Vietnam Business News

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• Vietnam banks turn to small sources of income amid low credit growth
• The young big tycoons who follow their fathers’ footsteps
• Overview of banking operations in Aug
• Despite ban, banks deposit trillions of Dong with each other
• Oct 5:Vietnam central bank sets dollar unchanged at vnd20,828; bank rates stable
• It takes Vietnam several years to restructure banking sector: Jpmorgan Chase economist
• Hard to lower deposit rate cap from now to year-end: senior economists
• Vietnam should not rush to stimulate credit if local demand stays low
• Fake VND200,000 notes circulate
• Bad debts from gold loans warned

Vietnam banks turn to small sources of income amid low credit growth Posted: 05 Oct 2012 05:34 AM PDT Many Vietnamese lenders have been launching promotions to boost the use of credit cards Banks have turned to small sources of income such as credit card service fees and interest rates on card payments as the demand for loans remains low, VnExpress reported. Since August, Vietnamese banks have been encouraging credit card holders to spend [...]

The young big tycoons who follow their fathers’ footsteps Posted: 05 Oct 2012 05:34 AM PDT Vietnam now witnesses the rise of a new generation of businessmen – the young 7X and 8X ones (who were born in 1970s and 1980s), who, backed by the powerful families, are managing the enterprises capitalized at trillions of dong. On September 18, 2012, the Board of Directors of the Asia Commercial Bank (ACB) approved [...]

Overview of banking operations in Aug Posted: 05 Oct 2012 05:33 AM PDT As per statistics from the State Bank of Vietnam (SBV), till the end of August, the total assets of the whole banking system reached more than 5,030 trillion dong, rising 1.42 percent from the end of 2011 and keeping constant growth in the past five The total chartered capital of the entire banking system reached [...]

Despite ban, banks deposit trillions of Dong with each other Posted: 05 Oct 2012 05:33 AM PDT In the first six months of this year, eight listed banks on the stock market have deposited total 285.267 trillion dong at other credit institutions, rising 25.7 percent over the same period last year. The mutual deposits were prohibited from Sept 1. The State Bank of Vietnam (SBV)'s Circular No 21, effective from September 1, [...]

Oct 5:Vietnam central bank sets dollar unchanged at vnd20,828; bank rates stable Posted: 05 Oct 2012 05:32 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. [...]

It takes Vietnam several years to restructure banking sector: Jpmorgan Chase economist Posted: 05 Oct 2012 05:31 AM PDT It will take Vietnam several years to restructure banking sector and state-owned enterprises.", said Matt Hildebrandt, Singapore-based JPMorgan's economist. Vietnam;s economic environment is now much more stable than it was 18 months ago but the economy still has weaknesses. In the coming time, it will take Vietnam several years to restructure banking sector and state-owned [...]

Hard to lower deposit rate cap from now to year-end: senior economists Posted: 05 Oct 2012 05:31 AM PDT It is hard for Vietnam to adjust down deposit interest rate cap from now to the end of this year, local senior economists told media. Le Tham Duong, head of Business Administration Department of Banking University in Ho Chi Minh said there is a 1% room for interest rate to go down however from now [...]

Vietnam should not rush to stimulate credit if local demand stays low Posted: 05 Oct 2012 05:30 AM PDT The State Bank of Vietnam (SBV)’s data showed that the country's credit growth rose 2.35% in the year to September 20, however, economists think that Vietnam should not hurry to boost credit growth because the local demand is still very low. These economists pointed out that the key problem now is not fund but it [...]

Fake VND200,000 notes circulate Posted: 05 Oct 2012 05:30 AM PDT Fake VND200,000 banknotes have been circulating in the market, the State Bank of Viet Nam said in a statement on Tuesday. The fake banknotes, though meticulously printed, are less durable and elastic than the real polymer notes, so users can still distinguish them by the naked eye and by slightly tearing the notes” edges. In [...]

Bad debts from gold loans warned Posted: 05 Oct 2012 05:29 AM PDT The ratio of bad debt on the total outstanding loans in gold has been increasing rapidly, experts have warned. The State Bank of Vietnam (SBV) initially intended to submit to the government the plan on mobilizing gold from the public in the second quarter of 2012. However, to date, the draft plan has not yet [...]

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