Vietnam Maritime Bank to lay off more employees

TN News

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Maritime Bank, which fired 1,060 people last year, is set to let nearly 700 others go this year, citing a further fall in lending. 

In a report to be presented at its upcoming annual board meeting, the bank says last year's layoffs cut spending by 15 percent. The remaining staff received an average monthly salary of VND11.4 million each, the financial news website reported Wednesday. That is equivalent to five to ten times the government-set minimum wage.

It said lending plunged 23.3 percent last year to VND28.94 trillion (US$1.38 billion), blaming it on "general economic problems that come with stagnant consumption and production."

The bank said it had to use VND551 billion of its loss provisions last year, 2.5 times more than in 2011, which brought pretax profits down to 85 percent of the plan.

It said a further 679 people will be laid off this year.

Maritime Bank is one of the first joint stock banks in the country as also one of the 12 largest ones, which together account for 85 percent of the local banking market. 

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