Vietnam Business News

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• Vietnamese banks of regional stature – who are they?
• Techcombank profit last year jumps by 53% to $200 million
• WB lends Vietnam $97m to improve rural transportation
• Sacombank sets aside 1tr dong to lend at lower interest rate
• Site clearance still dogging key projects
• Market grinds to a halt
• Vietnam central bank net injects vnd146 billion via omo in the week ending March 9
• Week ending Mar 9: finance and banking review
• March 12: Domestic gold rises to vnd44.82mil/tael
• Australia pledges aud58mlnfor Vietnam’s economic development

Vietnamese banks of regional stature – who are they? Posted: 12 Mar 2012 12:03 AM PDT The plan to restructuring credit institutions in 2011-2015, which has been approved by the government, shows a noteworthy point: Vietnam strives to have one or two banks of regional stature by 2015. A question has been raised that which banks would be fostered to become the banks of regional stature. A lot of names could [...]

Techcombank profit last year jumps by 53% to $200 million Posted: 12 Mar 2012 12:02 AM PDT Techcombank posted a profit last year of VND4.2 trillion (US$200 million), an increase of over 53 per cent over 2010. The bank’s total assets as of December 31, 2011, totalled VND180.8 trillion ($8.6 billion), an increase of 20.35 per cent over the previous year. Techcombank’s capital adequacy ratio (CAR) remained at 11.43 per cent, much [...]

WB lends Vietnam $97m to improve rural transportation Posted: 11 Mar 2012 11:57 PM PDT The State Bank of Vietnam (SBV) on March 9 signed an additional financial agreement with the World Bank (WB) for the Third Rural Transport Project. Till date, the Third Rural Transport Project has renovated about 2,100 km traffic roads and completed the maintenance of around 13,000 km of roads and bridges of district level. As [...]

Sacombank sets aside 1tr dong to lend at lower interest rate Posted: 11 Mar 2012 11:57 PM PDT Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has lately launched a “preferential lending in dong for corporate customers” programme whereby the lender will spare one trillion dong to lend to companies operating in the export and import sectors. The lowest lending interest rate in this programme is only 16.5 percent per year with maximum [...]

Site clearance still dogging key projects Posted: 11 Mar 2012 11:55 PM PDT Land clearance continues to be a major stumbling block in implementing infrastructure construction projects in HCM City, says the city People’s Committee deputy chairman Nguyen Huu Tin. Addressing a meeting held last Friday to discuss measures to resolve difficulties in carrying out major transportation projects, Tin said site clearance problems including compensation for relocated residents [...]

Market grinds to a halt Posted: 11 Mar 2012 11:54 PM PDT Hanoi's real estate market is almost a standstill because of government efforts to fight inflation and restrict non-productive loans. The developers of Usilk City, Trung Yen Plaza and G3 Yen Hoa residential areas are struggling to complete construction in order to hand over units to buyers this year. Song Da Thang Long Joint Stock Company's [...]

Vietnam central bank net injects vnd146 billion via omo in the week ending March 9 Posted: 11 Mar 2012 11:53 PM PDT The State Bank of Vietnam (SBV) net pumped VND146 billion into commercial banks through open market operations from March 5 to March 9, the local newswire NDHMoney.vn reported, citing Reuters' data. During the week, the central bank pumped VND10.107 trillion on OMO for 7- and 14-day windows at 14% p.a., up 126% from the money [...]

Week ending Mar 9: finance and banking review Posted: 11 Mar 2012 11:52 PM PDT Vietnam Prime Minister on Mar 1 issued Decision No. 254/QD-TTg, approving the Scheme to Restructure the System of Credit Institutions during the period from 2011 to 2015. The central bank's moves Governor of the State Bank of Vietnam (SBV), Nguyen Van Binh, said at a press conference on Mar 6 that the central bank will [...]

March 12: Domestic gold rises to vnd44.82mil/tael Posted: 11 Mar 2012 11:40 PM PDT Vietnam gold prices rose by VND170,000 to VND44.82 million a tael on Monday morning following the world gold prices. SJC Hanoi quoted at VND44.60 million/tael for bid and VND44.82 million/tael for ask, respectively as of 9:14 am, Hanoi time. Sacombank-SBJ gold prices were listed at VND44.20-VND44.80 million/tael for bid and ask, respectively. Rong Thang Long [...]

Australia pledges aud58mlnfor Vietnam’s economic development Posted: 11 Mar 2012 11:39 PM PDT The Australian Government’s overseas aid program (AusAID) will grand Vietnam a fund worth AUD58million ($61.12 million or VND1.29 trillion) to develop the country's economy. The (AusAID) and the World Bank have recently signed a strategic partnership agreement for the next 5 years, committing to support Vietnam's long-term economic development. Under the agreement, (AusAID )will provide [...]

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