Vietnam Business News

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• It’s not over: 1% cut to rates effective today
• Gold prices rose by VND50,000/tale on Monday
• Vietnam central bank abolishes rate cap for over 12-month deposits
• VBSP fails to sell any of VND2Tln government bonds on June 8
• Agribank not to be equitized in 5 years’ time: governor
• June 11: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate eases
• HSBC named best-sub custodian bank in Vietnam by Global Finance
• Experts: Vietnam banking reform in trouble
• Vietnam Dong hits record low as state bank to lower deposit cap
• Week ending June 8: finance and banking review

It’s not over: 1% cut to rates effective today Posted: 11 Jun 2012 01:25 AM PDT Following other nations such as China and Australia to counter the global slowdown, the SBV announced that it would cut rates by 1% effective today to boost spending. This is the fourth cut by the SBV since March, and comes two weeks after its previous cut. With inflationary pressures expected to ease further due to still-weak demand [...]

Gold prices rose by VND50,000/tale on Monday Posted: 10 Jun 2012 11:18 PM PDT Local gold prices rose by VND50,000/tale on Monday to VND42.04 million/tael as world gold prices ticked up in Asia trade this morning as the European finance ministers’ decision to help Spain’s battered banks boosted riskier assets and dollar fell. SJC Hanoi quoted at VND41.92 million/tael for bid and VND42.04 million/tael for ask, respectively as of [...]

Vietnam central bank abolishes rate cap for over 12-month deposits Posted: 10 Jun 2012 11:17 PM PDT The State Bank of Vietnam (SBV) announced to remove the interest rate cap of 9% per annum for deposits of over 12-month maturities, the central bank said in a statement posted on its website last Friday. Interest rates offered on above 1-year deposits will solely be determined by credit institutions based on supply and demand [...]

VBSP fails to sell any of VND2Tln government bonds on June 8 Posted: 10 Jun 2012 11:16 PM PDT The Vietnam Bank for Social Policies (VBSP) failed to sell any of VND2 trillion worth of government bonds, distributed equally for 3-year and 5-year tenors, auctioned on June 8, said the Hanoi Stock Exchange (HNX) on its website. The bid-to-cover ratio was just 0.75, including 3 bidders registering for VND1.2 trillion 3-year bonds, seeking for [...]

Agribank not to be equitized in 5 years’ time: governor Posted: 10 Jun 2012 11:16 PM PDT The State Bank of Vietnam (SBV) has no plan to equitize the Vietnam Bank for Agriculture and Rural Development (Agribank) in the next five years, the local newswire TTVN.vn reported, quoting the SBV Governor as saying. Hanoi-based Agribank is currently the only lender with full state ownership. Another three major state-run banks [VCB, CTG and BIDV] have [...]

June 11: Vietnam central bank sets dollar unchanged at vnd20,828; banks rate eases Posted: 10 Jun 2012 11:15 PM PDT The State Bank of Vietnam, the country's central bank, Monday set the exchange rate for the U.S. dollar at VND20,828, unchanged for 6 months, however, commercial banks eased after a strong rally last week. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is currently at [...]

HSBC named best-sub custodian bank in Vietnam by Global Finance Posted: 10 Jun 2012 08:25 PM PDT HSBC Bank (Vietnam) Ltd (HSBC Vietnam) has been named Best Sub-Custodian Bank 2012 in Vietnam in Global Finance's ninth annual ranking of the world's "Best Sub-Custodians". HSBC Vietnam has been accorded this prestigious status for the fifth consecutive year. Global Finance selected the winners from institutions that reliably provide the best custody services in local [...]

Experts: Vietnam banking reform in trouble Posted: 10 Jun 2012 08:21 PM PDT Vietnam’s drive to restructure its troubled banking sector is being derailed by powerful interest groups as the political will needed to force through painful reforms falters, experts say. After a decade of rapid, chaotic bank liberalisation, Vietnam has ended up with too many domestic banks (42) many of which are overloaded with toxic debt and [...]

Vietnam Dong hits record low as state bank to lower deposit cap Posted: 10 Jun 2012 08:20 PM PDT Vietnam's dong reached its weakest level since at least June 1993 on speculation investors bought dollars after the central bank announced it will lower the interest-rate cap on deposits. Government bonds gained. The State Bank of Vietnam will cut the dong deposit rate to 9 percent from 11 percent effective June 11, Governor Nguyen Van [...]

Week ending June 8: finance and banking review Posted: 10 Jun 2012 08:20 PM PDT The State Bank of Vietnam (SBV) cut dong deposit interest rate cap by another 2% to 9% per annum from June 11, the SBV Governor Nguyen Van Binh as saying at the National Assembly's meeting today [May 7]. The Central Bank's Policies The central bank also announced to cut other policy rates by 1%. The [...]

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