Vietnam

Vietnamese bank’s failure reveals corruption, fraud and violations in sector.

The platform will reportedly benefit 1 million customers of PVComBank.

But it exposed structural weaknesses in Vietnam’s banking and financial industry.

About 70% of digital transformations fail, an industry expert warned.

About 1 in 5 of its loans are real estate loans.

The bank is transforming its IT infrastructure to better process green data.

Total assets are reportedly set to exceed $28b this year.

The bank’s profits have grown at a rate of 49.1% over the past decade.

The bank also offers a loan programme with 0% interest to agriculture and rural areas.

The transaction is expected to be completed in the first half of 2025.

For the second year in a row there were no late-stage funding rounds.

The accolade is in recognition of VietinBank’s role in financing the $128m Nam Tien Phong industrial zone and port complex, a project anticipated to attract substantial foreign investment.

The transfer is valued at VND4.3t ($1.8m).

The government has been promoting a cashless payment scheme in line with its national financial inclusion strategy.

The buildings are energy-efficient and wholly owned by the bank.

TNEX provides customers with a digital ecosystem that helps them better manage their everyday needs and future plans.