Heineken to shift production from Singapore to Vietnam and Malaysia
Dutch brewer Heineken will shift its brewing production from Singapore to Vietnam and Malaysia as part of its strategy to build a more agile regional supply approach.
Majority of credit institutions forecast profit growth in 2024
A total of 86.2% of credit institutions expect their profit this year to grow compared to 2023, according to the latest survey of the State Bank of Vietnam (SBV).
 |
| The headquarters of the State Bank of Vietnam. (Photo: VNA) |
Under the survey released recently, credit institutions said the overall business performance and pre-tax profit of the banking system in the first quarter of 2024 were not as good as expected. However, they expect it will be better in the second quarter of 2024 and the whole year.
According to the credit institutions, interest rate, credit and foreign exchange rate policies are the most important factors that will positively affect their business performance for the whole of this year.
Under the survey, credit institutions also predict customers' demand for banking services will improve in 2024 due to the expectation that the economy and the manufacturing industry will have positive developments, exports will gradually recover, and loan demand will be higher than deposit demand.
According to credit institutions, the good liquidity of the banking system in the first quarter of 2024 will continue in the second quarter and the whole year.
Capital mobilisation of the entire banking system is expected to increase by 3.5% on average in the second quarter, and 9.9% in the year, lower than the expected level of 12% recorded in the previous survey.
Meanwhile, outstanding loans of the system are predicted to rise by 3.8% on average in the second quarter and 13.6% in the year, down 0.6 percentage points compared to the forecast of 14.2% in the previous survey.
According to finance expert Nguyen Tri Hieu, as credit growth plays a key role in banks earning profits, the outlook for the banking industry in 2024 is expected to be more positive than last year thanks to higher credit growth.
“I think credit growth this year will improve as the world’s economy recovers and exports increase. This will create more jobs and boost consumer spending, which will help business prospects of firms become more positive, and they will have higher capital demand,” Hieu said.
Hieu said the Government’s fiscal policies and the SBV’s credit policies related to lowering interest rates would also drive credit growth this year./.
Bài liên quan
Dành cho bạn
Đọc thêm
Lynas secures Vietnam metal processing deal with LS Eco Energy
Australian rare-earths miner Lynas has signed a framework agreement with LS Eco Energy to produce rare earth metals at a new facility in Vietnam.
Vietnam and EU seek to strengthen ties in transport infrastructure and urban development
Vietnam and the EU will enhance cooperation in transport infrastructure and sustainable urban development in the future, a meeting has heard.
Warburg Pincus eyes participation in Vietnam International Finance Centre
Global private equity firm Warburg Pincus is keen on participating in the Vietnam International Finance Centre, according to a conference held on March 23.
Novatek eyes expanded LNG cooperation in Vietnam
As Vietnam races to secure its energy future and meet the demands of its surging economy, a new partnership with a Russian energy giant is taking shape, signalling a deepening of the nations' long-standing ties.
EU to mobilise over $1 billion for major infrastructure projects in Vietnam
The European Union has launched a $46.4 million Sustainable Transport Development Fund to support large-scale infrastructure projects in Vietnam, with plans to mobilise additional financing from banks and private partners.
NIC partners with TU Berlin to boost Vietnam innovation ties
The National Innovation Centre has partnered with a leading technical university in Berlin to strengthen innovation and startup linkages between Vietnam and Germany.
ACB proposes $20 million non-life insurance subsidiary
Southern lender ACB has unveiled a formal proposal to establish a non-life insurance subsidiary as part of a strategic pivot to evolve into a comprehensive financial services provider by 2030.
