over the years.

Despite the difficulties posed by the COVID-19 pandemic, two-way trade in 2020 topped US$1.28 billion, up 4.43 per cent year-on-year and 2.5-fold higher than the figure recorded in 2013, prior to the FTA coming into effect.

Chile is one of Việt Nam’s four largest trade partners in Latin America, while Việt Nam is the largest trade partner of Chile in ASEAN.

Goods trade in the first four months of this year rose 15.3 per cent year-on-year to $401.1 million, with Việt Nam’s exports standing at $321.3 million, up 11.8 per cent.

Both sides recognised the efforts made to implement the FTA.

The subcommittee for trade in goods discussed matters regarding tariffs and origin of goods and considered the application of electronic certificates of origin to simplify procedures for exporters in both countries.

Meanwhile, the subcommittee for hygiene and phytosanitation worked on import procedures for several agricultural products.

Việt Nam has begun risk analysis on Chilean kiwi fruit while the South American country said it will begin analyses of Vietnamese rambutan in July.

Both agreed to step up measures to help Vietnamese and Chilean businesses capitalise on the Việt Nam – Chile FTA as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after it is ratified by Chile. —

Source: https://vietnamnews.vn/economy/942657/fta-providing-impetus-for-viet-nam-chile-trade.html

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