Draft budget of the federal government Cabinet approves of high New debt

Status: 23.06.2021 12:18 p.m.

The federal government will also take on massive debts in the coming year. The cabinet approved the draft budget, which provides for new borrowing of almost 100 billion euros for 2022. The debt brake will be suspended again for this. The federal cabinet has approved the government draft for the federal budget for 2022. Once again, the approved budget is shaped by the consequences of the Corona crisis. According to the draft, the federal government wants to incur more new debts in the coming year than previously planned. A net borrowing of 99.7 billion euros is planned, as can be seen from a cabinet proposal. The high level of new borrowing is justified with additional spending as a result of the corona pandemic, for example for corporate aid and to stabilize social contributions.

Debts grow to 470 billion euros

In the benchmarks presented in March, the Ministry of Finance had expected a net borrowing of 81.5 billion euros for 2022. Tax revenues remain below pre-crisis levels. This would mean that the mountain of debt accumulated by the corona pandemic between 2020 and 2022 would grow to around 470 billion euros. However, there are now plans to increase spending on climate protection and health, for example. The federal government had already taken on billions in new debts in 2020 and 2021. The budget plans are, so to speak, subject to change, because the new Bundestag elected in autumn has to pass the budget. There could therefore still be significant changes.

Debt brake suspended again

According to the draft, the debt brake anchored in the Basic Law will also be suspended in the coming year against the background of the Corona crisis. It stipulates that the federal government may only take out new loans to a very small extent – a maximum of 0.35 percent of economic output. According to the draft, the federal government no longer wants to make use of the exemption from 2023. In the afternoon, Federal Finance Minister Olaf Scholz wants to present his budget plan

Authors: Zhong Zhengsheng, Zhang Lu, Fan Chengkai (Zhong Zhengsheng is a director of the China Chief Economist Forum, the chief economist of Ping An Securities, and the director of the research institute)

1. The U.S. CPI increased sharply year-on-year but slowed down month-on-month. The year-on-year readings of the US CPI indicator in May continued to hit new highs, but the growth rate of most of the sub-items decreased, which may make the market more agree with the “temporary inflation theory.” The second-hand car and truck index rose 7.3% month-on-month, slower than the previous value of 10%, but still maintained a high growth rate, continuing to contribute one-third of the growth of all projects. We believe that there are more reasons to believe that the rise in US prices has a certain degree of “stickiness”, especially in the second half of 2021, as the service industry demand is further restored, the adjustment of the supply side may not be timely. We will increase the CPI growth rate in the next period of time to 0.2%. Under the baseline scenario, the CPI in June may reach 4.6% year-on-year, and the CPI for the whole year of 2021 may reach 4.1% year-on-year. The significant drop in CPI year-on-year growth may not be seen until after the second quarter of 2022.

2. The prospects for the recovery of the US job market are relatively optimistic. U.S. employment data released in the past week showed that the number of job vacancies reached a record high of 9.286 million, and the job vacancy rate reached 6%, which is much higher than the level of about 4.5% before the epidemic. This shows that labor demand continues to recover and the job market continues to be actively matched. process. On the other hand, as half of the states in the United States will suspend the extra $300 weekly unemployment benefits in advance from June to July, residents’ demand for finding jobs has risen, which is reflected in the continued decline in the number of initial jobless claims. In the future, as “herd immunity” approaches, the alleviation of the epidemic will allow the catering, leisure and tourism industries to open up more comprehensively, and at the same time alleviate residents’ worries about employment risks.

3. The European Central Bank intends to significantly accelerate the pace of PEPP bond purchases. The European Central Bank announced its June interest rate resolution, maintaining the three key interest rates unchanged, and promised to significantly accelerate the purchase of the Emergency Anti-epidemic Bond Purchase Program (PEPP) from June to September, reiterating that PEPP will last at least until the end of March 2022. And maintain the total size of 1.85 trillion euros unchanged. In comparison, the asset gap between the European Central Bank and the Fed has narrowed significantly since April. In the future, the pace of PEPP bond purchases will continue to accelerate, and there may be devaluation pressure on the euro against the dollar. At the same time, the European Central Bank raised the Eurozone GDP growth rate and CPI index forecasts for 2021-2022. It is estimated that Eurozone GDP will grow by 4.6% in 2021, compared to the previous forecast of 4%; the Eurozone CPI is expected to be 1.9% in 2021, compared to the previous forecast of 1.5. %. European Central Bank President Lagarde’s overall speech was partial, emphasizing that premature tightening of monetary and fiscal stimulus would pose risks to economic growth and inflation. He said that upward pressure on inflation in the second half of 2021 will be limited, but the temporary factors behind inflation are somewhat different. Uplift.

4. Overseas epidemic situation and vaccine tracking: The Asian epidemic situation has begun to ease gradually. The number of new cases in Taiwan, China has dropped, and the number of new cases per day has fallen to less than 300; the number of new cases in a single day in India has fallen below 100,000 for 5 consecutive days, and the “risk” entered the “unblocking 1.0” stage on June 7 . In terms of vaccines, the European Union and India rank second and third in the world in terms of vaccination rates. The vaccination rate in the United States is not faster than before, and the new vaccination goals of the Biden administration may be difficult to complete on time.

5. Global asset performance: Global stock markets-the Sino-US growth sector led the world, and the S&P 500 reached a new high. The recent fall in market inflation expectations has alleviated concerns about “killing valuations”, and global risk appetite remains high. On the other hand, the value sectors of China and the U.S. fluctuate. The MSCI Europe Index rose 1.1%, outperforming MSCI Emerging Markets (down 0.0%) and Asia Pacific (down 0.1%). Global bond market-10-year U.S. bond interest rates fell below 1.5% for the first time since March 3. It closed at 1.47% on June 11. The fall in inflation expectations is the key driver. In the 10-year US bond interest rate drop of 9bp, the fall in inflation expectations contributed 8bp. In addition, abundant funds in the US market have also increased the demand for US debt to a certain extent. US high-yield corporate bonds continue to be sought after. China-US bond spreads have risen significantly. Commodity market-crude oil prices have continued to rise in the past week, WTI crude oil futures prices rose, closing at US$70.91 per barrel on June 11. Although the WTI crude oil inventory level has dropped significantly recently, it is still 20-30 million barrels higher than the pre-epidemic level. The OPEC report is more optimistic about global crude oil demand. Foreign exchange market-the dollar index jumped from 90.05 to 90.51 on June 11, It exceeds 90.50 on June 3, which is a new high since May 13. It should be noted that the rebound of the U.S. dollar is not due to the market’s early expectations of Taper or interest rate hikes, but more from the expectation of the European Central Bank’s expansion and acceleration of the balance sheet. The Fed’s pace of table expansion and the timing of Taper are likely to be earlier than the European Central Bank. In addition, the recent decline in initial unemployment claims and the fall in inflation expectations may also marginally increase market confidence in the U.S. economy.

1. Overseas key tracking

1. U.S. economy: U.S. CPI increased year-on-year but slowed down month-on-month

The U.S. CPI indicator reading in May continued to reach new highs, but most of the sub-items declined compared to April, which may make the market more agree with the “temporary inflation theory.” US May CPI rose 5.0% year-on-year, the highest growth rate since August 2008; core CPI rose 3.8% year-on-year, the growth rate hit a new high since 1992. Looking at the sub-item, the total CPI index rose by 0.6% month-on-month. Although it was slower than the previous value of 0.8%, it still significantly exceeded the 2016-2019 average of 0.18%. The core CPI rose 0.7% month-on-month, from the previous value of 0.9%. The month-on-month increase in most CPI items in May did not exceed that in April. Among them, the second-hand car and truck index rose by 7.3% month-on-month, which was slower than the previous value by 10%, but still maintained a relatively high growth rate, continuing to contribute to the growth of all projects. One part. In May, the new car index rose 1.6% month-on-month, the largest monthly increase since October 2009; the apparel sub-item rose 1.2% month-on-month, significantly exceeding the previous value of 0.3%.

