Vietnam Business News

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• Banks promoting growth by boosting individual credit
• Many questions about bank takeover deal remain unanswered
• Thanh and Sacombank: lays foundation, develops, earns money and leaves
• ADB lends nearly US$ 4 Billion to Vietnam
• Agribank changes managing deputy CEO
• Vietnam central bank to decide bullion conversion plan in a few days
• KienLong bank adjusts 2012 pre-tax profit target down 14.5%
• Vietnam central bank issues VND3.2Tln T-bills on Nov 7; interbank rates fall
• Vietnam Treasury & VBSP sells VND3.19Tln Government bonds last week; yields down
• Interbank trading Dong +8%, Dollar -22% in week ending Nov 2

Banks promoting growth by boosting individual credit Posted: 08 Nov 2012 08:21 AM PST In order to promote credit growth, commercial banks have recently reduced interest rates for individual customers. Due to difficulties in boosting lending for businesses amidst the unfavourable business environment and increasing bad debts, banks have to find an outlet for the credit line in personal segment, which promote real estate loans and consumer loans. To [...]

Many questions about bank takeover deal remain unanswered Posted: 08 Nov 2012 08:21 AM PST While the "fat cat" Dang Van Thanh and his family members have withdrawn from Sacombank, a big volume of Eximbank's shares has been traded on the market. Who is behind the transactions? Sacombank has new faces Sacombank, one of the biggest commercial banks in Vietnam, has finally found a new President – Pham Huu Phu, [...]

Thanh and Sacombank: lays foundation, develops, earns money and leaves Posted: 08 Nov 2012 08:20 AM PST Having been on the post of the Chair of the Sacombank's Board of Management for the last 20 years, Dang Van Thanh deserves the credit of turning Sacombank, a small bank at the establishment, into a strong brand. Like Nguyen Duc Kien, who is called "mogul Kien" because of his strong influences in the banking [...]

ADB lends nearly US$ 4 Billion to Vietnam Posted: 08 Nov 2012 08:19 AM PST The Asian Development Bank (ADB) recently held a press conference to announce the country partnership strategy (CPS) with Vietnam for the 2012 – 2015 period The Asian Development Bank (ADB) recently held a press conference to announce the country partnership strategy (CPS) with Vietnam for the 2012 – 2015 period and announced to lend Vietnam [...]

Agribank changes managing deputy CEO Posted: 08 Nov 2012 08:19 AM PST Vietnam Bank for Agriculture and Rural Development (Agribank) announced to have appointed Trinh Trong Khanh as its managing Deputy CEO from Nov 5, in place of Kieu Trong Tuyen. In late last month, Nguyen Minh Tri, Chairman cum Director of Ho Chi Minh City Gold, Silver and Gemstone Company (VJC), Chairman of Financial Leasing Company [...]

Vietnam central bank to decide bullion conversion plan in a few days Posted: 08 Nov 2012 08:19 AM PST The State Bank of Vietnam (SBV) will decide a bullion conversion plan and implementation approach in a few days, the Saigon Times reported, citing its private source. SJC have imported one more gold testing machine; a move to speed up the gold testing process, which is done rather slowly in the past time, said Nguyen [...]

KienLong bank adjusts 2012 pre-tax profit target down 14.5% Posted: 08 Nov 2012 08:18 AM PST KienLong Commercial Joint Stock Bank (KienLong Bank) announced to have adjusted down its 2012 pretax profit target by 14.5% to VND530 billion, the local newswire TTVN.vn reported. Besides, the unlisted lender also adjusted down other targets for this year as in the following table. The bank reported a pretax profit of VND413.9 billion in the [...]

Vietnam central bank issues VND3.2Tln T-bills on Nov 7; interbank rates fall Posted: 08 Nov 2012 08:15 AM PST The State Bank of Vietnam (SBV) sold VND3.2 trillion worth of Treasury bills to withdraw liquidity from commercial banks through open market operations (OMO) on Nov 7, the local newswire VnEconomy.vn reported, citing Reuters' data. Specifically, the central bank issued VND2 trillion 56-day bills at 5.9%; and VND1.2 billion 91-day securities at 6.8%. The SBV [...]

Vietnam Treasury & VBSP sells VND3.19Tln Government bonds last week; yields down Posted: 08 Nov 2012 08:15 AM PST The State Treasury of Vietnam and the Vietnam Bank for Social Policies (VBSP) sold VND3.19 trillion worth of government bonds in the previous week, according to the latest weekly report of BaoViet Securities Company (BVSC). In details, the State Treasury sold VND2.94 trillion government debts out of VND3 trillion auctioned bonds with a bid-to-cover ratio [...]

Interbank trading Dong +8%, Dollar -22% in week ending Nov 2 Posted: 08 Nov 2012 08:14 AM PST The total interbank trading value of the dong soared 8% to VND54.212 trillion in the week ending Nov 2 from VND50.147 trillion a week earlier while that of the dollar slipped 22% to VND48.348 trillion from VND62.02 trillion. The total interbank trading value of the dong soared 8% to VND54.212 trillion in the week ending [...]

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