Vietnam Business News

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• The government increased penalties for foreign currency and gold trading violations
• Vietnam bank dodge interest rate cap through gold forward trades
• Vietnam SCB to Issue Gold Certificates at 3pct p.a.
• Vietnam gold flirts at vnd44mln/tael
• Total deposit declined significantly MoM: VietCapital Securities
• Vietnam eyes merger of two exchanges
• Twenty-month interbank interest rate increases 20.64pct per year
• Overview on banking operations in week between October 17 and 22
• Vietnamese commercial banks facing difficulties
• Deposit rate cap can be lowered: expert

The government increased penalties for foreign currency and gold trading violations Posted: 25 Oct 2011 11:13 PM PDT The government said it has increased penalties for foreign currency and gold trading violations, raising the maximum fine to VND500 million (US$23,860). Illegal forex traders and gold importers will be fined between VND300-500 million, compared to VND45-70 million previously, according to statement posted on the government's website Friday. The government reaffirmed the ban on price [...]

Vietnam bank dodge interest rate cap through gold forward trades Posted: 25 Oct 2011 09:00 PM PDT An unnamed commercial bank in G5+1 was said to dodge the VND interest rate cap via trading gold forward with customers, triggering similar acts from other banks, the local online newspaper Saigon Dau Tu Chung Khoan reported on October 25. The bank sold gold to customers and promised to buy back gold at a much [...]

Vietnam SCB to Issue Gold Certificates at 3pct p.a. Posted: 25 Oct 2011 08:41 PM PDT Saigon Commercial Bank (SCB) will issue 150,000 taels worth of short-term gold certificates at 3 percent interest rate per annum from October 24 to November 24, the local online news provider DVT.vn reported. The SCB’s gold certificates will have a minimum face value of 1 tael of SJC gold for individual customers, applicable for 1-11 [...]

Vietnam gold flirts at vnd44mln/tael Posted: 25 Oct 2011 08:23 PM PDT Vietnam gold prices hovered at VND44 million a tael this morning , dollar prices were stable for the forth consecutive days after being settled to the highest rate in the history last Friday. SJC gold in the free market was traded at VND43.730 million and VND44.030 million/tael for bid and ask respectively by 9:15 Hanoi [...]

Total deposit declined significantly MoM: VietCapital Securities Posted: 25 Oct 2011 09:41 AM PDT As of 17th October, total deposit declined by 2.6 percentMoM from on 7th September mainly driven by a decline in dong deposits, which contributed by 95 percent of total decline. Accordingly, total deposits have increased by 8.2 percentYTD, of which, dong deposits increased by 9.3 percent while USD-denominated deposits rose by 4.4 percentYoY, Marc Djandji, [...]

Vietnam eyes merger of two exchanges Posted: 25 Oct 2011 09:41 AM PDT Vietnam is working on a plan to merge its two stock exchanges in a sign that some countries are starting to believe that having a single bourse is needed to ensure the survival of their capital market infrastructure as mega-exchanges span the globe. Tran Duc Sinh, chief executive of the Ho Chi Minh Stock Exchange, [...]

Twenty-month interbank interest rate increases 20.64pct per year Posted: 25 Oct 2011 09:41 AM PDT The interbank average interest rate Oct. 20 rose strongly again compared with the latest update on Oct. 19, VietBiz24.com quoted the data of the State Bank of Vietnam. Notably, the 12-month interest rate rose 6.65% from 13.99% / year to 20.64% / year. Interbank interest rate for one-month term also increased 0.26% points / year [...]

Overview on banking operations in week between October 17 and 22 Posted: 25 Oct 2011 09:40 AM PDT The State Bank of Vietnam (SBV) has recently reported the banking operations for the week between October 17 and 22 whereby the interbank market remained tense. In the week, the offering interest rate on the interbank market was up to 40 percent per annum (p.a.) for 1-month term on October 18, the local newspaper Dau [...]

Vietnamese commercial banks facing difficulties Posted: 25 Oct 2011 09:40 AM PDT Poor management coupled with incomprehensive risk evaluation and prevention has pushed the banking industry into further difficulties, said Dr Phan Minh Ngoc, deputy director of Corporate Research at Sumitomo Mitsui, Singapore branch. Dr Ngoc said that the risks of a systematic collapse could be attributed to three following principal factors. Quantity boom, quality ignored Firstly, [...]

Deposit rate cap can be lowered: expert Posted: 25 Oct 2011 09:39 AM PDT Associate Professor and Doctor Tran Hoang Ngan told Tuoi Tre that the deposit interest rate ceiling can be lowered and the lending rate will be reduced accordingly. Ngan said now that inflation was slowing down, the cap could be lowered. He said the Consumer Price Index in October was expected to rise by only 0.5 [...]

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