The CPI in May was still higher than market expectations and we calculated it on the basis of the monthly average month-on-month (0.18%) from 2016 to 2019.We believe that there are now more reasons to believe that rising prices in the United States have a certain degree of “stickiness”, especially in In the second half of 2021, as demand in the service industry is further restored, the adjustment on the supply side may not be timely. We will increase the CPI growth rate to 0.2% in the next period of time. Under the baseline scenario, the CPI in June may reach 4.6% year-on-year, and the CPI for the whole year of 2021 may reach 4.1% year-on-year. The significant drop in CPI year-on-year growth may not be seen until after the second quarter of 2022.

The US employment data released in the past week showed that the number of job vacancies reached a record high of 9.286 million, and the job vacancy rate reached 6%, which is much higher than the level of about 4.5% before the epidemic. This shows that the demand for labor continues to recover, which means that the job market continues to be active. The matching process. On the other hand, as half of the states in the United States will suspend the extra $300 weekly unemployment benefit in advance from June to July (the other half of the states will expire in early September), the demand for jobs from residents has risen recently. This is reflected in The number of initial jobless claims continues to decline. In the future, as “herd immunity” approaches, the alleviation of the epidemic will allow the catering, leisure and tourism industries to open up more comprehensively, and at the same time alleviate residents’ worries about employment risks. Overall, we believe that the prospects for the recovery of the US job market are more optimistic.

The results of the April Job Vacancies and Labor Flow Survey (JOLTS) released by the US Bureau of Labor Statistics on June 8 showed that the number of job vacancies in April exceeded the 9 million mark, reaching a record high of 9.286 million. The number of independent resignations in April was 3.985 million, a record high. The number of unemployed persons in April was only 526,000 more than the number of vacancies, down from 1.4 million in March. The employment rate in April was 4.2%, the same as in March.

As of the week of June 5, the number of initial applications for unemployment benefits in the United States fell to 376,000, the previous value of 385,000, maintaining a decline for 7 consecutive weeks. As of the week of May 29, the number of continued jobless claims dropped from 3.757 million to 3.499 million, but it was still twice the level before the epidemic.

US consumer confidence and expectations continue to improve. The Consumer Confidence Index of the University of Michigan in the United States was 86.4 at the beginning of June, which was higher than the expected value of 84.4, and was significantly higher than the final value of 82.9 in May. We observe the difference between the consumer expectations index and the status quo index. The figure in June was -6.8, which is the third time it has risen above -10 since April 2020 and October 2020. As the “herd immunity” approaches and The job market has recovered, and American consumers’ expectations for the future have improved significantly.

In the past week, the number of Fed’s overnight reverse repurchases continued to climb and hit record highs continuously. On June 11, the overnight reverse repurchase of Treasury bills amounted to US$547.81 billion, which was US$2.57 trillion for the entire week and US$1.85 trillion the previous week. And the historical peak usually occurs at the end of the month, and the jump in this number at the beginning of June is really rare. Excess liquidity in the U.S. money market has continued to push down the overnight general secured repo (GC Repo) interest rate to close to 0%, which has triggered concerns about “negative interest rates” in the market. There is a view that at the upcoming June interest rate meeting, the Fed may slightly increase the reverse repo interest rate and excess reserve interest rate to control the demand for reverse repo.

2. European economy: The European Central Bank intends to significantly accelerate the pace of PEPP bond purchases

On June 10, the European Central Bank announced its June interest rate resolution, maintaining the three key interest rates unchanged (the main refinancing, deposit facility interest rates, and marginal lending rates are 0.00%, -0.50%, and 0.25%, respectively), in line with market expectations. The European Central Bank promised to significantly speed up the purchase of the Emergency Anti-epidemic Bond Purchase Program (PEPP) from June to September. “Significantly higher than the first quarter”, reiterating that PEPP will continue at least until the end of March 2022, and maintain the total size of 1.85 trillion euros unchanged; will continue to purchase debts of 20 billion euros per month in accordance with the Asset Purchase Plan (APP); will reinvest The maturity of PEPP bonds will last at least until the end of 2023. In comparison, the asset gap between the European Central Bank and the Federal Reserve has narrowed significantly since April. In the future, the pace of PEPP bond purchases will accelerate or further narrow the gap, and there may be devaluation pressure on the euro against the U.S. dollar.

At the same time, the European Central Bank also raised the euro zone GDP growth rate and CPI index forecast for 2021-2022. The GDP of the Eurozone is expected to grow by 4.6% in 2021, compared with the previous forecast of 4%; GDP growth in 2022 is expected to grow by 4.7%, which was previously expected to grow by 4.1%; the GDP growth forecast in 2023 is maintained unchanged at 2.1%.Expected In 2021, the Eurozone CPI is 1.9%, which was previously expected to be 1.5%; the CPI is expected to be 1.5% in 2022. Previously expected to be 1.2%; maintain the 2023 CPI forecast at 1.4% unchanged. The President of the European Central Bank, Lagarde, gave a partial speech. Emphasizing that premature tightening of monetary and fiscal stimulus will pose risks to economic growth and inflation, saying that inflation expectations will rise in the second half of 2021, but upward pressure is limited, and the temporary factors behind inflation have risen.

3. Overseas epidemic situation and vaccine tracking: Asian epidemic situation begins to ease gradually

The global epidemic has improved, As of June 11, a total of 176 million people have been diagnosed in the global new crown, and the cumulative global growth rate of confirmed diagnoses has fallen in the past week (1.5%, previous value 1.8%).

The epidemic in Asia has gradually eased, and the number of new cases in Taiwan has dropped. The daily increase in cases fell to less than 300. The cumulative increase in confirmed diagnoses in the past week was 19.2%, which was a significant decrease from the previous value of 36.9%. However, the daily number of new deaths in the past week was more than 20, and the mortality rate was much higher than the global average. Some experts worry that the decline in new diagnoses is related to the limited testing capabilities. The three Southeast Asian countries-Vietnam (20.4%, previous value 29.6%), Thailand (10.4%, previous value 18.6%) and Malaysia (7.2%, previous value 9.8%) have also seen an improvement in the cumulative increase in confirmed diagnoses.

India has entered the “Unblock 1.0” stage, This week, the cumulative increase in confirmed diagnoses fell to 2.3% (previous value 3.5%). The number of confirmed cases in India surpassed 100,000 for the first time in early April and continued to climb. The highest number was 410,000 in a single day. It has now fallen below 100,000 for 5 consecutive days. The Indian government has been impatient on June 7. Take risks” to carry out large-scale unblocking.

In terms of global vaccines, According to Bloomberg statistics, as of June 12, Beijing time, 178 countries around the world have received more than 2.3 billion doses of vaccine, and the global average daily dose exceeds 35.7 million doses.

In Europe, The EU’s cumulative vaccination volume is nearly 292 million doses, and the average daily vaccination volume in the past week has exceeded 4 million doses/day (previously 3.55 million doses/day). The vaccination rate is second only to mainland China in the world. The UK has vaccinated over 70 million doses, covering 52.6% of the population.

In the United States, At present, the United States has injected more than 300 million doses of vaccine, and 52% of people have received at least one dose, and the vaccination rate continues to maintain about 1 million doses per day. If the current vaccination rate is followed, the Biden administration’s vaccination target-70% of adults will receive at least one dose of the new crown vaccine before July 4-may not be completed on time.

