Leading banks in Vietnam reported strong profit growth in Q3 2024, driven primarily by credit activities. Vietcombank's pre-tax profit rose 18% to over $445 million, while BIDV and VietinBank also saw significant increases. The banking sector anticipates continued growth, with projections of 15-17% profit growth for 2024, supported by improved credit demand and competitive lending rates.
Vietnam’s largest listed private bank, Techcombank, is considering selling a 15% stake to a strategic investor, focusing on enhancing its technological capabilities rather than just seeking capital. CEO Jens Lottner indicated that this stake could be feasible for the right partner.
Artificial intelligence is set to significantly transform Vietnam's economy, with projections indicating nearly $11 billion in sales for telecoms by 2025. The digital economy is expected to reach $220 billion, driven by advancements in AI, IoT, and cloud computing, necessitating new legal frameworks and training initiatives to support this growth.
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