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Sun. PM KTFA Iraq and Vietnam News Articles 1-16-23

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KTFA

Clare » January 16th, 2023

The Central Bank determines the valid and rejected Iraqi banknotes for circulation

2023-01-16 

The Central Bank of Iraq determined, on Monday, the valid and non-negotiable banknotes of the local currency

The bank said, in a statement received by Shafaq News agency, that it is “responsible for defining the categories of Iraqi coins, their standards, printing, and minting coins, and is responsible for destroying and replacing them and identifying defective ones,” noting that “discriminating between their categories by imposing a specific category on the public or refusing to receive A certain category is unacceptable and against the law.”

And he explained that “the banknotes issued by him remain valid for negotiation in the event that they were exposed to any tear of more than 3 cm, and it was repaired with transparent adhesive tape on one or both sides and did not affect its features.”

He added that “the banknotes also remain valid if they were cut in one of their corners within 2 cm and did not affect their features, and also if traces of circulation and use appeared on them and were not harmed or damaged affecting their shape, color and size.”

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He pointed out that “the banknotes are considered unfit for negotiation if the banknote is worn out or damaged even though it was not torn or parts of it were lost, and if it was damaged as a result of exposure to water or various liquids, and it is also considered unfit for negotiation if it consists of two parts with different numbers.” Its area was close to that of the original banknote.

And he indicated that “the banknote is also considered invalid if the banknote is fixed with a transparent tape or more on its width or length, in addition to pieces of it more than one angle or loaned, or if it is defective in terms of design and size and if it loses 50% of its area.” It is also considered unfit for circulation if foreign materials stick to it and affect its features, such as inks and dyes, or if they are perforated.”   LINK

Parliamentary recommendation to go to the electronic system in regulating the movement of funds

Today, Monday, the Parliamentary Finance Committee confirmed that one of the reasons for the fluctuation of the dollar exchange rate is the lack of an electronic system, while indicating that this aims to regulate the movement of funds.

A member of the Finance Committee, Jamal Cougar, told the official agency, “The financial electronic system project was proposed years ago in the Finance Committee and other committees, as well as by some ministers and economists, but the issue did not find the required response.”

He explained, “One of the reasons for the conflict between the dollar and the Iraqi dinar is the lack of an electronic system, and therefore the movement of funds is not clear,” stressing “the importance of the country’s approach in this direction, as it regulates the movement of funds.”

For his part, the economic expert, Amer Al-Jawahiry, stated that “strong decisions must be issued capable of transforming the financial system into an electronic one and taking all measures,” stressing the need for “the presence of a specialized team that lays the basis for work on the matter.”

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He continued, “We must keep pace with change and keep pace with the development taking place in the world in terms of the electronic system and other developments.”  LINK

Henig » January 16th, 2023

An American delegation arrives in Baghdad within hours before an expected visit by Al-Sudani to Washington

Baghdad today – Baghdad

Informed sources said, on Monday, that an American delegation will arrive in Baghdad within hours, while indicating that there is an expected visit by Prime Minister Muhammad Shia al-Sudani to Washington to meet with President Joe Biden.

The sources told (Baghdad Today) that “an American delegation will arrive in Baghdad within a few hours to discuss the file of scheduling and deployment of American forces in Iraq.”

The sources added, “Foreign Minister Fuad Hussein will soon go to Washington to arrange procedures for Iraqi Prime Minister Muhammad Shia’a al-Sudani’s visit to the United States and to meet with US President Joe Biden.”   LINK

Agence France-Presse: Al-Sudani is preparing to meet with Biden and shows friendliness to America, which is tightening its policies against Iran

January 16, 2023

Baghdad / Obelisk: Agence France-Presse considered that an interview published by the Wall Street Journal, on Sunday, with Iraqi Prime Minister Muhammad Shia al-Sudani, showed Sudani’s keenness to please the United States, which continues to intensify its tone against Iran.

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Al-Sudani told the newspaper that he wants to send a high-level delegation to Washington soon, perhaps as a prelude to a meeting between him and President Joe Biden.

Al-Sudani considered that his country is still at the present time “in need of foreign forces” present in it, most of which are American, according to what came in an interview published Sunday by the Wall Street Journal.

“We believe we need foreign forces,” said Al-Sudani, who has held the post since the end of October, adding, “Eliminating ISIS will take some time.”