In Asia, The daily vaccination in India exceeds 3 million doses (previously 2.71 million doses), a record high. Thailand has fully launched the new crown vaccination on June 7. Thailand has approved vaccines such as China’s Coxing and AstraZeneca, and will provide Thailand with 6 million doses of new crown vaccine in June. There is still no significant progress in the vaccination situation in Taiwan, China, which may restrict the prevention and control of the epidemic.

2. Global asset performance

1. Global stock markets-Sino-US growth sectors led global gains, S&P 500 hit a new high

In the past week (as of June 11), the US and China growth sectors led the world, with the Nasdaq and A-share ChiNext stocks rising 1.8% and 1.7% respectively. The U.S. S&P 500 index rose 0.4% for the entire week, closing at 4,239.18 and 4,247.44 on June 10 and 11, respectively, exceeding the record of 4,32.60 on May 7 and breaking a new record high. The recent fall in market inflation expectations has alleviated concerns about “killing valuations”, and global risk appetite remains high. On the other hand, both the Chinese and American value sectors fluctuated. The Dow Index and the A-share CSI 300 fell 0.8% and 1.1%, respectively. The MSCI Europe Index rose 1.1%, outperforming MSCI Emerging Markets (down 0.0%) and Asia Pacific (down 0.1%). Russia’s RTS (up 1.9%, previous value up 2.7%) has been continuously boosted by higher oil prices recently.

2. The global bond market-10-year U.S. bond yields fell below 1.5, and the fall in inflation expectations is the key driver

In the past week (as of June 11), interest rates on medium and long-term US bonds have fallen sharply, with 5-year, 7-year, 10-year and 30-year periods falling by 2bp, 7bp, 9bp and 9bp respectively. Among them, the 10-year U.S. bond interest rate fell below 1.5% for the first time since March 3, and closed at 1.45% and 1.47% on June 10 and 11, respectively. The fall in inflation expectations is the key driver to increase the demand for U.S. Treasuries. In the 9bp of the 10-year U.S. bond interest rate decline, the decline in inflation expectations contributed 8bp, and the fall in real interest rates only contributed 1bp. In addition, as shown by the Fed’s overnight reverse repurchase data, ample market funds have also increased the demand for U.S. debt to a certain extent.

In the past week (as of June 10), US corporate bonds (especially high-yield grades) continue to be sought after, The interest rate of AAA grade corporate bonds fell by 6bp, the BBB grade fell by 16bp, and the CCC grade and below fell by 22bp. This reflects the strong market preference of the bond market, and funds are actively seeking higher-yielding bond products. The 10-year China bond interest rate rose by 12.5bp. Against the background of falling U.S. interest rates, China-US bond spreads have risen significantly.

3. Commodity market-oil prices continue to rise, and prices of black products experience fluctuations

Crude oil prices continued to rise in the past week. WTI crude oil and Brent crude oil futures prices rose by 1.9% and 1.1% respectively. On June 11, the price per barrel closed at US$70.91 and US$72.69, respectively. The outlook for the global epidemic and vaccines continues to be clear, and oil-producing countries are more optimistic about global crude oil demand. The OPEC monthly report on June 10 showed that crude oil production in May was 25.463 million barrels per day, and in April it was 25.073 million barrels per day. OPEC still believes that oil demand will recover strongly in 2021. Based on the assumption that the world economy will grow by 5.5% in 2021 and the impact of the epidemic will be basically contained in the second half of the year, OPEC predicts that oil demand will increase by 5.95 million barrels per day this year, an increase of 6.6%. . It is estimated that the average daily demand for OPEC crude oil in the second half of 2021 will reach 29 million barrels, while the organization’s average daily output is only 25.46 million barrels. but, From the perspective of WTI crude oil inventory levels, although inventories have fallen significantly recently, close to the low level in late February this year (about 1.1 billion barrels), they are still 20-30 million barrels higher than the pre-epidemic level.

In terms of other commodities, COMEX gold fell 0.7%, silver rose 0.9%, and copper rose 0.2%. The prices of oil and poultry in the CRB commodity index rose sharply. Domestic black commodity futures prices experienced volatility, first falling and then rising. On June 11, the prices of rebar and iron ore per ton closed at 5,245 yuan and 1214.5 yuan, respectively, exceeding the rebound peak level on June 3.

4. The foreign exchange market-the US dollar index rose above 90.5, and the renminbi strengthened against the US dollar “against the trend”

In the past week, the U.S. dollar index fell first and then rose. It jumped from 90.05 to 90.51 on June 11, exceeding 90.50 on June 3 and the highest since May 13. It should be noted that the rebound of the U.S. dollar is not due to the market’s early expectations of Taper or interest rate hikes, but more from the expectations of the European Central Bank’s expansion of the balance sheet. On June 10, the European Central Bank’s decision on interest rates meeting was a pigeon and announced that it will speed up bond purchases. The pace of table expansion and the timing of Taper are likely to be earlier than the European Central Bank. In addition, the recent decline in initial unemployment claims and the fall in inflation expectations may also marginally increase market confidence in the U.S. economy.

Against the backdrop of a strong US dollar, the yuan still rose 0.34% against the US dollar. Since February this year, the euro against the pound has been flat and has maintained a narrow range. The current price of the euro against the pound is still higher than the level before the epidemic. Since late May, the price of Bitcoin has fluctuated in the range of US$34,000 to US$40,000.

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A wake-up call about SMALL governance Recently, on social networks in Vietnam, a computer screen shot of a famous artist’s NH account statement related to the incident has attracted a lot of public opinion. Although NH has admitted that its employees spread the word, this is a wake-up call for those working in the banking sector, as well as the leaders of these organizations. In the era of information technology, customer data security can be said to be the most important for banks. Previously, the prestige of the banks was in the solidity of the safes, which were dug deep in the tunnels, through many layers of thick steel doors, resistant to fire and explosion and even earthquakes. Today it is the NH’s security system. Because most assets and liabilities are stored in the form of numbers, lines of data. The disclosure of customer data is often considered an accident of the security system, due to unintentional human error, or due to an external attack. But security risks do not only come from information technology systems. There are three places where security risks arise, that is from a governance perspective in relation to processes, monitoring, information systems, and operations. The above incident shows an error in the operation of the staff, related to the management of the bank. Normally, when signing a work contract, in the contract terms, of course, there must be things that employees must not do, not to mention the business ethics of the industry. And so this is not entirely the fault of the staff, NH is also responsible for regular training, as well as supervision. The consequences of customer data being disclosed are serious on several levels. For example, the bank must be responsible for the damages incurred because the customer account is attacked individually, or the entire information system of the bank is the prey of hackers. Equally important damage is the reputation of NH. As a customer, no one wants to send money or do business with NH but “house” is loose. The more important partners are not. NH is also confused Customer data in banks is the survival of banks. Security is the new generation of “safes”, and the prestige lies in the system, as well as the consciousness and skills of the key holders. In the matter of customer data, banks also have a big confusion between needing a lot of customer data (KYC), security and customer privacy (privacy). Banks themselves also need a lot of KYC, not only to manage risks, but also to develop services to provide to customers, especially cross-selling and value-added services. State regulatory agencies also require banks to perform KYC, mainly for the purpose of anti-money laundering and illegal activities. But when customer data increases, integration from many sources, many systems with heterogeneous standards or formats, is a huge challenge for NH’s information system. Because the more sources, the more “entrances” there are more exposed points, many places can be hacked. The collection of customer data is also met with a certain reaction from them because of privacy. In many developed countries, such as Europe with the General Data Protection Regulation 2016/679 aka GDPR, there is a huge shift from service providers in general and the sector. NH in particular. There are data, currently NH wants to collect the consent of customers. In short, customer data in banks is the survival of banks. The security is a new generation “safe” form, and the prestige lies in the system, as well as the consciousness and skills of the key holders. Domestic banks need to pay attention In terms of customer data security risks, domestic banks compete with each other in technology and there is almost no big difference between banks in the same group, for example, large banks have enough resources to Get the best system. Even later banks have an advantage because technology costs decrease over time. The problem for data security, therefore, mainly lies in the management system of the bank, as well as in the daily operation. In administration, besides processes and monitoring systems, leaders’ awareness of security issues is extremely important. Not only investing properly for the information technology system, leaders must always closely monitor this issue, considering this as their important task. Therefore, there is a need for consistent direction and coordination between the banks’ departments, considering this as the core activity of the bank. In the course of daily operations, it is the awareness and skills of the employees. Periodic and continuous training is absolutely necessary for all employees, especially functions and positions of authority. If the employee is aware of the seriousness of the disclosure of the customer’s account, no employee would dare to act so impulsively, not to mention, besides internal handling, it may also be involved in legal regulations .

