Vietnam Business News

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• Interest rate caps may be removed in early June: expert
• Week ending May 18: finance and banking review
• Ocean Bank seeks to raise charter capital to VND5Tln in 2012
• Central bank’s HCMC branch suggests setting up bad debt trading companies
• Hanoi: May credit growth +2.04%; total deposits -0.28% from Dec/2011
• HCMC: May credit growth +1.6%; total deposits +11.9% Y-o-Y
• Vietnam’s fisheries sector sets target for 2012
• May 21: Vietnam central bank keeps dollar exchange at vnd20,828
• Ho Chi Minh’s May IIP rises 9.8% YoY: Statistics Office
• Ho Chi Minh’s May new jobs fall 14.3% MoM: Statistics office

Interest rate caps may be removed in early June: expert Posted: 21 May 2012 01:22 AM PDT The State Bank of Vietnam (SBV) may abolish both caps for deposit and lending interest rates in early June, the local media VnExpress.net quoted Tran Hoang Ngan, member of the National Advisory Council for Financial and Monetary Policies, as saying. The central bank may remove the deposit rate ceiling after it finishes handling all weak [...]

Week ending May 18: finance and banking review Posted: 21 May 2012 01:18 AM PDT The domestic currency, the dong, could lose by 3.4% of its value against the dollar this year, Standard Chartered Bank said in its latest report. The Central Bank's Policies The State Bank of Vietnam (SBV) may impose lending interest rate ceiling for more sectors as part of its monetary policy management orientation in the later [...]

Ocean Bank seeks to raise charter capital to VND5Tln in 2012 Posted: 21 May 2012 01:14 AM PDT Commercial Joint-Stock Ocean Bank (Ocean Bank) aims to hike its charter capital to VND5 trillion during the year from current VND4 trillion, the local newswire Cafef.vn reported. This year, the Hanoi-based bank expects its assets to jump to VND68 trillion and total deposits to rise to VND61.3 trillion. Ocean Bank also plans to reap a [...]

Central bank’s HCMC branch suggests setting up bad debt trading companies Posted: 21 May 2012 01:12 AM PDT The municipal State Bank of Vietnam (SBV) in HCMC proposed the government to set up specialized companies to trade bad debts; a move aims to solve the problems of rising bad debts at local commercial banks, the local newswire VnExpress.net reported. Bad debts at banks in the area, as of late April this year, climbed [...]

Hanoi: May credit growth +2.04%; total deposits -0.28% from Dec/2011 Posted: 21 May 2012 01:11 AM PDT Total outstanding loans of commercial banks in Hanoi are estimated at VND598.071 trillion in May, up 0.98% on-month and rising 2.04% from late December last year, according to statistics from the municipal Statistics Office. Short-term loans rose by 1.3% from last month and upped 0.57% from last December while medium- and long-term loans climbed by [...]

HCMC: May credit growth +1.6%; total deposits +11.9% Y-o-Y Posted: 21 May 2012 01:11 AM PDT Total outstanding loans in Ho Chi Minh City, as at end-May, 2012, were estimated at VND762.2 trillion, up 0.4% on month and soaring 1.6% over the same period last year, the municipal General Statistics Office's data showed. Joint-stock commercial banks' outstanding credits were estimated at VND382.2 trillion, or 50.1% of total outstanding loans, up 0.6% [...]

Vietnam’s fisheries sector sets target for 2012 Posted: 21 May 2012 01:09 AM PDT Vietnam 's fisheries sector will increase its fish farms to 1.2 million hectares, producing as much as 4.5 million tons a year and reaching an annual average growth rate of 5.2 percent by 2020. The plan was announced at a conference on development plans for aquaculture for 2020, with a vision to 2030", held by [...]

May 21: Vietnam central bank keeps dollar exchange at vnd20,828 Posted: 21 May 2012 01:08 AM PDT Vietnam’s central bank quoted the U.S dollar exchange rate at VND20.828 on Monday, unchanged for nearly 5 months, the longest string since it has been applied but also the highest one. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price [...]

Ho Chi Minh’s May IIP rises 9.8% YoY: Statistics Office Posted: 21 May 2012 01:07 AM PDT Ho Chi Minh city's industrial production index (IIP) is estimated to rise 0.7% month on month and 9.8% year on year in May, the municipal statistics department said. In Jan-May period, the city's IIP rose by 4.8% from the same period last year. In which, mining industry posted a rise of 5.9%, processing sector posted [...]

Ho Chi Minh’s May new jobs fall 14.3% MoM: Statistics office Posted: 21 May 2012 01:03 AM PDT Ho Chi Minh city is estimated to have created 10.3 thousand new jobs in May, decreasing 14.3% from April, the local news provider Gafin.vn reported, citing figure from the municipal statistics department. The city has provided a total of 50.4 new jobs, meeting 40.3% the year plan in the first 5 months of this year, [...]

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