“We do not need forces fighting inside Iraqi territory,” he said, explaining that “the threat to Iraq stems from the infiltration of (extremist organization) cells from Syria.”

The United States has about two thousand military personnel in Iraq to carry out training and advisory missions.

The North Atlantic Treaty Organization (NATO) is also carrying out a non-combat mission in Iraq, in which, according to its website, “hundreds” of personnel from several member states or NATO partners (Australia, Finland and Sweden) participate.

According to the French Agency, the Sudanese government, which gained confidence after a year of bloody clashes, sometimes relies on the support of parties allied to Iran that dominate parliament. Iraq also relies heavily on gas and electricity from its eastern neighbor.

The Iraqi government faces enormous expectations from Iraqis who are exhausted by a serious economic and social crisis.

At the end of November, the Iraqi Prime Minister visited Tehran, which saw promises of strengthening cooperation on the security and economic levels.

In a related context, there are talks about a dispute between the Sudanese government and the Shiite parties that support it over the position on the American presence in Iraq.

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Ali al-Ghanmi, a member of the political bureau in the Euphrates Movement, led by Prime Minister Muhammad al-Sudani, said about the differences within the coordination framework or the state administration coalition over the relationship with the United States, according to his statements published in local media.

Al-Ghanimi, a former deputy, explained that some political parties – he did not name them – have reservations about the relationship with Washington because of the airport incident.

It is hoped that Al-Sudani’s protocol visit to Washington will discuss the joint security file between Baghdad and Washington, especially with the presence of an escalation by the armed factions against the American presence.

The leader of the Sayyid al-Shuhada Brigades, Abbas al-Zaidi, revealed to Al-Masalla the resistance’s dissatisfaction with the actions of the government of Muhammad Shia’ al-Sudani.

Al-Sudani had stressed the importance of continuing joint work, especially in the field of advising and training the Iraqi forces, which are fighting the confrontation against terrorism effectively and professionally.

Al-Zaidi told Al-Masalla: We reject the intervention of the US embassy in the Iraqi issue, warning against complete submission to the occupation, as there is no specific ceiling for the goals and projects of the aggressive occupation in Iraq or the region across Iraq.

A member of the House of Representatives, Jassim Al-Moussawi, directed a request to Parliament regarding the presence of foreign forces on Iraqi soil, and while he confirmed that the US forces had caused major violations to the country, he considered Washington’s allegations of providing aid to Iraq as “false.”

Maqarat expects that the current government is aware of the impact of the escalation on the internal political and economic situation, and that it does not want the relationship with Washington to deteriorate.

And the leader in the framework, Mahmoud Al-Hayani, considered the talk about the withdrawal of US forces from Iraq unreal, and just a media talk.

In light of the security calm during the Sudanese era until now, it is not known whether it was a temporary truce decision, or a framework government decision to coexist permanently with the American presence in Iraq.     LINK

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Iraq begins to develop its air defense in a plan to dispense with external support

Mohamed Ali  January 15, 2023

Today, Sunday, a senior Iraqi military official in the Ministry of Defense in the capital , Baghdad , revealed a joint strategy for the Air Force and Air Defense Commands , which includes a comprehensive development of the Iraqi Air Force and military bases, in various cities of the country, in addition to strengthening monitoring and control networks during the year 2023.

The official explained that this plan guarantees the control of the Iraqi forces over the entire airspace of the country, through the purchase of various combat and unmanned aircraft, as well as various radars and missile interception systems from various sources.

This comes with the anticipation that the government of Prime Minister Muhammad Shia’a al-Sudani will send the draft financial budget for the year 2023 to parliament in the coming days, with a view to approving it. Informed sources confirm to Al-Araby Al-Jadeed that the government will raise the
financial budget of the Ministry of Defense to strengthen various military sectors.

According to a prominent Iraqi general in the Iraqi Ministry of Defense in Baghdad, “the military leaders in the country have reached a complete strategy to develop the Air Force and the Air Defense Command, in a way that guarantees that Iraq can dispense with any non-Iraqi air or information support.”

The official, who asked not to be named, added that the military development plan includes developing the Iraqi Air Force’s arsenal with combat and bomber drones or for airspace control purposes. It also includes rehabilitating air military bases and subjecting their personnel to advanced training courses.