The installation of VssID – digital social insurance application helps employees closely monitor the process of paying – enjoying policies. The authorities have requested the Board of Directors of Hung Hau Agriculture Joint Stock Company to overcome the debt payment for social insurance, health insurance and unemployment insurance. By May 20, Hung Hau Agriculture Joint Stock Company had fully paid more than 2 billion VND of social insurance, health insurance and unemployment insurance debts for employees. From this incident, the Vietnam Social Security urged people and employees to actively install the VssID application to be able to monitor and supervise the process of participating and benefiting from the policy. In order to improve the efficiency of serving people and employees, Vietnam Social Security has just released an upgraded version of VssID application version 1.5.3 on the AppStore and Google Play app stores. The upgraded version allows users to register for electronic transactions with the social insurance agency on the VssID application and through the Public Service Portal (previously only through the Public Service Portal); integrate additional features to support lookup, scan QR codes of social insurance cards, citizen identification cards to automatically fill in the necessary information, instead of manually entering in the account registration information. In addition, the VssID version 1.5.3 application also adds the option to send the declaration Email, the “Invite VssID installation” utility, making it more convenient for users to register to use the account and invite you Friends and relatives use the application together. In particular, the new version of VssID application has added the online public service “Re-issuance of social insurance books without changing information” for individuals, bringing the total number of online public services provided on this application up. 4 services. Previously, 3 public services provided on VssID application were re-issuance of health insurance cards due to damage or loss; relocate to enjoy pensions and social insurance benefits; change the form of receipt or information of beneficiaries of social insurance. With obvious utilities, after 6 months of being put into use (from the end of November 2020 until now), the VssID – digital social insurance application has attracted more than 6.44 million downloads, installations, and registrations. Thereby, more than 5.6 million valid applications were approved, reaching 22.18% of the assigned target in 2021.

Mr. Minh affirmed that Sacombank and LienVietPostBank are currently two completely independent banks with no contact with each other. Mr. Minh said that he now dedicates all his love and enthusiasm to Sacombank because this is the bank associated with his interests at the moment. At the meeting, Mr. Minh also shared with his desire to receive dividends from many Sacombank shareholders soon. Mrs. Kim Cuc (70 years old) said she had invested in Sacombank for decades and had the greatest desire to receive dividends. Mrs. Cuc said that the bank’s leaders during the restructuring period drove Sacombank to achieve good business results, bringing joy to shareholders, but if the dividend is paid, “the more fun”. “I myself also want to be paid dividends. Sacombank’s stock price is currently good. But if we are restructuring, we must follow the roadmap of the State Bank. Dividend distribution must wait for successful restructuring ”, Mr. Minh answered to shareholders. Mr. Minh reiterated his promise when accepting the task of restructuring Sacombank, the Board of Directors committed to try to succeed after 5 years. After the restructuring is successful, the bank will return to its normal state, and will be entitled to pay dividends. Chairman of Sacombank expects that by 2022 or early 2023, dividends can be distributed to shareholders. Another issue is that the strategic shareholder participation in Sacombank, which is of interest to investors, is also briefly answered by Mr. Minh that can only be discussed after the restructuring is successful, reporting to the State Bank. “Successful restructuring takes into account dividends and strategic shareholders. The Board of Directors is trying its best, uniting with the management board and Sacombank’s staff to successfully restructure in 5 years as promised when receiving the tasks. Up to now, I affirm that Sacombank has regained its position in the banking and financial market, operating stably and strongly developing ”, Mr. Minh emphasized. Currently, 32% of Sacombank’s shares are collateral assets under the management of VAMC. Chairman of Sacombank said that according to the restructuring plan, the bank must consult the Prime Minister to implement the plan of auction of shares. this part. Expected price includes the original price plus interest about 33,000-34,000 VND. Mr. Minh said that these shares may have to wait until 2022 to resolve. Chairman of the Board of Directors of VAMC Nguyen Tien Dong assessed that if the auction is successful for these Sacombank shares, the bank will have more investors with “fresh money, real grain” to participate and the business will be more active. Regarding the business situation in the first quarter, Sacombank General Director Nguyen Duc Thach Diem said that the first 3 months’ profit reached 25% of the plan of pre-tax profit of 4,000 billion VND in 2021. The credit balance in the first quarter increased by 5.8 %, capital mobilization increased 3%. In the first 4 months of the year, the bank successfully handled 2,280 billion dong of bad debt.

Accordingly, Sacombank’s shareholder meeting has approved the business plan of 2021 with the pre-tax profit target of 4,000 billion dong, up 20% year-on-year. In addition, total assets are 533,300 billion VND, an increase of 8% compared to 2020; the total mobilized capital reached 485,500 billion VND, an increase of 9% over the previous year. In which, mobilization from residents and economic organizations is expected to reach VND 478,300 billion, an increase of 9%; Total credit balance reached 372,000 billion VND, up 9% compared to 2020. Sacombank said, based on the allowed credit growth of the State Bank and the business situation in 2021, the Board of Directors will adjust appropriate deposit and loan growth target. NPL ratio with Sacombank’s target in control is below 2%. Answering questions from shareholders about business results in the first quarter of 2021, Ms. Nguyen Duc Thach Diem, General Director of Sacombank said that by the end of March 2021, Sacombank’s capital mobilization increased by over 3.5%, lending credit room reached 5.8%, revenue over 1,200 billion services. Bad debt settlement in 4 months is 2,280 billion dong. Profit reached 25% of the plan, equivalent to 1,000 billion VND. Sacombank’s Board of Directors also said that the bank’s profit retained was high at 6,000 billion dong. The Bank plans to use retained earnings to pay stock dividends, to increase charter capital as well as to meet shareholders’ expectations for many years without receiving dividends. Sacombank has submitted to the State Bank for dividends, but since the Bank is in the restructuring process, resources must be concentrated to handle bad debts. Sacombank aims to handle VND 10,000 billion of bad debt. Responding to shareholders about the dividend schedule, Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, said that when the restructuring is successful, the Bank’s Board of Directors promises to try to restructure successfully in 5 years, expected to be 2022 or more. to normal status, early 2023 will be able to pay dividends. According to Mr. Minh, the Bank is focusing on handling outstanding bad debts. The bank continues to open a public and transparent auction of Phong Phu industrial park. Over the past time, Phong Phu shareholders have had a lot of controversy to buy and sell lawsuits, so the People’s Committee of Ho Chi Minh City is suspending to resolve it completely, hoping to continue to handle it in 2021. In addition, Sacombank has also sold successful auction of many real estate to recover bad debt. Before the information about whether to merge LienVietPostBank (LPB) into Sacombank (STB) as well as the relationship between these two banks, Mr. Duong Cong Minh said: “LienVietPostBank is a natural child, I let go to get married, Sacombank is my daughter-in-law recently married, so I’m more precious, and my job is to focus on Sacombank “. In addition, the Chairman of Sacombank also informs shareholders about plans to sell capital to foreign investors that can only be resolved when the restructuring is successful. Speaking at the AGM of Sacombank this morning, the representative of the State Bank highly appreciated the handling of the post-merger bad debts of Sacombank. In particular, the role of the head of the Board of Directors is Mr. Duong Cong Minh – Chairman of the Board of Directors and Ms. Nguyen Duc Thach Diem – General Director of Sacombank. However, at the request of SBV leaders, after the epidemic is controlled, Sacombank needs to focus on promoting asset sales to handle bad debts and outstanding assets since the time of Tram Be at Phuong Bank. South after merging with Sacombank. By the end of 2020, Sacombank’s consolidated pre-tax profit reached VND 3,339 billion, an increase of 3.8% compared to 2019 and 30% higher than the plan. Profit after tax reached VND 2,682 billion, up 9.2%. Total provision balance of Sacombank by the end of 2020 is 13,000 billion VND, an increase of 43.3% compared to 2019 (equivalent to the level of provisioning in 2020 is 3,951 billion VND). As of December 31, 2020, total bank assets reached VND 492,637 billion, an increase of 8.6% compared to the end of the previous year. Customer deposits increased by 6.8%, reaching VND 427,972 billion. By the end of 2020, the total NPL of Sacombank increased by 0.8% to 5,780 billion VND. Meanwhile, customer loans balance grew 14.9% y / y to VND 340,268 billion. Thereby dragging the ratio of NPLs to total outstanding loans decreased from 1.94% to 1.7%. Sacombank’s revenue from collecting and handling bad debts in the past year reached more than VND 15,200 billion. In which, 8,200 billion VND was withdrawn from the Sacombank Restructuring Project after merging with Southern Bank. Raising the accumulated recovery from the project implementation to 46,457 billion VND, reaching 52.2% of the overall plan of the Project to 2025, exceeding 4.2% of the progress. Outstanding assets under the Project decreased by 48.2% compared to the end of 2016, accounting for 9.8% of total assets, contributing to increasing the proportion of profitable assets from 67.9% to 85.2%.

