Day: February 5, 2023

Some banks have announced plans to pay cash dividends to shareholders for the first time in three years.

Accordingly, TPBank is due to pay a cash dividend at a rate of 25% instead of a stock dividend like in previous years. This means that shareholders will receive 2,500 VND (0.11 USD) per owned share.

The payment is expected in the first quarter of 2023. The source is from undistributed profits as of 2021 after disbursing funds according to the audited financial statements.

This is the first bank to consult shareholders on cash dividend payments this year.

TPBank said that accumulated to the end of 2022, the remaining profit and surplus from funds reached more than 13.36 trillion VND. Of which, the undistributed profit until 2021 after distributing to funds was nearly 5.5 trillion VND.

Last year, TPBank also recorded a 30% growth in profit before tax to nearly 7.9 trillion VND, thanks to an increase in fee income and the recovery of customers whose debts were extended during the pandemic, so risk provisions were reduced.

Previously, Vietnam International Commercial Joint Stock Bank (VIB) said that if it is approved by the general meeting of shareholders and approved by the State Bank of Vietnam, it can pay a cash dividend of up to 35% of the charter capital, meaning that shareholders owning one VIB share can receive 3,500 VND in dividends. According to VIB’s representative, the payment rate could be higher if irregular revenues were recorded in 2022.

In 2022, VIB recorded a profit before tax of more than 10.58 trillion VND, an increase of 32% over the previous year.

Similarly, Vietnam Prosperity Commercial Joint Stock Bank (VPBank) and Asia Commercial Joint Stock Bank (ACB) also plan to pay cash dividends this year./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh urged the north-central and central coastal regions to create more breakthroughs in development to match their potential and advantages while addressing a conference in Quy Nhon city, Binh Dinh province, on February 5.

The conference touched upon the implementation of the Government’s action plan to materialise the Politburo’s Resolution No. 26-NQ/TW dated November 3, 2022 on orientations for socio-economic development and national defence and security in the two regions by 2030 with a vision towards 2045. It was also intended to promote investment in the regions with the theme of “Linkage – Breakthroughs from maritime economy – Rapid, sustainable development.”

The regions hold strategic positions and roles of special significance in terms of economy, especially maritime economy, politics, culture, social affairs, environment, external relations, national defence and security, as well as sea and island sovereignty, the PM pointed out.

Notably, they are home to five cultural and natural heritage sites, and six intangible cultural heritages recognised by UNESCO, he said.

The leader, however, expressed his concern that such unique potential and competitive advantages have yet to be maximised in socio-economic development, with limitations still remaining in mechanisms and policies, infrastructure and human resources.

Given this, PM Chinh asked the regions to mobilise resources for development, and take people and businesses as the centre, subject, resources, momentum and target of development.

He urged ministries, agencies and localities in the regions to quickly map out their own action programmes and plans to seriously implement the Politburo’s resolution and the Government’s action plan.

Focus should be paid to perfecting institutions, regional planning schemes and regional connectivity policies, and promoting the maritime economy, digital transformation, green economy, circular economy, and tourism, forest and agriculture-based economy, he noted. The PM also mentioned the three development engines of consumption, investment and export, and asked the regions step up investment in socio-economic infrastructure, especially in the field of transport.

Regarding investment promotion, he stressed that cooperation should be conducted selectively based on quality, efficiency, technology and environmental protection criteria.

He called on investors, businesses and development partners to continue accompanying Vietnam and the regions in particular, urging them to sketch out long-term, sustainable business strategies, and fulfill their commitments.

On this occasion, localities in the regions unveiled the list of projects that are luring investment, covering infrastructure at industrial zones, seaports, wind power, transport infrastructure, tourism and logistics.

Representatives from ministries and localities also proposed solutions to spur development in the two regions.

As part of his working trip to Binh Dinh, PM Chinh had a working session with local officials, during which the leader expressed his impression on the province’s performance in infrastructure development and its housing policy towards social policy beneficiaries and low-income earners.

Mentioning Binh Dinh’s potential and strengths in maritime economy and tourism, PM Chinh expressed his belief that the province would create breakthroughs to lead the south-central coastal region.

Binh Dinh needs to pay attention to the three strategic breakthroughs of institutions, infrastructure and human resources, and administrative reform, he continued.

Industry should be turned into a key economic sector, while agriculture should grow sustainably, with modern, effective aquaculture, focusing on high-tech shrimp farming and tuna fishing, he said.

The PM also suggested the province call for more investments in maritime transportation, logistics, warehouses, finance, banking, and post and telecommunications.

On this occasion, the PM made field trips to and attended inauguration ceremonies of serval facilities in Binh Dinh./.

Source: Vietnam News Agency

The People’s Committee of the Central Highlands province of Lam Dong has recognised a 371.6ha coffee growing area in Di Linh district as a hi-tech coffee growing area.

Located in Dinh Lac commune’s Tan Lac 1, Tan Lac 3 and Tan Lac 4 villages, the area is cultivated by 325 households, four co-operatives and six coffee producing and processing establishments.

In the hi-tech coffee growing area, coffee growing households use machines to till the land and use automatic and semi-automatic chemical spraying mechanisms to prevent and control diseases. They also use composted animal manure to fertilise coffee.

