Vietnam Business News

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• Credit growth stands at 1.82%: cbank
• Credit growth remains inert
• Foreign remittance in 2012 likely to reach $10-11b
• Sept 26: Vietnam Central Bank sets Dollar unchanged At VND20,828; bank rates flat
• Vietnam central bank net withdraws vnd699 billion on omo on Sept 25
• Interbank trading dong -6.8%, dollar unchanged, overnight rates falls 1.26% in week ending Sept 21
• TEXT-S&P ups three Vietnam banks, affirms rtgs on two others
• FPT: Chairman Truong Gia Binh becomes CEO as Truong Dinh Anh steps down
• Stock trade stagnant
• Retail sales value increases by 17 percent

Credit growth stands at 1.82%: cbank Posted: 26 Sep 2012 09:59 AM PDT The credit growth of the whole banking system reached 1.82 percent as of September 7, 2012, according to the State Bank of Vietnam (SBV). The lower-than-expected rate may due to the fact that some large banks have posted negative or very low credit growth, newswire Thoi Bao Kinh Te Saigon Online reported, citing the SBV [...]

Credit growth remains inert Posted: 26 Sep 2012 09:59 AM PDT Many businesses have taken out new loans for loan rollover rather than production resulting in Eximbank's negative outstanding credit for the first eight months of 2012, said general director of Eximbank Truong Van Phuoc. Also, another bank admitted modest additional funds in the past three and four months. The phenomenon would be plausible given weak [...]

Foreign remittance in 2012 likely to reach $10-11b Posted: 26 Sep 2012 09:55 AM PDT First-six-month foreign remittance gained USD 6 billion that is likely to jump to USD 10-11 billion – a 20 percent year-on-year increase. Overseas remittance into Vietnam has seen stability for the past eight months, yet a slight decline in volume due to lower investment which has resulted from gloom property and stock market, said deputy [...]

Sept 26: Vietnam Central Bank sets Dollar unchanged At VND20,828; bank rates flat Posted: 26 Sep 2012 09:54 AM 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 8 months, and banks' rates were almost unchanged. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is currently at VND21,036. The rate offered [...]

Vietnam central bank net withdraws vnd699 billion on omo on Sept 25 Posted: 26 Sep 2012 09:53 AM PDT Vietnam central bank net withdrew VND699 billion on OMO on Sept 25, both pumping and withdrawal value was high. On the day, the State Bank of Vietnam (SBV), the country's central bank, injected VND3.13 trillion on OMO at interest rate of 8% p.a through 7 day window and withdrew VND3.829 trillion. OMO trading has been [...]

Interbank trading dong -6.8%, dollar unchanged, overnight rates falls 1.26% in week ending Sept 21 Posted: 26 Sep 2012 09:49 AM PDT The total interbank trading value of the dong eased 6.8% to VND83.377 trillion in the week ending Sept 21 while that of the dollar was almost unchanged at VND46.166 trillion, said the State Bank of Vietnam (SBV) on its weekly banking review. Transactions in the interbank market were mostly for short terms which accounted for [...]

TEXT-S&P ups three Vietnam banks, affirms rtgs on two others Posted: 26 Sep 2012 09:48 AM PDT Standard & Poor’s Ratings Services said today that it had taken rating actions on several Vietnamese banks after the revision of the Banking Industry Country Risk Assessment (BICRA) on Vietnam (BB-/Stable/B) to group ’9′ from group ’10′. (see “BICRA On Vietnam Revised To Group ”9” From Group ”10”,” published earlier today on RatingsDirect on the [...]

FPT: Chairman Truong Gia Binh becomes CEO as Truong Dinh Anh steps down Posted: 26 Sep 2012 09:48 AM PDT FPT Corporation (FPT)'s Board of Directors has approved former CEO Truong Dinh Anh's resignation and the chairman Truong Gia Binh temporarily acted as the company CEO from Sept 26, 2012 until it is officially approved by the AGM in 2013. The information was announced in the Decision 01.09-2012/NQ-HĐQT/ FPT by FPT”s Board of Directors today [...]

Stock trade stagnant Posted: 26 Sep 2012 09:45 AM PDT With little investor interest, the local market largely moved sideways again on Tuesday while liquidity failed to make any improvement. The VN-Index inched up 1.4 points, or 0.36%, from the day earlier to close at 391.77 due to some help from GAS and VNM. The market opened several points higher and then hit the daily [...]

Retail sales value increases by 17 percent Posted: 26 Sep 2012 09:45 AM PDT The total value of retail sales of September alone surged more than 1 percent over the previous month to approach 193 trillion VND (9.2 billion USD). Individual traders made the most significant contribution to the retail value – 48.8 percent – followed by the private economic sector with 35.6 percent, an increase of 17.1 percent [...]

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