Mr. Le Van Hien (sitting in the middle) and members of the Community Conservation Group record data on white-assed langurs living in Thanh Son forest. Nearly 30 years as a hunter, he is a famous veteran hunter in the region, but for nearly 10 years, Mr. Le Van Hien, Thanh Son commune, Kim Bang district (Ha Nam) has determined to “guard the gun”, voluntarily Participating in conservation of white-assed langurs – a rare animal in the list of the 25 most endangered animals in the world is in danger of extinction. He is honored to be the second person from Vietnam to be named a “Conservation Hero” by the International Wildlife Organization (FFI). Old story with the forest Born and raised on the edge of Thanh Son forest, Kim Bang district, the childhood days of the boy Le Van Hien and the children in the village were always intimately attached to the forest. Mr. Hien’s childhood at that day was the series of days following his parents to the forest to pick bamboo shoots, catch animals, cut down trees and burn coal to make ends meet. Mr. Hien still remembers that at that time, he had just finished primary school and dropped out of school to go to the forest. Because they are still young, they mainly follow the old hunters in the village to go to the forest to hunt wild animals and bring them home to use as improved food. At the age of 17, he gathered enough money to buy his first hunting rifle, and officially became a hunter. At that time, the young man Hien’s skillful hunting skills with sharp eyes quickly became a “nightmare” of Kim Bang forest animals at that time. After returning from the army in 1983, Mr. Hien continued to work in the forest to hunt for a living. An individual of white rump. Sitting on the porch, right at the foot of the forest, with the hot tea pot and the yellow civet, looking towards the edge of the forest, Mr. Hien recalled. In the past, there were many wild animals in Thanh Son forest, all kinds of things. After every night when I came back from the forest to hunt, I had to hire someone to take home the animals. Animals are displayed in the house: chamois, baskets, civets, porcupines, donkeys, pangolins, monkeys, langurs … A chamois is worth a few pounds of paddy, a monkey or semi-cooked langur can measure several tons of paddy. , traders to take place to buy. Thanks to that, my family’s economy is getting better and better day by day. At that time, I used to think that I would stick with hunting for a lifetime. Smoking pipe tobacco, releasing white smoke, Mr. Hien talked. But later, the animals in the forest were also more and more depleted, and the authorities at all levels also propagated a lot about the protection of rare animals. At that time, there were many wildlife research groups of organizations coming here to penetrate and learn. Knowing that I have experience in the jungle, experts invited me to join groups of experts on surveying and researching in Kim Bang forest. I remember forever when I accepted the invitation for a month to lead expert Le Van Dung (in Cuc Phuong National Park) to investigate the white-assed langur in Kim Bang. It was the first time in many years that I went into the forest without a gun. A week watching the white-rumped langurs, the golden monkeys through the binoculars, the far angle, wider than the flyhead, I watched the two orange-colored langurs wrapped in tangerine on my mother’s side, the father langurs taught their children to eat. They play happily together like children. Again, Uncle Dung always cooed and advised me “Let go of the gun!”. Once he saw that I was watching intently two baby langurs, he put in my ear: You see, they have the same love as humans. If one child in the family dies, the others will be sad and stop eating. Mother langur dies, children will also die. At that time, I just kept quiet and began to regret my previous hunting actions. After every trip with the primate researcher returned, there were long nights when I had no sleep. The night I lay, I looked up at the ceiling, then looked at my two little children. The round black eyes of the baby langurs haunt me again. After that, I understood and realized the preciousness of forest resources to be protected. But because of my living life, I also struggled with ideas. It took many nights of thinking and pondering that I decided to discuss with my wife to quit the job of hunter. Unexpectedly at that time it was my wife who was the first to support me to quit the job, although knowing that it was a series of difficult days for the whole family. It took me two years to scramble to find a job. At times, I worked as a drill and blasting worker for a rock breaking business. Uncertainty work is more dangerous, only when I get home will my wife and children feel assured that I am back alive and breathe a sigh of relief. But I think I gave up my job as a hunter and went to work as a mine blasting worker. It also affected the langurs and monkeys in the forest. Then I became bored again and quit the job as a mine blasting worker. I turned to invest in raising pigs, chickens, cultivating with my wife and children to make ends meet. Mr. Hien said, I am very lucky and proud to have a wife of algae and always beside me to encourage me to share with me. Up to now, I still remember her encouraging words to motivate me to overcome difficulties in life. Before when I was hunting, when I wore wild animals, she was happy, but now, no matter what she brought from the forest, she could not agree, because my job was to protect the cave. , the plants in the forest. If we do that, we can protect someone, tell who they hear. She said: From the day you quit the job as a hunter of wild animals, you were like a glass of filtered water, now if you come back then you will make it more cloudy, that I never want. So since I quit the job as a hunter, my heart has been relieved. Pay the debt with the forest Thanks to the hunting profession, Mr. Hien has more than half of his life attached to the forest and belongs to Kim Bang forest like the palm of his hand. He no longer goes to the forest to hunt animals, but every day, Mr. Hien still wants to go back to the forest and do something. That is useful, practical to repay the debt with the forest. At the beginning of 2016, Mr. Le Van Hien led experts from the International Organization for the Conservation of Wildlife and Fauna to Kim Bang Forest to survey the white-ass langur. The important information he provided that day helped scientists and experts of the International Wildlife Organization to discover the second largest population of white-lipped langurs in the world. Kim Bang. At the end of 2016, the International Wildlife and Fauna Conservation Organization (FFI) came to Kim Bang to implement a conservation program of white-ass langur. Without hesitation, Mr. Le Van Hien volunteered to participate, then the Community Conservation Team was established and he was appointed as the leader. Since then he was very happy, because I had the opportunity to return to the forest, but this time back to the forest with a different mindset – a leader in the protection of the forest and rare mascots. The work of the patrol team is to remove animal traps, monitor the location and habitat of the white-ass langur and the animals in the forest. When detecting destructive behavior, hunting animals, the team will notify the forest rangers to handle. Since then, Mr. Hien has taught himself how to use cameras, positioning equipment, and how to divide forest plots to mark the position of langurs. Four years of tracking, observing and recording many valuable images from the herd of white rump langurs living in Kim Bang forest. He is very passionate and enthusiastic when talking about langurs. He said, I just saw the streak of broken branches, smelled the urine and knew how many days ago the langurs ate in this area. He also belongs to each species of tree that langurs like to eat. In the herd, the strongest male langurs lead the way, providing a good environment for other animals to eat. Baby langurs are picked up by the whole herd when the mother goes to eat. Young male douc that reaches adulthood (6 years) will fight the dominant male. The male loses, leaving the herd, wandering alone (local people often call it “poisonous”) to lure the females to follow and form a new herd. The knowledge about langur behavior was carefully recorded in the notebook, passed on to the members of the nest. Tens of thousands of pictures and videos of langurs were sent by him to primate experts. Each trip to the forest of Mr. Hien and his teammates lasted from three to seven days, a month, his team members had to go and stay for up to 16 days in the forest, but he could be better. After four years of establishment and maintenance, the Kim Bang District Community Conservation Group, headed by Mr. Hien, has made active contributions to the conservation of forest diversity, especially the white-ass langur. As a result, the population of white-lipped langurs in Kim Bang forest is growing day by day, there are 12 herds with about 110 individuals, the second largest in the world, after Van Long Wetland Reserve, Ninh Binh province. Mr. Le Van Hien shared that the motivation for him to actively participate in activities in the biodiversity protection in general and the conservation of the white-crowned langur in particular in Kim Bang forest came from the anxiety about the work damages his forest while hunting and wishes to “pay his debt to the forest”. I hope everyone will join hands to protect the white-assed langur that nature has bestowed on Ha Nam forest. The authorities soon finalized the procedures to establish a planned protected area so that the patrol was less strenuous. At the same time, it is necessary to promote propaganda about the practical meaning of forest protection to all strata of people, especially in schools, so that children can knowingly and consciously participate in protecting the white-crowned langur. It is very rare in the locality, because now many children do not know what langurs are. In order to deserve the title “Conservation Hero” awarded by the International Wildlife and Fauna Conservation Organization, Mr. Hien will work with members of the Kim Bang District Community Conservation Team in their efforts to complete their graduation. to protect the biodiversity of Kim Bang forest, conserve the population of white-shanked douc langur – a rare animal in the list of the 25 most endangered animals in the world that are in danger of extinction.