Up to 90% of the area’s coffee beans are dried by driers.

The area is also equipped with automatic weather and soil moisture monitoring facilities.

More farmers in Di Linh, which is the province’s largest coffee growing district, are using high technology to grow coffee to increase yield and quality.

They have also linked with co-operatives and companies to secure buyers and ensure stable prices.

The district has more than 44,000ha of coffee, with an annual output of 144,000 tonnes a year.

Tran Suong in Di Linh’s Dinh L?c commune has applied high technology to grow his 6ha coffee farm and get a high yield of 5 tonnes per hectare a crop.

He used automatic facilities to irrigate and fertilise coffee trees, increased the use of organic fertilisers and reduced chemical fertilisers.

The facilities helped him save irrigation water and labour cost for tending the farm, he said.

“Coffee planted to hi-tech farming methods is ripe evenly and has high quality, and it meets the requirements of export markets and has stable buyers,” he said.

Coffee is one of Lam Dong’s key plants and the province has more than 170,000ha of coffee, making it the country’s second largest coffee producer after its neighbouring province of Dak Lak.

The province’s Di Linh district, and Bao Loc and Da Lat cities are located 800-1,500 metres above sea level and have favourable conditions for cultivating coffee.

Farmers in the province have increased planting coffee under international standards in recent years.

They are growing 21,000ha of coffee to Rainforest standards and more than 53,000ha of coffee to the common code for the coffee community (4C).

The province’s coffee has the highest yield and quality in the country.

Coffee production value accounts for 60% of the province’s agriculture production value./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam will pay official visits to the Republic of Singapore and Brunei Darussalam from February 8-11.

The visits will be made at the invitations of Singaporean Prime Minister Lee Hsien Loong and the Sultan of Brunei Darussalam, Sultan Haji Hassanal Bolkiah./.

Source: Vietnam News Agency

A Vietnamese delegation led by Deputy Minister of Culture, Sports and Tourism Doan Van Viet attended the 22nd ASEAN Plus Three Tourism Ministers Meeting in Indonesia’s Yogyakarta city on February 4.

The meeting took place within the framework of the ASEAN Tourism Forum (ATF) 2023 themed “ASEAN: A Journey to Wonderful Destinations.”

Delegates reviewed tourism cooperation outcomes recorded at the 25th ASEAN-China Summit, the 23rd ASEAN-RoK Summit, the 25th ASEAN-Japan Summit, and the 25th ASEAN Plus Three Summit, held in Cambodia from November 11-12, 2022.

They also looked into ASEAN+3 tourism cooperation following the 20th ASEAN Plus Three Tourism Ministers Meeting in 2021.

The participants noted with pleasure the growth both in the number of international arrivals and tourism revenues in the ASEAN+3 countries as compared with 2021.

The tourism sector will further recover in the next two-three years as the countries have continued with COVID-19 vaccinations and paid attention to hygiene and safety of visitors, they said.

The meeting highlighted the support of China, Japan and the RoK for ASEAN member nations in enhancing capacity for tourism experts, and creating conditions for the countries to promote their tourism products through events and exhibitions last year./.

Source: Vietnam News Agency

The Vietnamese Embassy in Malaysia on February 4 held a get together on the occasion of Lunar New Year (Tet) festival.

It drew the participation of officials and staff of the representative agencies of Vietnam in Malaysia, overseas Vietnamese, students, representatives of associations and delegations of Vietnamese people in the host country.

Addressing the event, Chargé d’affaires of the Vietnamese Embassy in Malaysia Nguyen Thi Ngoc Anh briefed the participants of the socio-economic situation of Vietnam in the past year.

Despite unpredictable developments of the world situation and numerous difficulties, Vietnam’s economy grew over 8%, the highest in the past 10 years. The relationship between Vietnam and Malaysia has been increasingly consolidated and developed and the two sides agreed to continue to create conditions to further promote trade, investment, science and technology and innovation relations.

The diplomat highly appreciated the Vietnamese community in Malaysia who have always attached to the homeland and have various activities to contribute to help fellow countrymen. Anh said she hoped that they will stay united, have a better life, and to integrate well into their second homeland.

Anh also wished them a New Year of happiness and prosperity.

On behalf of the Malaysia-Vietnam Friendship Association, Tran Thi Chang said the association wants to receive more support from the embassy in the upcoming programmes when the two countries are about to celebrate the 50th founding anniversary of diplomatic ties.

The same day, the Consulate General of Vietnam in Sydney organised a programme named “Xuan Que Huong” (Homeland Spring 2023) which brought together members of representative agencies, business associations, student associations and hundreds of overseas Vietnamese in Australia.

Vietnamese Consul General in New South Wales, Queensland and South Australia Nguyen Dang Thang affirmed that the relationship between the two countries has continuously developed strongly in the past 50 years, partly due to the significant contributions of the Vietnamese community in the host country – the “people’s ambassadors” of Vietnam as Uncle Ho once said.

Participants at the event enjoyed Vietnamese traditional music performances as well as folk games which were believed to help younger generations understand more about cultural traditions of their homeland./.

Source: Vietnam News Agency