Mr. Do Minh Phu talks about the high gold price

On April 24, Tien Phong Bank (TPBank) held its 2025 annual general meeting of shareholders.

This year, TPBank aims to diversify its revenue sources and improve asset quality, aiming to bring pre-tax profit to VND9,000 billion, up 18% over the previous year. To achieve this goal, the bank expects total outstanding loans to increase by about 20% and capital mobilization to increase by 12.3%.

Mr. Do Minh Phu, Chairman of the Board of Directors of TPBank, said that since the first quarter of 2025, TPBank has made a strong breakthrough when recording pre-tax profit of more than VND 2,100 billion, an increase of 15% over the same period last year.

Notably, net income from services became a bright spot when it increased by 27% over the same period, pushing the proportion of service income in total operating income to over 20%, compared to 15% in the same period last year. This is TPBank's effective business strategy of gradually reducing its dependence on credit, aiming to diversify revenue sources, while minimizing risks and increasing business sustainability.

The congress approved the plan to pay cash dividends and the plan to increase charter capital in 2025. TPBank proposed to pay a 10% cash dividend and issue a maximum of more than 132 million shares to pay dividends to shareholders at a rate of 5%. After issuance, TPBank's charter capital will increase to more than VND 27,740 billion. This is the third consecutive year that TPBank has paid dividends in both cash and shares.

TPBank Chairman Do Minh Phu speaks at the bank's shareholders meeting

Speaking at the congress, TPBank Chairman Do Minh Phu said that 2025 is an extremely challenging year when the world is facing division and confrontation, especially the trade war between economic powers.

"The trade war creates confrontation between countries in the world with many consequences, seriously affecting the global economy, such as the imposition of high import taxes. Gold prices have increased beyond all historical milestones due to investors' need to find a safe haven. The Vietnamese economy with its large openness is facing many challenges, especially the banking and finance sector, the impact will be even greater" - Mr. Do Minh Phu said.

Mr. Do Minh Phu is the founder of DOJI Group - one of the largest family businesses in Vietnam. In addition to its core business of jewelry and gemstones, DOJI also operates in the fields of real estate, tourism, and banking and finance. The group is a major shareholder of TPBank and Mr. Phu is also the Chairman of the Board of Directors of this bank.

At the end of April 24, the price of SJC gold bars was listed by businesses at 118.5 million VND/tael for buying and 121 million VND/tael for selling, an increase of 1.5 million VND/tael compared to yesterday. The price of 99.99 gold rings and jewelry was traded around 113.5 million VND/tael for buying and 116.5 million VND/tael for selling, stable compared to yesterday. Domestic gold prices have fluctuated rapidly in recent days, due to the influence of the rapid increase that reached a record peak of 3,500 USD/ounce and then plummeted immediately afterwards. By the end of the day, today's gold price on the international market was being traded at 3,333 USD/ounce (equivalent to about 105 million VND/tael).

Source: https://nld.com.vn/ong-do-minh-phu-noi-ve-gia-vang-tang-cao-196250424170740938.htm