National debt is growing rapidly in the pandemic. According to calculations by the employer-related Institute of the German Economy (IW), the federal, state and local governments will pile up around 650 billion euros in new debt by 2022. According to a new IW study, the debt level of the German state will grow to a total of 2.7 trillion euros by then. “Depending on what happens in the coming weeks and months, this number can get even bigger,” said IW Director Michael Hüther at the presentation. At the same time, economists are asking themselves: What is the best strategy to reduce this debt again and not to restrict the state’s scope for necessary investments too much despite high repayment burdens?

According to IW, the debt ratio in Germany will already peak at 75 percent at the end of this year. This ratio describes the relationship between debt and gross domestic product. According to the criteria of the EU Maastricht Treaty, it should be a maximum of 60 percent. In 2019, Germany just kept to this mark. In the US, the debt ratio was over 108 percent.

“Greatest Challenge of the Post-War Era”

“The corona pandemic was and is the greatest economic and socio-political challenge of the post-war period,” said Hüther. Never since 1945 has the state spent so much money in such a short time on a goal as to combat the corona pandemic. The question now is how the costs can be managed. The IW states that the state would have to repay 24 billion euros annually if all of Germany’s corona debts were to be repaid within 20 years, as the federal government is planning. As a result, the federal government would have to save elsewhere, so that the public sector would generate surpluses. According to IW, it could not be reconciled otherwise with the debt brake.

Scope for investment

“The current repayment plan is very sporty, but inconsistent and leads to unnecessary macroeconomic problems,” said Hüther. The economic experts at the IW are therefore suggesting that debt reduction should be avoided too quickly and that the public sector should rather be given leeway for necessary investments in infrastructure, for example. “Instead of 20 years as planned by the federal government, the debt should be repaid in 40 years,” the study says. In addition, the experts recommend “a moderate opening of the debt brake” in order to increase the federal states’ room for maneuver – and the establishment of a special fund for investment purposes. The debt ratio could fall from 75 percent in 2021 to 61 percent in 2035.

IW against higher taxes

Tax increases, as they are proposed in part in the upcoming federal election campaign, on the other hand, would slow down economic growth and weaken Germany as a business location, according to the IW experts. Rather, economic dynamism must be promoted. From the point of view of the institute’s experts, reducing the debt ratio after the crisis should primarily take place through economic growth. For this, in turn, attractive framework conditions are an essential prerequisite, not least in terms of infrastructure and taxes.

Germany Fund for Investments?

In order to address the existing investment deficits in infrastructure, climate protection and education, a Germany fund could also be set up, which could invest 45 billion euros annually in climate protection, education and infrastructure for ten years. Countries get into debt by issuing government bonds. Institutional investors such as pension funds, asset managers, fund providers, hedge funds, companies and banks, but also private individuals act as creditors. In view of the mass of bonds issued and the billions of dollars that governments need, private investors hardly matter.

At the General Meeting of Shareholders in 2021, the leader of VietinBank said, continuing to solve difficulties for businesses affected by natural disasters, epidemic COVID-19.

The results are positive

Information from the State Bank showed that: The credit flow is mainly focusing on production areas, priority areas, for example credit growth in agriculture, forestry and fisheries reached 2.42%; industry 3.04% … Credit in securities in the first quarter of 2021 reached VND 45,300 billion, down 1% compared to the end of 2020; credit in real estate reached 1.85 million billion, up 3%.

Credit growth is also evident in the business results of some banks. At the 2021 Annual General Meeting of Shareholders (AGM) of VietinBank that took place on the morning of April 16, Mr. Le Duc Tho – Member of the Party Central Committee, Chairman of VietinBank’s Board of Directors said: Quarter I / 2021, the safety and operational efficiency indicators of VietinBank are much better than the same period last year, of which the main operating income categories all grew by over 25% over the same period last year. 2020, operating costs will be managed effectively, cost-to-income (CIR) ratio will be maintained at a reasonable level; Asset quality is well managed, NPL ratio is managed below 1%.

With credit growth in the first quarter of 2021 reaching 3.69%, Vietcombank continued to lead the credit growth system. Vietcombank is assigned a credit growth limit of 10.5% in 2021. According to Mr. Nghiem Xuan Thanh, Member of the Central Committee of the Party, Chairman of the Board of Directors (BOM) of Vietcombank, the State Bank assigns a high credit target to Vietcombank based on many factors: ability to increase credit; capital is mainly poured into priority areas; low bad debt; Loan to deposit ratio (LDR) of the bank is only 71% while most other banks are over 90%. “With the result of credit increase in the first quarter of 2021, if the State Bank adjusts its growth target, Vietcombank can increase credit by 14% in this year 2021”, said Mr. Nghiem Xuan Thanh.

