Thanh Nguyen

VCB maintained its growth momentum in Q1 22 with moderate earnings results (15% yoy), driven by robust net interest income and net profit margin. Non-interest income was impacted by the bancassurance fee bonus, zero transaction fee package and high c...

The consumer finance segment of the group has expanded to make up c6% of the consolidated loan book. Despite the growing contribution of riskier segments, we expect operating costs control and easing credit cost margin to prevail to contribute signif...

ACB's 2021 results were slightly below our expectations. NII was up to our projections, but TOI and PBT missed our estimates. ACB's 2023 revenue is revised upward by 3%. We anticipate pressure on CIR as ACB allocates more funds to technology investme...

We see factors that will support NIM during the deposit rate increases. Implicit costs on CASA, including technology investments and promotion expenses should be considered when assessing the stability and growth potential of these non-maturity depos...

VCB's Q4 21 earnings beat our forecasts by 11% (VND8.1tn versus VND7.3tn in PBT) due to extensive cost reduction. For the whole year, VCB reported VND27,372bn (US$1.2bn, 19% yoy) in PBT, exceeding our estimates by 3%. We revise up our 2022-2023 proje...

The fourth wave of Covid-19 has severely impacted Vietnam's economic growth, especially in Q3 21. Monetary policies indicate that interest rates will be moving higher but there are divergences. This is according to Rong Viet's scenario of a 17% EPS g...