OCB's 'meritorious' suddenly asked to leave the position of general director

Orient Commercial Joint Stock Bank (OCB) has just announced information about Mr. Nguyen Dinh Tung's resignation from the position of General Director due to the reassignment of work by the Board of Directors.

Mr. Nguyen Dinh Tung is considered a "meritorious figure" of OCB as he has held the position of general director of this bank since August 2012 until now.

OCB has also just announced its business results for the first quarter of 2024 with a profit after tax of VND 953 billion, up 21% over the same period. (See details)

Quang Ninh reviews bidding packages related to Thuan An Group

Thuan An Group is constructing 4 bridges under the package 13 of riverside road projects connecting Ha Long - Hai Phong highway to Dong Trieu town. The Quang Ninh province's traffic construction investment project management board has reviewed these projects.

Previously, from 2020-2022, Thuan An also participated in the bidding package of the Van Don - Tien Yen Expressway project. The total value of the bidding package is more than 348 billion VND. (See details)

Van Thinh Phat related enterprises owe more than 52,000 billion VND in bonds

According to the Ministry of Finance, recently, 24 enterprises related to Van Thinh Phat Group have issued corporate bonds to raise capital. The total capital these enterprises have issued corporate bonds to raise is more than 138,200 billion VND.

The outstanding bonds of enterprises related to Van Thinh Phat at the end of 2023 were more than 52,400 billion VND, of which the amount of overdue debt and unpaid principal and interest to bondholders was more than 17,200 billion VND. (See details)

Sacombank Chairman: Mr. Dang Tat Thang demands 200 billion

At the Sacombank General Meeting of Shareholders held on the morning of April 26, Mr. Duong Cong Minh - Chairman of the Board of Directors of Sacombank - shared frankly when asked by shareholders about his relationship with Ms. Truong My Lan, Chairwoman of Van Thinh Phat Group.

“I have nothing to do with Ms. Truong My Lan and her cases. Ms. Lan’s case has been prosecuted. This is a rumor that Mr. Thang Dang wrote on Facebook,” Mr. Duong Cong Minh responded to the false information shared by the Facebook account “Thang Dang” (believed to be Mr. Dang Tat Thang, former CEO of Bamboo Airways).

Regarding the loan to Bamboo Airways, Mr. Duong Cong Minh shared information that Mr. Dang Tat Thang asked for 200 billion VND for himself, but then Mr. Trinh Van Quyet's family let Mr. Thang retire before the new investor came in. (See details)

Billionaire Pham Nhat Vuong's Vingroup reported a profit of over 1,300 billion

Vingroup Corporation (code: VIC) of Mr. Pham Nhat Vuong has just announced its consolidated financial statements for the first quarter of 2024 with total consolidated net revenue reaching VND 21,739 billion. After deducting expenses, profit after tax reached VND 1,335 billion.

As of March 31, Vingroup's total assets reached VND693,949 billion, up nearly 4% compared to the beginning of the year. (See details)

Gold auction on April 23: 'Unsold' more than 13,000 taels

The State Bank of Vietnam (SBV) announced the results of the gold bar auction held on the morning of April 23 at the State Foreign Exchange Reserve Management Department.

Accordingly, two members won the bid with a total volume of 34 lots, equivalent to 3,400 taels of gold bars.

The number of gold bars auctioned is 16,800 taels of SJC gold bars, the reference price is 80.7 million VND taels. (See details)

Low interest rates, bank savings deposits decrease sharply

According to the State Bank of Vietnam, in January 2024, the amount of deposits from economic organizations and residential areas in banks decreased by nearly 200,000 billion VND. This is the first time in the past year that the amount of deposits in the banking system has decreased, after a long period of continuously reaching new records.

The continuous decrease in deposit interest rates, which have been low for a long time, is considered the reason why bank savings channels are no longer attractive. (See details)

The State Bank has not yet raised the issue of interest rate adjustment.

At the Vietnam Economic Forum 2024 on the morning of April 25, Deputy Governor Dao Minh Tu said that the State Bank's view is to maintain current interest rates and keep the exchange rate stable.

Up to this point, the State Bank has not raised the issue of increasing interest rates and is still encouraging credit institutions to reduce lending rates in priority areas. (See details)

Deputy Prime Minister requests to ensure supply and demand, reasonable gold price

At the meeting of the Price Management Steering Committee to review price management and operation in the first quarter and orientation for price management in the remaining months of 2024 on April 24, Deputy Prime Minister Le Minh Khai requested the State Bank to strictly implement the directions of the Government and the Prime Minister on gold management.

The Deputy Prime Minister requested that, in the immediate future, supply and demand must be ensured, and reasonable prices must be met. At the same time, long-term solutions for gold management must be researched and proposed, both ensuring state management requirements and meeting the legitimate needs of the people. (See details)

Zero-cost rooftop solar power to avoid policy profiteering

On April 24, the Ministry of Industry and Trade held a workshop to provide comments on the draft Decree on direct electricity trading between power generation units and customers and the draft Decree on the mechanism to encourage the development of solar power installed on rooftops of houses, offices, and industrial parks.

Explaining the zero-price solution for rooftop solar power in case of transmission to the national grid, the Minister of Industry and Trade said that this is appropriate, ensuring the prevention of policy profiteering. (See details)