He continued, in his interview with Al-Araby Al-Jadeed, that, “according to the plan, the Iraqi Air Defense Command will obtain new and advanced radars from various European countries, as well as missile deterrent systems to prevent any violation of Iraqi airspace.”

The official revealed that there is broad political support from various parliamentary forces and blocs to enhance Iraq’s military capabilities during the current year 2023, in a way that enables the Iraqi army to carry out its tasks without the need for external assistance.

Last week, the commander of the Iraqi Air Force, Lieutenant General Shihab Jahid, said that the plan for the current year 2023 is to develop the capabilities of the Iraqi Air Force.

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Jahed said, to the Iraqi News Agency (INA), that “the plan for this year will focus on restoring the basic infrastructure of the Air Force, as the recruitment and purchase of aircraft must be preceded by a process of preparing the air bases, in order to ensure that the aircraft operate with bases with infrastructure and combat readiness during which they can from completing its tasks.”

The programs of the Iraqi government headed by Muhammad Shia al-Sudani, whom parliament voted for at the end of November of last year, included the development and support of the military establishment in the country, without explaining the details of that, but he indicated in a statement on the occasion of the founding anniversary of the army, which fell on the sixth of this month. That his government will continue “within its programme, to work to strengthen the role of our armed forces in all its forms, led by our heroic Iraqi army, and to work on the technological and field development of its combat weapons, and to raise the capabilities of movement, deployment, holding the ground and repelling aggression.”

An expert on Iraqi security affairs and a member of the Warriors Association in Baghdad, Saad Al-Hadithi, told Al-Araby Al-Jadeed that, “The plan to develop the Iraqi army was among the previous recommendations of the Joint Operations Command, during rounds of joint dialogue with Washington in 2021 during the government of Mustafa Al-Kazemi, where he showed The committee assessed Iraq’s continued need for air support from the international coalition, especially with regard to information and airspace monitoring in the border areas with Syria.

Al-Hadithi added, “The previous development plan focused on the Iraqi ground forces, given that the greatest burden of direct military confrontations against terrorism was on the ground forces, but the development of air defense today has become necessary.”

The spokesman considered that Iraq’s continued reliance on the American squadron of “F-16” fighters, as the backbone of the Air Force, is incorrect, and Iraqi leaders noticed it during the administration of President Donald Trump, whose administration blackmailed Baghdad with aircraft ammunition, especially during the period of tension that followed the assassination of Soleimani. Therefore, diversification is very important, and an excellent step for the Sudanese government.   LINK

Integrity reveals the issuance of two arrest warrants for the former Director General of the Dhi Qar Investment Authority

Today, Sunday, the Investigation Department of the Federal Integrity Commission announced the issuance of two arrest warrants against the former Director General of the Dhi Qar Investment Commission.

The department confirmed in a press statement that “the Nasiriyah Investigation Court, which specializes in integrity issues, issued an arrest warrant against the former Director General of the Dhi Qar Investment Authority, in the matter of violations that occurred in the referral of a real estate as an investment opportunity; Which led to deliberate damage to the funds and interests of the entity in which he works.”

She added, “The aforementioned court issued a second arrest warrant against the former Director General of the Dhi Qar Investment Authority, in the case of violations committed in one of the real estate that was offered for investment.”

The circuit indicated that the Nasiriyah Investigation Court, which is specialized in integrity issues, issued two arrest warrants. Based on the provisions of Articles (340 and 331) of the Iraqi Penal Code No. (111 of 1969).

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It is noteworthy that the competent court had previously issued two summons orders against the former Director General of the Dhi Qar Investment Commission in the two cases, pointing out that one of the two summons orders included three other defendants.   LINK

Source: Dinar Recaps


Vietnam News

Henig » January 16th, 2023

Bank stocks to flourish in 2023

January, 16/2023

Bank profits are forecast to be the bright spot in the fourth quarter 2022 financial report season, which takes place after the Lunar New Year.

HÀ NỘI — Bank profits are forecast to be the bright spot in the fourth quarter 2022 financial report season, which takes place after the Lunar New Year. This will help bank stocks flourish.

Although the financial statements for the fourth quarter of 2022 have not been announced, according to analysts’ forecasts, in 2022, the picture of bank profits will have a strong divergence, along with the return of the commercial banking group with State capital. After two years of “holding” growth to support customers affected by the COVID-19 pandemic, the profit of this banking sector has increased sharply again.

