External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.</li><li>Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.</li><li>The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

<ul>
<li>Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.</li>
<li>However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.</li>
<li>Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.
However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.
Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p><strong>Another rate cut could come in handy</strong>: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.</p>

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Vietnam

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, operates various personal and corporate banking services such as deposits, foreign exchange transactions, loans, outward transfer, and international payments.

Saigon - Hanoi Commercial Joint Stock Bank provides commercial and personal banking services.

Asia Commercial Bank attracts deposits and offers commercial banking services.

Vietnam Export Import Commercial Joint Stock Bank provides various banking services and products to organizations and individual customers in Vietnam. The company offers demand, savings, time, overnight, accumulated, and payment deposits; deposits with preferential, tiered, and daily interest rates; deposits with optional terms; and certificates of deposit. It also provides housing loans, loans for small traders, loans secured by savings books and valuable papers, loans for securities trading and investments, T-day securities loans, overseas study loans, auto loans, unsecured loans for employees, overdrafts, and loans by investment projects; factoring services; and prepaid, debit, credit, co-branded cards. In addition, the company engages in foreign currency trading by spot, swap, forward, and currency options and gold trading; provides money transfer and remittance services; packaging services for overseas studies; Internet, mobile, and SMS banking services; and bill payment services, such as electricity, water, air ticket, and automatic bill payment services, as well as telecommunication charge payment and collection services. Further, it offers centralized deposit management, payroll, and cash services; payment of travelers� cheques, and cheque issuance and collection; international settlement services. Additionally, the company engages in the receipt of funds entrusted for investment; receipt of funds from domestic and foreign credit institutions; discount of commercial papers, state bonds, and valuable papers; investment in securities; issuance of domestic and international cards; financial advisory services; corporate bond trading; and other banking services. As of December 31, 2014, it operated a network of 208 banking units, including 44 Branches, 163 transaction offices, and 1 savings fund. The company was founded in 1989 and is headquartered in Ho Chi Minh City, Vietnam.

Military Commercial Joint Stock Bank offers commercial banking services.  The Bank provides services in the areas of personal banking, corporate banking, financial banking, and e-banking.  Military Commercial's services include savings accounts, money lending, money transfers, foreign exchange, and money markets.

Military Commercial Joint Stock Bank (MBB VN)

National Citizen Commercial Joint Stock Bank provides various banking products and services for individuals and businesses in Vietnam. It offers term deposits, bank accounts, and other deposit products; and debit and credit cards. The company also provides loans for buying automobiles; short-term loans for business and production; loans for household items, travel, weddings, healing, and the other necessities of life; investment factory, warehouse, and office loans; home repair, overdraft, working capital, investment in machinery and equipment, and unsecured consumer loans; loans to buy capital property and land plots; and import commodity financing, as well as loans covering tuition fees and living costs for students. In addition, it offers overseas and domestic money transfer; foreign currency exchange; Western Union; phone recharge; and Internet, mobile, and phone banking services, as well as online payment services. The company was formerly known as Nam Viet Commercial Joint Stock Bank and changed its name to National Citizen Commercial Joint Stock Bank in May 2014. National Citizen Commercial Joint Stock Bank was founded in 1995 and is headquartered in Hanoi, Vietnam.

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) provides commercial banking services. The Bank offers domestic remittance services, savings account, personal loans, e-banking, trade financing, deposits, tax payment, foreign exchange, cash management, and other banking services. VPBank serves customers in Vietnam.

Vietnam Technological and Commercial Joint-stock Bank, doing business as Techcombank, provides banking services. The Bank offers savings, deposits, loans, credit cards, monetary management, trade finance, international payment, and foreign exchange services. Techcombank serves individuals, corporates, and the government sectors in Vietnam.

Bank for Investment and Development of Vietnam provides commercial banking services. The Company offers deposits, personal loans, e-banking, guarantees, and trade finance for customers, corporate, and financial institutions. Bank for Investment also offers foreign exchange, money market, derivatives, and debt market services.

AMMB Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, provides merchant and commercial banking, retail financing, stock and futures broking, and investment advisory. AMMB also underwrites general insurance, provides asset and unit trust management, and nominees services.

Bank of Hawaii Corporation is a regional financial services holding company with locations throughout the Pacific. The Company and its subsidiaries offers a wide range of financial services to businesses, governments, and individuals in Hawaii, the West Pacific, and American Samoa. Bank of Hawaii provides services such as commercial banking, investment and trust services, and mortgages.

Atlantic Union Bankshares Corporation provides banking services. The Bank checking accounts, lending, credit cards, online and mobile banking, and wealth and treasury management services. Atlantic Union Bankshares serves customers in the United States.

Park National Corporation is a multi-bank holding company.  The Banks provide a variety of financial services, including savings and time accounts, consumer and real estate lending, safe deposit operations, and electronic funds transfers. Park National operates in Ohio.

Community Bank System, Inc. is a holding company for Community Bank, N.A.  The Bank offers a range of commercial and retail banking services in each of its market areas to business, individual, agricultural, and governmental customers. Community Bank operates in northern New York to the southern tier, west to Lake Erie, and in northeastern Pennsylvania.

CVB Financial Corp. is the holding company for Citizens Business Bank and Community Trust Deed Services.  The Bank attracts deposits and originates loans, as well as serves as a federal tax depository for its business customers. Citizens operates in Southern California.

Cathay General Bancorp is the holding company for Cathay Bank.  The Bank accepts deposits and originates various loans, and offers trade financing, spot and forward contracts, internet banking, global investment services, and other services.  Cathay Bank operates in California, New York, Texas, Washington, and Massachusetts.

The Bank of East Asia, Limited and its subsidiaries provide general banking, related financial, business corporate, and investor services.

PT Bank CIMB Niaga Tbk operates in individual and private banking, merchant and corporate banking, regional banking, and investment services.  The Bank also provides financial services such as leasing and factoring, stock broking, underwriting, insurance and investment management through its subsidiaries.

Simmons First National Corporation is a multibank holding company.  The Banks offer various loans, credit card services, checking and savings accounts, personal and corporate trust services, and other products and services through offices located in Arkansas.

Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam.

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HDBank (HDB VN)

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018. Credit growth was lower than expected, in light of the high credit growth...

Mirae Asset Securities

Banking Sector - 1H22 Update & Outlook

Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22...

Mirae Asset Securities

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

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