Many domestic banks have reported positive growth in profit in the third quarter and the first nine months of 2023 even amid the slow credit expansion and a downturn trend in profit of the whole banking sector.
Hanoi (VNA) – Many domestic banks have reported positivegrowth in profit in the third quarter and the first nine months of 2023 evenamid the slow credit expansion and a downturn trend in profit of the wholebanking sector.
The Vietnam Maritime Commercial Joint Stock Bank (MSB)posted a pre-tax profit of 5.22 trillion VND (212.41 million USD) in the firstnine months of this year, completing 83% of its yearly target.
By the end of the third quarter, MSB's total assetsincreased by 17% compared to the end of last year to more than 249 trillion VND.Total outstanding credit increased by 17% to nearly 141.24 trillion VND, higherthan the industry’s average growth rate while the bad debt ratio was kept under 2%.
Asia Commercial Bank (ACB) had also completed 75% of its pre-tax profitplan for this year as of the end of September, with pre-tax profit of more than15 trillion VND, up over 10% year on year thanks to non-credit revenue sources.
By the end of September, ACB's total assets had risen 6.7%, reaching more than648 trillion VND. In particular, its total loans increased by 8.7% compared tothe beginning of this year, higher than the banking sector's average level, hittingnearly 450 trillion VND. At the same time, its customer deposits increased by 7.6%over the beginning of the year to 445.5 trillion VND.
At the same time, the Saigon Bank for Industry and Trade (Saigonbank) earned248 billion VND in pre-tax profit, up 5.1% year on year, equivalent to 82.67%of its plan for the whole year thanks to its effective solutions to cut cost.
Saigonbank's total assets as of September 30, 2023 rose 7.2%to 29.68 trillion VND. Its total lending increased by 4.3% compared to the beginningof the year to 19.51 trillion VND, while deposits expanded 11.6% toreach 22.87 trillion VND.
On the contrary, many banks said that they suffered a deceleration in profitsin the first nine months of this year, including Techcombank (down 17.8%), VPBank(58%), BacABank (23%), LPBank (24%), and TPBank (16%).
Analysts from SSI Securities held that declining netinterest margin (NIM) coupled with the burden of provisioning due toincreasing bad debt are the main reasons behind the decline in many banks'profits.
However, banking is still considered one of the sectors withpositive profit growth prospects in the last quarter of the year, they said./.
Data security is an important issue in ensuring continuous operations, and is considered a vital factor for banks. The Smart Banking Summit 2023 was organised by the Vietnam Banks Association (VNBA) in collaboration with IEC Group, under the professional sponsorship of the State Bank of Vietnam (SBV), in Hanoi on October 6.
Firms can borrow from the Small- and Medium-sized Enterprise (SME) Development Fund with a short-term interest rate of 1.2% per year and a long-term interest rate of 4.4% per year, effective from October 4, 2023, the Ministry of Planning and Investment announced.
In the third quarter of 2023, a notable variance is anticipated in the profits of commercial banks, with some continuing to experience double-digit growth, while others see a sharp downturn.
Total outstanding loans at credit institutions in Ho Chi Minh City were worth nearly 3.36 quadrillion VND (137.7 billion USD) as of September 30, a 0.72% increase from the previous month, according to the State Bank of Vietnam (SBV).
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Transactions at ACB (Photo: VNA) 
