Eximbank delays AGM to June 30, adjusting business plan for 2020 The Viet Nam Export Import Commercial Bank (Eximbank) plans to delay its Annual General Meeting of Shareholders (AGM) to June 30 due to the impacts of COVID-19, announced its leaders. The initial meeting was scheduled to be held in April. Difficulties and interruptions inflicted by COVID-19 also caused Eximbank’s Board of Directors to adjust the business plan for 2020. This year, Eximbank aims to drastically reduce operating costs by VND326 billion (US$14 million), down 11 per cent compared to the original plan. It plans to raise VND147.8 trillion this year, down 8 per cent compared to the initial plan. Outstanding loans are estimated to reach VND122.3 trillion, down 4 per cent compared to the original plan. With the above adjustments, the profits generated from core business activities are set to decrease by 10.3 per cent. The settlement of collateral of customers with bad debts and the settlement debts at the Viet Nam Asset Management Company (VAMC) have been postponed until next year, causing the total pre-tax profit in 2020 to sharply fall by 40 per cent to VND1.3 trillion compared to the original plan set for 2020 but still… Read full this story
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