By the end of 2022, Vietcombank’s pre-tax profit reached nearly VNĐ36.8 trillion (US$1.6 billion), an increase of 39 per cent compared to 2021. This figure at BIDV was VNĐ22.56 trillion, an increase of nearly 80 per cent and at VietinBank was VNĐ20.5 trillion, an increase of 21.5 per cent compared to 2021.

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Credit poured into priority areas, interest rates controlled at a reasonable level, and good asset quality are the reasons why State-owned commercial banks are granted more credit room by the State bank, thereby improving business results. In 2022, the credit of these banks all increased sharply, while bad debts were strictly controlled.

By the end of 2022, BIDV’s bad debt ratio was only 0.9 per cent, bad debt coverage ratio reached 245 per cent, the highest level in recent years, and the balance of the risk reserve fund was up to VNĐ40 trillion. At Vietcombank, the bad debt ratio was only 0.67 per cent and the bad debt coverage was also above 465 per cent. At VietinBank, bad debt was also only 1.2 per cent, bad debt coverage ratio reached approximately 190 per cent, up 10 per cent compared to 2021.

The private joint stock commercial banks have not yet announced their profits, but it is forecast that the top banks will still maintain a positive growth rate, especially those with not too large corporate bond outstanding loans. Meanwhile, small joint stock commercial banks and banks with large bond outstanding loans are likely to see lower profits in the fourth quarter of 2022.

A recent survey by the State Bank of Việt Nam showed that business results of many credit institutions in the fourth quarter of 2022 did not meet expectations. However, 80 per cent of credit institutions predict that the overall business situation in 2022 will improve compared to 2021.

According to VNDirect analysts, in 2022, the banking industry’s profit increased by about 32 per cent. In 2023, the banking sector’s profit growth will decelerate, growing at only about 10 per cent due to slowing credit growth, narrowing net profit margin (NIM) and rising credit costs. Even so, opportunities are still open for banks with cheap valuations, healthy asset quality, high capital adequacy ratio, healthy credit structure, and restructuring. These will be the banks prioritised by the State Bank in the credit room grant in 2023.

Nguyễn Hoài Phương, Investment Director, who runs the Việt Nam Market Access Equity Fund (VESAF) under VinaCapital, said that in 2023, the VESAF Fund will consider increasing the proportion of bank stocks, especially banks with competitive advantages in terms of liquidity ratios, diversified loan portfolios and good risk management.

In 2022, banking stocks went through a turbulent period, with only two stocks increasing, namely Vietcombank (VCB) and Bank for Investment and Development of Việt Nam (BID), 25 out of 27 stocks declined, with some decreased by more than 50 per cent. The liquidity of bank stocks also dropped sharply. Even so in 2023, banking stocks are expected to lead the rising wave again after hitting 10-year lows in 2022. However, most likely, the market will have challenges in the first half of 2023, before growing in the second half of the year.

Analysts appreciate banks that have a high proportion of retail lending and demand deposits, or current account savings account (CASA), as well as good liquidity buffers and risk provisions.

In the first week of 2023, bank stocks traded actively. Lê Đức Khanh, analyst at VPS Securities Company, said that it is still too early to judge the growth trend of bank stocks, but most likely, the banking group is leading the market to 1,060 – 1,080 – 1,100 points.

— VNS   LINK

Vietnamese booths launched in French supermarkets

08:15 | 15/01/2023

France’s Carrefour Group and the Vietnamese Embassy in the European country on January 13 launched the Vietnamese booths at all supermarkets run by the French retailer, on the occasion of the Vietnamese traditional New Year (Tet).

At Carrefour supermarket in Lyon city, the Vietnamese booth introduced many agricultural products such as rice, spring roll, noodle, and coffee, along with industrial products.
Traditional fruit tray and Chung (glutinous rice cake) were also prepared to give visitors an insight of Vietnamese Tet.

Attractive promotion programs were run on the occasion, aiming to encourage more visitors to try the products.

Addressing the launching of the booth at Lyon Carrefour supermarket, Vietnamese Ambassador Dinh Toan Thang said that this activity marks a step forwards in the Vietnam-France economic and trade partnership right in the time as the two sides are marking the 50th anniversary of the bilateral diplomatic relations and the 10 years of strategic partnership.

