Vietnam Business News

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• Vietnam completes inspecting, auditing nine weak banks
• Big banks report profit decrease, small fail to pay promised dividends
• Vietnam foreign debts to rise 37% if bonds are issued to tackle bad debts
• Deposits from individuals rise nearly 20% in 8M
• ANZ says Vietnam likely to cut rates by another 1% in q4/2012 or early 2013
• Increase in trade between Vietnam and Middle East
• Sacombank to merge with Eximbank
• VND2 trillion for SMEs
• Big C’s VND11 bil. on solar power
• Foreign investment rises 8% in November

Vietnam completes inspecting, auditing nine weak banks Posted: 26 Nov 2012 07:34 PM PST The State Bank of Vietnam (SBV) has finished inspecting and auditing nine ailing banks, the Saigon Times reported. The central bank has directed to hire international auditing company to audit banks and the central bank also conducted comprehensive inspection. The lack of cooperation, even opposition from major shareholders of ailing banks towards the policy and [...]

Big banks report profit decrease, small fail to pay promised dividends Posted: 26 Nov 2012 07:33 PM PST Commercial banks all keep pessimistic about the business result this year, when the credit flow gets stuck and the bad debts increase rapidly. Trinh Van Tuan, President of OCB, said the target profit of 500 billion dong may be unattainable this year. Tuan said the credit growth rate of the bank in the first 10 [...]

Vietnam foreign debts to rise 37% if bonds are issued to tackle bad debts Posted: 26 Nov 2012 07:32 PM PST If bad debts are to be tackled through money solely coming from bond issuance, total foreign debts of the country will increase from $48.9 billion in 2012 to $67 billion in 2013, or an increase of 37%. If bad debts are to be tackled through money solely coming from bond issuance, total foreign debts of [...]

Deposits from individuals rise nearly 20% in 8M Posted: 26 Nov 2012 07:32 PM PST Deposits from individuals represented 65% of total deposits of the banking industry and increased by 19.99% to VND1.555.9 trillion in the first eight months of this year, the local newswire Gafin.vn reported, citing data from the central bank. Meanwhile, deposits of economic institutions accounted for 35% of total deposits and rose 2.02% from end 2011. [...]

ANZ says Vietnam likely to cut rates by another 1% in q4/2012 or early 2013 Posted: 26 Nov 2012 07:31 PM PST The Australia and New Zealand Banking Group (ANZ) forecast that Vietnam is likely to cut rates by another 1% in the fourth quarter of this year or early next year, the local newswire Gafin.vn reported. ANZ projected Vietnam inflation to conclude at around 7.5-8.5% in 2012, mainly due to price hikes in medicine and medical [...]

Increase in trade between Vietnam and Middle East Posted: 26 Nov 2012 07:30 PM PST Vietnam Customs revealed that trade between Vietnam and the Middle Eastern countries touched US$4.86 billion in the first nine months of this year, an increase of 30 percent compared to the same period last year. Export turnover was $3.03 billion, up 73 percent year-on-year while import turnover was $1.83 billion, down 7 percent year-on-year. Among [...]

Sacombank to merge with Eximbank Posted: 26 Nov 2012 07:29 PM PST The merger of Sacombank and Eximbank is no longer a mere rumour, confirmed Eximbank Chairman Le Hung Dung yesterday, admitting that the two banks have been in negotiations. The merger talk was initiated when Eximbank acquired a 9.73 percent stake in Sacombank from ANZ Banking Group. Virtually no information was disclosed about the deal, prompting [...]

VND2 trillion for SMEs Posted: 26 Nov 2012 07:26 PM PST The Agency for Enterprise Development has presented to the Government a scheme of establishing a development fund for small and medium-sized enterprises (SMEs) with chartered capital of VND2 trillion to offer practical support to SMEs. Speaking at a seminar on support for SMEs held last week in HCMC, Bui Thi Thu Thuy from the agency [...]

Big C’s VND11 bil. on solar power Posted: 26 Nov 2012 07:25 PM PST Supermarket chain Big C and Schneider Electric Vietnam have inked a deal for cooperation in a renewable energy project 'Solar Photovoltaic Power 212 kWp' worth more than VND11 billion. Under the deal, a solar power system of 212 kilowatts-peak will be installed on the roof of the car park of Big C supermarket/shopping center in [...]

Foreign investment rises 8% in November Posted: 26 Nov 2012 07:24 PM PST Vietnam attracted nearly US$1.7 billion in foreign direct investment (FDI) in November, up 8% from the same period the previous year, according to the Foreign Investment Agency. However, FDI disbursement this month has only reached US$900 million, down 5% from a year earlier. In the January-November period, FDI disbursement hit US$9.9 billion, down 1.5% year [...]

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