Vietnam Business News

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• Bad Debts on the Rise: Banks to Be Blamed
• Vietnam jumps 10 places in ICT Development Index
• One-Month Term Interbank Interest Rate Up To 16% p.a
• Mizuho to Become Vietcombank Partner
• Highest lending interest rate for manufacturing sector at 21pct/yr, SBV reports
• Eximbank spares 1tr dong to lend at preferential interest rate of 18.5pct/yr
• FIS signs two contracts with GiaDinhBank
• Long Hau JSC to offer 5m shares at no lower than 25000 dong/share
• HQC to pay 2010 dividend and offer bonus shares
• Shares Slump On Dismal Trading

Bad Debts on the Rise: Banks to Be Blamed Posted: 01 Oct 2011 09:14 PM PDT Bad debts in Vietnam’s banking sector rose to VND75 trillion or 3.04% of the total outstanding loans as of June, 2011, up 50% YoY. Banks are liable to the rise as they set high lending rates and exposed much in real estate loans. Bad debts in Vietnam’s banking sector rose to VND75 trillion or 3.04% [...]

Vietnam jumps 10 places in ICT Development Index Posted: 01 Oct 2011 09:11 PM PDT Vietnam ranks 81 st among 152 countries in the International Telecommunication Union's ICT Development Index (IDI), moving up 10 places from its 91 st position in 2008, the Ministry of Information and Communication has said. According to the ITU's report Measuring the Information Society 2011, Vietnam 's IDI value increases from 2.76 in 2008 to [...]

One-Month Term Interbank Interest Rate Up To 16% p.a Posted: 01 Oct 2011 09:08 PM PDT The interbank interest rate for 2-week term on September 28 climbed to 15 percent per annum (p.a.) and it was 14.5 percent p.a, the State Bank of Vietnam (SBV) reported on Thursday. According to the local newswire Tuoi Tre (Youth), after 20 days of strictly implementing the State Bank of Vietnam (SBV)’s provisions on deposit [...]

Mizuho to Become Vietcombank Partner Posted: 01 Oct 2011 09:06 PM PDT Mizuho Corporate Bank Ltd. Friday signed an agreement to buy a 15% stake in the Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, for roughly $567.3 million. Under the deal signed in Hanoi, Mizuho Corporate Bank will buy 347.6 million new shares from Vietcombank for 34,000 dong a share. The purchase makes [...]

Highest lending interest rate for manufacturing sector at 21pct/yr, SBV reports Posted: 01 Oct 2011 09:02 PM PDT The State Bank of Vietnam (SBV) has recently reported the banking operations in the week between September 17 and 23 whereby the deposit interest rate in dong remained stable at 14% per year for almost terms, in US dollar at 2% per annum (for individuals) and 0.5% p.a. for economic institutions. Meanwhile, the lending interest [...]

Eximbank spares 1tr dong to lend at preferential interest rate of 18.5pct/yr Posted: 01 Oct 2011 08:56 PM PDT Vietnam Export and Import Commercial Joint Stock Bank (Eximbank-EIB) on September 30 announced it launched a program "one trillion dong to serve individual customers in production and business by year-end" with the maximum lending duration of three months. Accordingly, the bank will offer preferential lending interest rate of only 18.5% per year. The bank's soft [...]

FIS signs two contracts with GiaDinhBank Posted: 01 Oct 2011 08:48 PM PDT FPT Information System Joint Stock Co (FIS) has recently signed two contracts to provide software and hardware for Gia Dinh Commercial Joint Stock Bank (GiaDinhBank). Accordingly, FIS will provide hardware and software to serve the core-banking system that will be conducted within 90 days. Subsequently, the company will supply Oracle software copyright and enclose a [...]

Long Hau JSC to offer 5m shares at no lower than 25000 dong/share Posted: 01 Oct 2011 08:42 PM PDT Long Hau Joint Stock Co (LHG) has recently announced the resolution of the shareholders' meeting on September 30 on issuing more shares to increase chartered capital from 200 billion dong to 320 billion dong under the plan approved by the shareholders' meeting. Accordingly, the company will offer six million bonus shares to the existing shareholders [...]

HQC to pay 2010 dividend and offer bonus shares Posted: 01 Oct 2011 08:35 PM PDT Hoang Quan Real Estate Services and Trading Consulting Joint Stock Co (HQC) has recently announced the resolution of the shareholders' meeting on September 30 on paying 2010 dividend in shares and bonus shares in one phase instead of in many stage as planned previously. Particularly, the bonus share and dividend payout ratio of 50% (or [...]

Shares Slump On Dismal Trading Posted: 01 Oct 2011 08:30 PM PDT Shares tumbled again during this morning’s session, although the southern bourse’s benchmark VN-Index had earlier managed slight gains. On the HCM Stock Exchange, the index dropped 0.11 per cent to 427.60 points, with 138 out of 288 codes losing ground. Market value reached VND812.8 billion (US$39.3 million), a 35.5 per cent decrease against yesterday’s level. [...]

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