Representatives of LienVietPost on the morning of April 16 said: In the first quarter of 2021, Lien Viet Post Bank (stock code LPB) had a pre-tax profit of 1.112 billion dong, nearly doubling the same period last year. By the end of March 31, 2021, LienVietPostBank’s total assets reached more than 245,200 billion, an increase of over 20% over the same period last year. Capital mobilization from economic organizations and individuals continued to grow well, reaching nearly 206,300 billion VND. Market 1 outstanding loans reached over VND 183,100 billion, an increase of more than VND 6,100 billion compared to the end of 2020. Notably, the proportion of retail growth in credit growth in the first quarter of 2021 was more than 80%, shows the bank’s consistent orientation towards the retail segment.

On the HoSE stock exchange, stock LPB was in the group of stocks with the highest market price growth in the first quarter of 2021, up nearly 40%, from 12,400 VND / share in the trading session on December 31. / 2020 to 17,350 VND / share in the session on 31/03/2021. And currently reaching the price of nearly 19,000 VND / share. According to the plan on April 29, LienVietPostBank will hold an annual shareholder meeting, it is expected that this year, the bank will set a pre-tax profit target of 3,200 billion dong. Thus, with the results of the first quarter of 2021 reaching VND 1,112 billion, LienVietPostBank has completed about 35% of the profit target in this year’s business plan.

“The COVID-19 epidemic that broke out in some localities across the country continued to negatively impact production and business, especially the accommodation, catering, transportation and tourism industries; the consumption of agricultural products in some localities in epidemic areas has many difficulties …, affecting production and business, revenue and cash flow to repay debts of customers, thereby affecting bank credit activities ” , Mr. Nguyen Tuan Anh, Director of Credit Department for Economic Sectors (SBV).

In the difficult context of the economy, credit institutions (CIs) have implemented solutions to support people and businesses to overcome difficulties caused by the COVID-19 epidemic, by the end of March. / 2021 has restructured the repayment term for nearly 263 thousand customers with outstanding loans of more than VND 353 trillion; interest rate exemption, reduction and reduction for more than 660 thousand customers with outstanding debt balance of over VND 1.27 million. In particular, credit institutions have provided new loans with lower interest rates than before, with accumulated sales from January 23, 2020 up to now reaching over VND 3 million billion to over 452 thousand customers.

Maintain growth, support businesses

According to Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong, positive information on the first quarter business index of the banking system is the basis for forecasting credit growth this year will reach about 12%. This number will also be adjusted to suit the actual situation.

According to Dr. Vo Tri Thanh, a member of the National Financial and Monetary Policy Advisory Council, said that at present, the State Bank still operates a credit policy based on the total credit growth, but is flexible in the face of developments. try to both contribute to the economic recovery process but also have to be skillful so as not to cause “break-up” in the macro. “The credit growth rate in recent years has been slower, but the growth rate is not low compared to the previous years. The scale of credit balance / GDP is getting bigger and bigger (currently about 140%), so it is reasonable for the credit control to increase at 12% in 2021. If the economy recovers well, the credit for the whole economy can increase by 11-13% this year and is expected to grow stronger from the second quarter, “said Dr. Can Van Luc, economist. BIDV’s chief forecasted.

“VietinBank continues to proactively implement solutions to balance capital effectively, reduce capital costs to create resources to continue strongly implementing preferential policies, reducing lending interest rates and service fees, maintain the level of lending interest rates and service fees at the lowest and most reasonable level, support and accompany people and businesses affected by the COVID-19 epidemic, ”said Mr. Le Duc Tho.

Outstanding loans of VietinBank in 2021 are expected to grow by 7.5%, complying with the credit limit approved by the State Bank; capital mobilized from economic entities and individuals grew by 8-12%, adjusted in accordance with credit growth, and ensured prudential ratios as prescribed by the State Bank of Vietnam. NPL / credit balance is controlled below 1.5%.

From now to the end of the year, VietinBank continues to grow strongly in business activities, accompanied by dramatic improvements in quality and efficiency; implementing appropriate credit growth solutions while balancing effective capital sources; improving the quality of risk management, quality of growth, effectiveness and efficiency of internal control inspection; accelerating debt collection, handling risks, bad debts, improving asset quality. “Continuing to implement solutions to help remove difficulties for customers affected by natural disasters and epidemics, especially the COVID-19 epidemic under the direction of the Government and the State Bank of Vietnam,” said Mr. Le Duc Tho. .

This is the first time in many years that Hoang Anh Gia Lai has hosted Hanoi FC as the top team of the V-League.

If Hoang Anh Gia Lai does not win the V-League 2021, they do not know when they will be able to add a third star to the chest as coach Kiatisuk’s dream when receiving the vote of Germany to return to his second homeland. . The Thai strategist is in the hands of self-determination and never felt that the German football team was just as good and lucky as the present, the converging factors to bring them to the top of glory this season.

What happened in Pleiku in the last 9 round reinforces the opinion of experts about the ups and downs of football. From seeming to have to accept a draw as a loss, Hoang Anh Gia Lai was able to decide the victory at the moment of dramatic to suffocating. This makes the Hoang Anh Gia Lai brand more attractive and the fans pay more attention.

The team of “Zico Thai” was ice on top of the V-League, but they had to beat the defending National Cup champion to come closer to the 2021 V-League championship. V-League champion Viettel in round 5 and now, they need to confirm their strength by 3 points against Hanoi FC. Bau Hien has never seen his team decline as it is after decades of domination at the top. And it also took 7 years, under the strategic talent of Kiatisuk, Hoang Anh Gia Lai to see his golden childhood every day.

Hanoi FC only beat Hoang Anh Gia Lai, hoping to get closer to the top 6, thereby continuing to dream of racing in the remaining 8 matches of the season.

The capital team has just regained a little morale after winning Than Quang Ninh, but for observers, it is not enough when the opponent has seriously weakened before the ball rolled because of internal problems. Hoang Anh Gia Lai is really a heavy measure for the revival of coach Hoang Van Phuc. And vice versa, Hanoi FC may be Hoang Anh Gia Lai’s biggest challenge on the way to win the first leg and possibly the entire 2021 season.

Hanoi FC is being supported by history when it is unbeaten in Pleiku in the last 3 years. V-League 2019, the two teams drew both rounds from the V-League to the National Cup, but Hanoi FC still eliminated Hoang Anh Gia Lai when playing the cup to win the championship. In 2018 and 2020, Hanoi FC beat Hoang Anh Gia Lai all 4 times with a total score of 17-3.

But the peak cycle of Hanoi FC is actually showing signs of decline from 2020 to this year. And the departure of coach Chu Dinh Nghiem is a strong shock to Hien’s ambition to return to the top of the V-League.

The intense schedule in the context of epidemics and the urgent need for the national team to focus Hanoi FC struggled right from the starting line. The process of recruiting foreign soldiers of Hanoi FC was problematic and when the fortunes were not supported, it can be seen that the injury, the decline of the pillars made everything drift too far out of the reach of elected Hien.

Hoang Anh Gia Lai is showing effective football and defying every defense. Although actively defending, the opponent was also pierced by Hoang Anh Gia Lai by the shine of the stars or luck nearby. With the number of goals lost (6) less than 3 times the number of goals, Hoang Anh Gia Lai is leading the V-League. When Hanoi FC did not have time to “patch” foreign soldiers and recover, Hoang Anh Gia Lai had the advantage of promoting the maturity and uniform performance of the whole squad.

If he wins Hanoi FC at this time, Hoang Anh Gia Lai can “hit 2 targets with 1 arrow” when approaching the championship, again causing his heavy competition with him out of the top 6 right after the first leg.

