In per-labour-force terms, consumer debt even jumped from 41 per cent of income in 2013 to more than 100 per cent in 2020, according to HSBC.
The Seoul-based financial solutions provider has signed collaboration contracts with commercial lender Sacombank and state-owned VietinBank to collectively roll out a shared point-of-sale (POS) system in Vietnam.
The first quarter saw the outstanding amount of local currency (LCY) corporate bonds reached some $4.34 billion, with growth declining 1.3 per cent quarter-on-quarter but rising 31.9 per cent year-on-year, according to ADB.
Construction of the mixed-use development has been stalled for years.
While both Vietcombank and BIDV announced significant profit growth, Vietinbank remained quiet and kept secret until the end.
Due to the restricted investment capital and the underexploited project, Vietinbank has asked its shareholders for the partial or whole transference of Vietinbank Tower project.
The deal will raise VietinBank Insurance Co., Ltd´s capital to $28.6 million so as to improve its balance sheet and expand its operations.
IFC's investment in VietinBank increased more than two times in local currency VND after seven years.
An unknown future holds for PG Bank after the collapse of the merger between VietinBank and PG Bank.
The ambitious targets set by banks in 2018 forecast that the private banks will usurp the state owned commercial ones.