For his part, Carrefour Director Rami Baitiéh said that Vietnamese goods are always among the top 20 best-selling agricultural products in the international zone of Carrefour.

He said he has directed all member supermarkets to ensure the supply of Vietnamese products to meet their customers’ demand.

Bruno Lebon, Executive Director of Hypermarkets at Carrefour, said that the supermarkets are selling 200 products from Vietnam, adding that the firm plans to organise a number of promotion programmes to better meet the rising demands for Vietnamese products.

Lebon said that Vietnamese rice, coffee and tea are popular among French consumers, and Vietnamese fruits are receiving increasing attention from local shoppers. Therefore, the firm is seeking suppliers of these products.

Last year, Carrefour and the Vietnamese Embassy in France organised three promotion programmes of Vietnamese products.

VNA    LINK

Trading in tight range ahead of Tết holidays

January, 16/2023

Experts believe that in the period before the Lunar New Year, the index will fluctuate at a narrow level, but investors can still look for opportunities in short-term positions.

HÀ NỘI — The stock market traded in a narrow range last week, with most industries experiencing a divergence trend. Experts believe that in the period before the Lunar New Year, the index will fluctuate in a narrow level, but investors can still look for opportunities in short-term positions.

The market’s benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) ended the week at 1.060.17 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) closed at 211.26 points. 

Both benchmarks gained for the week, with the VN-Index rising 0.8 per cent and the HNX-Index up 0.3 per cent. 

Liquidity also did not have a big change, partly reflecting the cautious sentiment of investors in the trading sessions before Tết. Specifically, the average matching volume on HoSE reached nearly 436 million shares per session, down 20.65 per cent over the previous trading week, while the HNX’s average matching volume was nearly 51 million shares a session, down 16.52 per cent. 

This was also the reason why the VN-Index had no motivation to hit higher levels.

As the Lunar New Year approaches, investors are often worried. However, it is worth noting that in the last 21 years, the VN-Index has increased 15 times and decreased six times during sessions ahead of the festival. Especially, five days before Tết, the average performance is always positive.

Nguyễn Anh Khoa, Head of Analysis and Investment Consulting Department of Agriseco Securities Company, said that this will be an opportunity for investors to accumulate leading stocks, especially in the VN30 basket, at low prices.

Following a slight increase in the benchmark index and continued low liquidity levels in recent weeks, Vietcombank Securities Company (VCBS) believes that the market will continue to struggle and fluctuate in a narrow range before the holidays.

Experts from VCBS recommend short-term investors take advantage of the uptrend to take profits on short-term speculative stocks while limiting the opening of new transactions until the holiday.

BIDV Securities Company (BSC) forecasts that the VN-Index will continue its sideways trend this week, trading in the range of 1,050 to 1,065 points, and may fluctuate more strongly in the sessions close to Tết. 

Similarly, Yuanta Securities said that the market may extend the sideways trend and trade in a tight range.

If it breaks away from the sideways trend, the short-term cash flow is still quite weak. Furthermore, the short-term sentiment index is still in the negative territory, indicating that investors are still not ready to invest again and that the market is still diverging.

However, the short-term trend of the general market is still up. As a result, Yuanta advises short-term investors to continue to take advantage of correction sessions to increase the proportion of stocks in their portfolio, but not to exceed 50 per cent.

MB Securities (MBS) said that as the VN-Index gained for two consecutive weeks, the upper limit of 1,064 points is still a strong resistance when there is no support from liquidity. 

With a fairly positive breadth, the market is expected to break out of the accumulation zone after the Lunar New Year or remain sideways, but investors will have opportunities with individual stocks. 

VNS   LINK

Insurance companies benefit from interest rate hike in 2023

January, 16/2023

Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend.

HÀ NỘI — Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend.

It is feasible for insurers to continually increase profits this year as the majority of their investment portfolios are bank savings and government bonds, whose interest rates are forecast to remain at high levels in the year.

According to the current legal regulations, insurers have to use at least 70 per cent of their capital to deposit at banks or buy government bonds to ensure the insurers’ capital safety. Therefore, the current high interest rates of the two channels are an advantage for insurers to increase their profits.

