Vietnam Business News

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• Analysts wary of foreign investment in banking
• Banks have weak claim for raising atm fees
• Lower interest rates not devaluing local currency
• Hard for Vietnam to achieve 10% credit growth in 2012
• Oct 4: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates stable at vnd20,910
• Overseas Vietnamese send $20 billion home every year: official
• Vietnam central bank publicizes data of balance of payment for first time
• Interbank trading value in dollar surges 32% between Sep 24 and 28
• Bank capital drains to be hampered
• VBSP to auction VND2.5Tln government-back bonds on October 10

Analysts wary of foreign investment in banking Posted: 04 Oct 2012 04:26 AM PDT Foreign partnerships in banks could help bolster the banking system, especially in terms of dealing with bad debts and improving management Foreign partnerships in banks could help bolster the banking system, especially in terms of dealing with bad debts and improving management, but increasing the foreign ownership cap in banks should be considered carefully to [...]

Banks have weak claim for raising atm fees Posted: 04 Oct 2012 04:25 AM PDT Banks in Vietnam have been lobbying hard for permission to raise the fees they charge customers for using automated teller machines (ATMs), but new data suggests they could already be enjoying fat profits from the business. Several industry insiders told Vietweek that with the fast growing customer base for cards, banks have collected more than [...]

Lower interest rates not devaluing local currency Posted: 04 Oct 2012 04:25 AM PDT Dollar and dong notes seen at a bank in Ho Chi Minh City. Experts say the dong will remain stable through the end of the year. The exchange rate between the Vietnamese dong and US dollar has remained stable despite large deposit interest rate cuts this year. Shrinking demand for foreign currency, prompted by the [...]

Hard for Vietnam to achieve 10% credit growth in 2012 Posted: 04 Oct 2012 04:23 AM PDT Modest credit growth over the first nine months along with a weak capital absorption capacity of the economy has cast doubts over chances of credit market recovery. Credit growth as of 7 September 2012 gained 1.82pct, a 0.42 percent increase over the figure as of 20 August, according to the central bank. The year target [...]

Oct 4: Vietnam central bank sets dollar unchanged at vnd20,828; bank rates stable at vnd20,910 Posted: 04 Oct 2012 04:23 AM PDT The State Bank of Vietnam, the country's central bank today set the exchange rate for the U.S. dollar at VND20,828, unchanged for 9 months, while banks' rates were offered at VND20,910 en mass. Banks are allowed to trade dollar at +/-1% from central bank quote and the ceiling price for dollar is currently at VND21,036. [...]

Overseas Vietnamese send $20 billion home every year: official Posted: 04 Oct 2012 04:22 AM PDT Remittances and investments by overseas Vietnamese reach nearly US$20 billion a year, contributing significantly to the country's economic development, a government official said. Overseas remittances alone hit $6 billion in the first half of the year, Deputy Planning and Investment Minister Dao Quang Thu was quoted by news website VnExpress as saying. He added that [...]

Vietnam central bank publicizes data of balance of payment for first time Posted: 04 Oct 2012 04:21 AM PDT The State Bank of Vietnam (SBV) has recently announced figures about the international payment balance in Q1 and Q2 2012 for the first time in accordance with the Circular No 35/2011. Accordingly, in Q2, the current account balance enjoyed a surplus of $1.4 billion, down nearly 60 percent from the surplus in Q1. Totally, in [...]

Interbank trading value in dollar surges 32% between Sep 24 and 28 Posted: 04 Oct 2012 04:21 AM PDT The State Bank of Vietnam (SBV) has reported the banking operations for the week between September 24 and 28 whereby the total interbank trading value in US dollar soared 32 percent from the previous week while that in dong tumbled 20% on week. As reported, the total transaction volume on the interbank market in dong [...]

Bank capital drains to be hampered Posted: 04 Oct 2012 04:20 AM PDT Bank capital is likely to be either lost or reduced due to worthless shares or related dispute. How much such assets worth among banks' collateral would need clarification. What has struck the public recently is 20 million shares of Hoa Phat Steel JSC (HPS)-a subsidiary of Hoa Phat Group HPG which were owned by recently [...]

VBSP to auction VND2.5Tln government-back bonds on October 10 Posted: 04 Oct 2012 04:15 AM PDT The Vietnam Bank for Social Policies (VBSP) planned to auction VND2.5 trillion government-backed bonds through auctions on the Hanoi Stock Exchange on October 10, 2012 Of the figure, the Vietnam Bank for Social Policies (VBSP) will sell VND1 trillion for 2 year notes, VND1 trillion for 3 year bonds and VND0.5 trillion for 5 year bonds, [...]

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