Experts predict that Hoang Anh Gia Lai with the current relegation officially relegated, they need to win 5 more home games, the throne will come to Pleiku again after 17 years of waiting. There are many motivations for coach Kiatisuk’s teachers and teachers and if Hoang Anh Gia Lai does not beat Hanoi FC at this time, there will be a long wait.

On April 12, HK01 reported Han Quan Dinh, Miss Asia (ATV) in 1997, filed for bankruptcy to the court when he could no longer pay his debts.

Before Han Quan Dinh, there was no shortage of artists in the Hong Kong entertainment industry for many different reasons, but fell into deep debt, had to declare bankruptcy despite owning millions of dollars.

Pepper is insatiable

In its heyday, Hong Kong showbiz was considered to be the top entertainment industry. According to the OnThe slightly well-known B-class artist now also received a remuneration of more than $ 15,000. This figure for A star will be 3-5 times higher.

Therefore, many celebrities and amateurs after only a few works have accumulated a large amount of money, even becoming a giant of showbiz. However, many people also quickly get bogged down when suddenly holding a large amount of money.

They use all the money they earn to satisfy personal needs such as buying super cars, expensive clothes, luxury mansions or burning money on silver mats. Even, they are willing to use their money to “serve” the interests of friends or relatives. Unfortunately, this has pushed many artists into misery.

Chung Zhen Dao fell into a blank situation, partly because of Zhang Xiaohi’s wasteful spending habits. Photo: HK01.

Born in 1953, Chung Zhen Dao is a famous singer-actor of Hong Kong. He has known fans through many films such as God of Great Hiep 2006, East Achievement of Western Achievement, Goodness of the Heart, Shanghai Night, Martial Arts Center, Golden Gem …

A successful career, Chung Tran Dao once owned a fortune of 20 million USD, is one of the richest singers in Hong Kong. However, his legacy slowly wears his hat away after marrying poor-language actress Zhang Xiaoyu.

Dilettante God Condor for my wife is very generous, let her spend money freely. Zhang Xiaohui can spend more than $ 50,000 a month to buy luxury items from clothes to jewelry. Because of his wife’s lavish habits, Chung Tran Dao, even if he works hard, is not enough to pay.

Add to that the collapse of Hong Kong real estate that caused the male singer to declare bankruptcy in 2002 with a debt of 32 million USD. After that, Chung Zhen Dao was humiliated to discover that Zhang Xiaohui had an affair with another rich man. Until 4 years later, he did not pay off his debt.

Meanwhile, some stars “grill” millions of dollars just because of gambling. A typical case is Ngo Khai Hoa.

Ngo Khai Hoa defaulted on gambling. Photo: Sina.

Resounding success of Ỷ Thien Do Long signed TVB version brought Ngo Khai Hoa’s name to fame throughout Asia, becoming the classic Truong Vo Ky on screen.

However, Ngo Khai Hoa quickly became exhausted when he spent more money than he earned. According to the Sina, the actor is a gambling addict. He used to devour his fortune in casinos, debts piled up. In recent years, due to a slump in his career, Ngo Khai Hoa has to spend frugally to have enough money to support his daughter.

When she was born, she was also addicted to gambling because of her gambling addiction, she had to live on social benefits. In 2007, the media took pictures of Lam Khiet Anh going to Macau for gambling.

Just over 2 hours, beautiful beauty burned 13,000 USD once in a while. After losing, Lam Khiet Anh ran to a nearby ATM to withdraw all his money and play again.

Wrong investment

According to the HK01Another factor that contributes to many stars who do not play badly but still go bankrupt is their poor investment ability.

In the Chinese showbiz, most artists, when they earn their wealth, are conscious of having to invest their left-hand jobs to maintain their income after the glorious time or retirement. However, the lack of expertise and market acumen makes them easy to lose money and quickly run out of money.

Tran Bach Tuong is a typical case in wrong investment. According to the HK01He is the most famous record-setting celebrity with the most number of bankruptcy declarations in Chinese showbiz.

The Hong Kong star 4 times went bankrupt because of a business failure. Photo: Weibo.

Dilettante Ba Ho Street, Thu Huong point each went through 4 times of bankruptcy, of which up to 3 times of business failure. In 2015, he and his wife were even asked by creditors to put up a banner to repay the amount of more than $ 3.2 million in front of TVB headquarters.

In the years 1980-1990, Trinh Tac Si was the highest paid comedian in Cang Thom. He owns a huge fortune with a series of real estate, expensive super cars.

In 1993, Trinh and a few friends contributed capital to open a film company with the ambition to produce classics and hit hits. The film company is losing money, debt piled up after only a short time in business. Not only the wealth that has been accumulated for a lifetime, the actor himself also carries an additional debt of up to $ 2.5 million.

From the top star, Trinh fell to the bottom of the abyss. Even, he also accepted to act in level 3 to quickly pay the debt. For more than 10 years, the actor has so far paid off his debt and has stabilized his life with his wife and two children.

Meanwhile, Bat Mesopotamia was again wiped out by a storm of financial crisis in 1997. Not only a moment of nothing, his first wife, holding his arm, left home, leaving the young child behind for the actor to nurture.

Trinh Tac Si (left) and Bat Liang Kim were empty-handed because their investment failed. Photo: Sohu.

Before entering the artistic path, the male artist was the boss of a small-scale company. The will to advance plus the money to earn a lot of money, in the golden age, Bat Luong Kim owns a fortune of tens of millions of HKD, 9-storey villa and many luxury cars.

The troubled life makes the male artist many times think about suicide, but gave up because he was afraid that the child was orphaned. Later, he had to throw away his dignity, switch to high school film to earn money to support his son.

Family burden

Interview OnHan Quan Dinh said she faced a pile of debts after spending money to cure her biological mother with thyroid disease and end-stage lung cancer. The day her mother passed away, treatment costs reached $ 51,000, exceeding the ability to be responsible for Miss ATV 1997.

Years later, the actress worked hard, lived frugally to pay off the debt with 350 USD / month. To date, the remaining amount is more than 25,000 USD. Recently, due to the epidemic situation and unfavorable business, Han Quan Dinh has no income.

On HK01She admitted she was in a dead end. For the past two years, the beauty has had to live in the home of actor Thai Quoc Uy, fasted breakfast and dare not buy new clothes.

Han Quan Dinh shed tears when he talked about the current difficult situation with reporter On. Photo: On.

Former Miss Asia revealed many friends in the world when she saw her situation offered to help, but the beauty refused. “I appreciate and firmly believe in life in front of people’s hearts. However, I do not want them to be harassed by financial companies,” said the female artist.

After the interview, following Han Quan Dinh’s footsteps, the reporter saw her go to the market to buy food and cook. However, after a while considering the price, in the end, Han Quan Dinh quietly left empty-handed. The exhausting situation, unable to worry about the three meals of Hong Kong’s famous pink ball, once made the audience sour.

Family robbed of relatives

Luu Gia Huy was born in 1955, was once a famous martial arts star in Hong Kong. Throughout his artistic career, the actor is remembered by the audience for his role as Kim Falun King God of goodness 1995Niu Ma Vuong in Journey to the west, Chan in Ỷ Thien Do Long signed 2000, Ta Kiem Tien in Tien earned the third half.

His life suddenly turned tragic after the illness in 2011. This event also started the series of days that caused him both physical and mental suffering.

For many years, Luu Gia Huy relied on the financial support of close friends. Photo: Sina.

After he fell ill, his second wife, Ma Fei Phung, and two children plotted to rob the estate, pushing Liu Gia Huy to a nursing home. The oldest son colluded with his former assistant secretly scammed more than $ 230,000 of his film fees.

The incident caused the actor to fall into a needy situation, without money to pay the hospital fees. Luu Gia Huy has to sell the only house he lives in for medical treatment. Since then, he has relied on the care of nursing home staff and close friends.