Vietnam Business News

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• Despite a minus credit growth rate, banks still pocket trillions of dong
• Lifts ceiling credit growth rate, but loans remain unreachable
• Vietnam VBSP to auction VND3Tln government-backed bonds on Sept 12
• ACB raises gold deposit rates
• Counterfeit bills down 13% in Vietnam
• Vietnam needs patience to reduce bad debt: imf
• Government pledges “no limits” on banking system cleanup
• Hanoi prepares for Vietnam Motor Show
• Vietnam boosts trade ties with Africa, Middle East
• Provisions push bank profits down

Despite a minus credit growth rate, banks still pocket trillions of dong Posted: 07 Sep 2012 09:08 PM PDT Though commercial banks keep complaining that it's very difficult to find good clients to lend o, they still made fat profits so far this year. The reports about the slow credit growth rate of the banking system have made people think that commercial banks are meeting big difficulties, because credit brings 80 percent of their [...]

Lifts ceiling credit growth rate, but loans remain unreachable Posted: 07 Sep 2012 08:57 PM PDT Some commercial banks have got the go-ahead from the State Bank of Vietnam (SBV) to raise the ceiling credit growth rates to 25-30 percent, instead of the 0-17 percent rates fixed earlier this year. However, this is not enough to be optimistic about Tien Phong Bank, Ocean Bank have been allowed to raise the ceiling [...]

Vietnam VBSP to auction VND3Tln government-backed bonds on Sept 12 Posted: 07 Sep 2012 08:48 PM PDT The Vietnam Bank for Social Policies (VBSP) will open an auction for VND3 trillion worth of government bonds distributed equally for 2, 3 and 5 year tenors on the Hanoi Stock Exchange (HNX) on September 12. These auctions are numbered 158, 159 and 160, respectively. These bonds will be issued on September 14 and mature [...]

ACB raises gold deposit rates Posted: 07 Sep 2012 08:47 PM PDT From September 5, Asia Commercial Joint Stock Bank (ACB) issued a new deposit interest rate benchmark whereby the lender raised the interest rate for Certificate of Deposits (C/Ds) in gold sharply Accordingly, in comparison with the interest rate benchmark on August 29, the bank's interest rate for C/Ds in gold enclosed with option rights increased [...]

Counterfeit bills down 13% in Vietnam Posted: 07 Sep 2012 08:47 PM PDT The circulation of counterfeit money has declined in Vietnam in recent years The amount of fake money collected in Vietnam”s banking system fell 13.41 percent in the first half of this year from a year ago, the central bank announced. Most of the fake polymer banknotes that surfaced during the period could be identified easily [...]

Vietnam needs patience to reduce bad debt: imf Posted: 07 Sep 2012 08:46 PM PDT Vietnam's bad debts rose to 8.6 percent of total loans at the end of March It will take a long time to reduce non-performing loans in Vietnam because the problem has  taken root over several years, said the International Monetary Fund, once again urging banking reform. "The experience of many other countries coping with similar [...]

Government pledges “no limits” on banking system cleanup Posted: 07 Sep 2012 08:45 PM PDT The Government has promised to take drastic actions in dealing with violations in the banking sector, applying punishments to anyone who violates the law. At the Government's regular meeting on September 5, Vu Duc Dam, the Minister-Chairman of the Government Office, said that many individuals and organisations have used loopholes to get a stake in [...]

Hanoi prepares for Vietnam Motor Show Posted: 07 Sep 2012 08:41 PM PDT The Vietnam Motor Show 2012 will be held in Hanoi by the end of this month with the participation of seven local car manufacturers and six imported brands, organisers said. The annual show, themed “Towards end-users,” will also include dozens of foreign and domestic automotive parts suppliers showcasing their wares in a 12,000sq.m. room. The [...]

Vietnam boosts trade ties with Africa, Middle East Posted: 07 Sep 2012 08:39 PM PDT A workshop themed "Vietnam-Africa-Middle East: New partners for development" was held in Hanoi on September 7 to promote trade and investment between Vietnam and the regions.   In his opening speech, Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) said that Vietnam has diplomatic ties with almost every country in [...]

Provisions push bank profits down Posted: 07 Sep 2012 08:37 PM PDT The big spread between borrowing and lending rates generated high profits for many banks last year but if provisions were made as sufficiently as required, the real margins would not have been as large as announced in their financial statements. According to the 2012 macro-economic performance report prepared by the National Assembly Economic Committee and [...]

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