Vietnam Business News

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• SJC: gold price may continue downward trend in the next days
• Challenge helps property market become more mature
• HCM City gets tough on slow-moving resettlement projects
• Vietnam banks seek to increase non-interest incomes
• Moody’s lowers Vietnam ACB ratings
• Moody’s reviews Vietnam SHB for downgrade
• Vietnam credit growth drops 0.66% in 4M/2012: SBV
• VietinBank debuts $250Mln offshore bonds on SGX May 18
• DongA Bank earns VND500Bln pretax profit in 4M/2012
• May 18: Vietnam stocks post biggest weekly loss ytd on massive sell-offs

SJC: gold price may continue downward trend in the next days Posted: 18 May 2012 11:37 PM PDT Global bullion price may continue to fall in the next days, driving domestic prices down further, according Nguyen Cong Tuong, Deputy Head of Gold Trading Department of the Saigon Jewelry Company Limited (SJC), the local newswire VnEconomy.vn reported yesterday. "Domestic buyers are very cautious. They rush to purchase gold when world price shows signs of [...]

Challenge helps property market become more mature Posted: 18 May 2012 09:51 PM PDT It is genrally agreed that with every challenge comes an opportunity, and the common saying is being used to talk about the local property market that has slid into difficulties since 2008. Many developers, especially those who rely heavily on big loans from banks, keep lamenting their current situation because they cannot clear their stocks [...]

HCM City gets tough on slow-moving resettlement projects Posted: 18 May 2012 09:45 PM PDT The HCM City government is weighing revoking licenses of long-delayed resettlement projects, which causes a shortage in resettlement housing fund and slowing down the site clearance process in Thu Thiem New Urban Area in District 2. Nguyen Le Dung, deputy head of Thu Thiem Investment and Construction Authority (Thu Thiem ICA), said the city is [...]

Vietnam banks seek to increase non-interest incomes Posted: 18 May 2012 09:41 PM PDT Local commercial banks are seeking to raise income from non-credit services; considering it as a way to achieve its profit targets this year amid economic slowdown and modest credit growth, the local online newspaper Dau Tu Chung Khoan reported. This year, Vietnam Export Import Commercial Joint Stock Bank (EIB) aims to earn a pretax profit [...]

Moody’s lowers Vietnam ACB ratings Posted: 18 May 2012 09:39 PM PDT Moody's Investors Service cut standalone financial strength rating of Asia Commercial Bank (ACB) from D- to E+ and downgraded the lender's local currency long-term credit and issuer ratings to B1 from Ba3. Meanwhile, the ratings agency maintained ACB's foreign currency long-term deposit rating at B1; yet with negative outlook. ACB was downgraded as it has [...]

Moody’s reviews Vietnam SHB for downgrade Posted: 18 May 2012 09:37 PM PDT Moody's Investors Service said it placed Saigon-Hanoi Joint Stock Commercial Bank (SHB) in review for possible downgrade after the lender announced its merger with Hanoi Building Commercial Joint Stock Bank (HBB) on May 5. The ratings agency said in a statement on May 11 that it was reviewing SHB's B2 deposit and issuer ratings as [...]

Vietnam credit growth drops 0.66% in 4M/2012: SBV Posted: 18 May 2012 09:36 PM PDT Bank loans in Vietnam in the first four months of this year slid 0.66% from late 2011, the local online newspaper Dau Tu ("Investment News") reported, citing a report of the State Bank of Vietnam (SBV) to the National Assembly’s Economic Committee. Negative credit growth is posing a huge challenge to Vietnam's credit-driven growth. The [...]

VietinBank debuts $250Mln offshore bonds on SGX May 18 Posted: 18 May 2012 09:33 PM PDT Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank) debuts its Reg S/144A 5-year unsecured dollar bonds (CTG VN May 2017) on the Singapore Stock Exchange (SGX) on May 18, the lender said in a statement released today. With this bond issuance, VietinBank aims to: (i) Restructure its capital through increasing the proportion of [...]

DongA Bank earns VND500Bln pretax profit in 4M/2012 Posted: 18 May 2012 09:33 PM PDT DongA Joint Stock Commercial Bank (DongA Bank) said it generated a pretax profit of VND500 billion in the first four months of this year, compared to its full-year target of VND1.5 trillion, the local online newspaper Dau Tu Chung Khoan reported. The unlisted lender has just finished raising its charter capital to VND5 trillion from [...]

May 18: Vietnam stocks post biggest weekly loss ytd on massive sell-offs Posted: 18 May 2012 09:29 PM PDT Vietnamese stocks ended the week with a big losses, extending the weekly fall to the biggest level year-to-date as investors offloaded shares to minimize risks fearing the correction will last long. The benchmark VN Index fell for a eight day in a row, losing 7.63 points or 1.72% to 434.95. Volume declined to 80.4 million [...]

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