As the interest rate hike trend is forecast to remain in 2023, financial activities of insurance companies are expected to continually record positive results this year.

The US Federal Reserve (Fed) last year raised interest rates by a total of 4.25-4.5 per cent per year to curb inflation, the highest rate since January 2008. Fed is expected to continue increasing interest rates in the first quarter of 2023.

The Fed’s interest rate hike caused the money flows to change. Investors have gradually withdrawn in most of the emerging and frontier countries and returned to the US. This pushed the US dollar Index to 104.2 points on December 27 last year, up by 8.6 per cent compared to the beginning of 2022.

Facing the pressure of local currency devaluation, as well as the withdrawal of investment flows, most countries have had to raise interest rates. Việt Nam is no exception, especially when the market is thirsty for capital with the credit growth increasing faster than the capital mobilisation growth. To cope with the difficulties, the State Bank of Vietnam (SBV) increased policy interest rates twice in September and October 2022, by 1 per cent per year each time.

Under the SBV’s move, the interest rates for 12-month term deposits at banks in 2022 increased by 2-4 per cent per year on average. For example, the 12-month interest rate at BIDV is currently 7.4 per cent per year from 5.5 per cent at the beginning of 2022. Similarly, the rate rose from 5 per cent to 9.1 per cent per year at VPBank, from 5.8 per cent to 8.9 per cent per year at Sacombank, from 5.5 per cent to 7.4 per cent per year at Vietcombank.

The savings interest rates are forecast to remain high or even increase higher in the next six months to 12 months.

As interest rates are high, borrowing costs are expensive, and economic growth is slowing. It is currently a tough time for most businesses. However, this is an opportunity for businesses, including insurance companies, which own a large amount of cash.

Statistics of seven listed insurance companies, including Bảo Việt Holdings (BVH), Bảo Minh Insurance Corporation (BMI), PetroVietnam Insurance Corporation (PVI), Vietnam Reinsurance Corporation (VNR), Post and Telecommunications Insurance Corporation (PTI), Petrolimex Insurance Company (PGI) and Military Insurance Corporation (MIG), showed by the end of the third quarter of 2022, the companies had more than VNĐ127.5 trillion in cash. The cash was short-term financial investments with mainly short-term bank savings, which accounted for some 42 per cent of the companies’ total assets.

As the short-term savings interest rates of banks have been consecutively adjusted up, especially at the end of September and October last year, the VNĐ127.5 trillion short-term financial investments of the insurers have earned significant profits.

According to experts, the financial revenue of insurers often depends on the interest rates of the market. When interest rates increased, the financial revenue of the insurers increases and vice versa.

Data from Viet Dragon Securities Company (VDSC) also showed interest rates tended to go up in the 2009-11 period. They then slowed in the 2011-15 period, and increased again since 2016.

The financial revenue of insurers was also under the same move in the periods. The financial revenue of three typical insurance companies, including BVH, BMI and PVI, also increased from 2009 to 2011, when the interest rates rose in the domestic market. In the period of interest rate decline in 2012-15, the financial revenue of the insurers slowed before increasing again in the 2017-19 period.

In fact, besides the insurance business segment, the financial revenue of insurance companies is often high compared to their total pre-tax profit. Specifically, at BVH, in the 2008-21 period, the insurer’s ratio of financial revenue to pre-tax profit averaged 339.7 per cent. The ratio at BMI and PVI was 102.5 per cent and 150.7 per cent, respectively.

According to Ngô Việt Trung, Director of the Ministry of Finance’s Insurance Supervision Administration, despite difficulties and challenges of the economy after the COVID-19 pandemic, insurance companies adapted proactively and flexibly, helping the country’s insurance market maintain a good growth rate in 2022.

As of December 12, 2022, insurance premiums in Việt Nam increased 15.1 per cent year-on-year to more than VNĐ251.3 trillion, of which VNĐ68.2 trillion was from non-life insurers and VNĐ183.10 trillion from life insurers.

By December 12, the total assets of insurance companies grew by 14.51 per cent against the beginning of the year to VNĐ811.31 trillion, while equity reached VNĐ162.81 trillion, up 3.83 per cent.

The numbers are positive in the current context, Trung noted, adding insurance companies have actively improved their competitiveness and expanded their operation area.

— VNS  LINK

Source: Dinar Recaps

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