Vietnam ExportImport Commercial Joint Stock Bank will seek shareholder approvalto cut its profit target for 2016 by 44%, VietNam News reported July 19, citing a report due to be submitted to the bank'sshareholders.

The bank will revise its profit target for 2016 to 400billion dong from its previous target of 720 billion dong.

Further, the bank aims to boost its totals assets by 7.3% to134 trillion dong this year. The bank's targets for capital mobilization andoutstanding loans are set to increase by 9.7% and 4%, respectively, to 108trillion dong and 100 trillion dong.

As of July 19, US$1was equivalent to 22,300 Vietnamese dong.