Vietnam Business News

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• SBV believed not to lower key interest rates
• Standard Chartered opens more doors
• Vietnam government plans to fix all weak banks in 2013
• Banks court customers as capital tightens up
• Vietnam tells central bank to clean up bad debt
• Vietnam’s Binh pledges crackdown on bank shareholder violations
• Vietnam needs to have transparency in banking restructuring: imf experts
• Banking interest groups exist, to be eliminated: c.bank
• Foreign reserves surge to $20b, says ADB
• SOE restructuring to reduce burden on state budget

SBV believed not to lower key interest rates Posted: 09 Oct 2012 09:53 AM PDT Finance institutions believe that the State Bank of Vietnam (SBV) would not slash key interest rates further, because the government needs to be sure that the inflation rate in 2012 would be at one-digit level. How the interest rates will perform in the three last months of the year is the thing that most businesses [...]

Standard Chartered opens more doors Posted: 09 Oct 2012 09:53 AM PDT Standard Chartered Bank Vietnam just opened its new head office at Keangnam Hanoi Landmark Tower in Hanoi. On the occasion, the bank's CEO Louis Taylor shared his thoughts with VIR about the Vietnam economy's current standing, future perspective and the bank's commitment in doing business long-term in Vietnam. What is your forecast on Vietnam economy [...]

Vietnam government plans to fix all weak banks in 2013 Posted: 09 Oct 2012 09:50 AM PDT The government has tasked the State Bank of Vietnam to take necessary measures to tighten discipline on the banking sector and fix all weak banks in 2013, according to the government's newly-issued resolution. The central bank is also asked to design comprehensive solutions to deal with non-performing loans, increase foreign reserve, and strictly control the [...]

Banks court customers as capital tightens up Posted: 09 Oct 2012 09:50 AM PDT The limit in interbank activities and the stagnation of capital in non-performing loans is prompting banks to seek more deposits. Based on figures from September's regular government press conference in Hanoi, from the beginning of this year to the end of August, the growth pace of new deposits reached 11.23 per cent. Meanwhile as of [...]

Vietnam tells central bank to clean up bad debt Posted: 09 Oct 2012 09:49 AM PDT The State Bank of Vietnam said the central government ordered it to take measures to clean up bad debt in the banking system, as authorities try to stave off downward pressure on the economy. The central bank said in a statement Monday that it will have to deal with “weak banks” by the end of [...]

Vietnam’s Binh pledges crackdown on bank shareholder violations Posted: 09 Oct 2012 09:48 AM PDT Vietnam's central bank vowed to crack down on violations stemming from small groups of shareholders who control Vietnamese banks, calling them the "biggest obstacle" to reforming the financial system. "Interest groups" have emerged at all Vietnamese banks and some lenders are controlled by only one or two individual shareholders, Governor Nguyen Van Binh said in [...]

Vietnam needs to have transparency in banking restructuring: imf experts Posted: 09 Oct 2012 09:48 AM PDT Recently, the Central Institute for Economic Research and Management in collaboration with Office of the International Monetary Fund (IMF) in Hanoi organised a seminar on "world economic outlook report." At the conference, talking about the process of economic restructuring in Vietnam, Sanjay Kalra, IMF's resident representative in Vietnam, said one of the key issues is [...]

Banking interest groups exist, to be eliminated: c.bank Posted: 09 Oct 2012 09:47 AM PDT Interest groups do exist in the local banking system, said the governor of Vietnam's central bankon a recent TV program of national broadcaster Vietnam Television. Groups or individuals have been manipulating local banks recently, a situation which can be considered clear evidence of the existence of such interest groups in the banking system, said Nguyen [...]

Foreign reserves surge to $20b, says ADB Posted: 09 Oct 2012 09:43 AM PDT Viet nam’s foreign reserves have surged from a level of just $9 billion last year to $20 billion at the end of last month, equivalent to 2.4 months of imports and the highest level since 2009 Viet nam”s foreign reserves have surged from a level of just $9 billion last year to $20 billion at [...]

SOE restructuring to reduce burden on state budget Posted: 09 Oct 2012 09:40 AM PDT The restructuring of two big state-owned enterprises (SOEs) in the construction industry will help reduce the financial burden on the state budget and the government's effort towards state management, said a state agency. This is one of the goals of the restructuring of Vietnam Industry Construction Group (VNIC) and the Housing and Urban Development Group [...]

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