Friday, January 11, 2013

Vietnam Business News

Vietnam Business News

Trading band to increase on both bourses

Posted: 10 Jan 2013 08:03 PM PST

The State Securities Commission on Jan. 9 increased the daily trading band for stocks on both the HCM City and Hanoi stock exchanges, effective January 15. Under the decision, the amount by which a stock’s price can increase or decline within a single trading day will increase to plus-or-minus 7 percent in HCM City and [...]

Overseas investment benefits Vietnam firms

Posted: 10 Jan 2013 08:02 PM PST

Vietnam’s overseas investment was expected to hit 1-1.5 billion USD in registered capital this year, while disbursed capital was estimated at 0.9-1 billion USD, according to the Foreign Investment Agency. Statistics showed that there were 712 overseas Vietnamese projects as of December last year with total registered capital of 12.4 billion USD in 60 countries [...]

Vietnam three-year bond yield drops to 2009 low before auction

Posted: 10 Jan 2013 07:29 PM PST

Vietnam's three-year bonds rose, pushing the yield to the lowest level since May 2009, on speculation strong demand from banks at an auction tomorrow will drive rates lower. The dong was steady. The State Treasury will offer 5 trillion dong ($240 million) of two-, three- and five-year securities, according to a statement from the Hanoi [...]

Legal violations detected at most credit institutions inspected: SBV

Posted: 10 Jan 2013 07:29 PM PST

Legal violations have been detected at almost all credit institutions that were inspected in the past year, the local newswire Gafin.vn reported, citing a recent report by the State Bank of Vietnam (SBV). The inspection results revealed limitations in corporate governance of many banks. A number of joint-stock commercial banks are controlled by few major [...]

Vietinbank plans 20 pct loan growth in 2013

Posted: 10 Jan 2013 07:25 PM PST

VietinBank, Vietnam’s second-biggest partly private bank by assets, has set a lending growth target of 20 percent this year, after loans rose an estimated 13 to 15 percent in 2012, a state-run newspaper reported on Thursday. The Hanoi-based lender, 20 percent owned by Japan’s Bank of Tokyo-Mitsubishi UFJ, plans to keep bad debts below 2 [...]

PM Dung: credit growth must be in line with set targets

Posted: 10 Jan 2013 07:05 PM PST

Prime Minister Nguyen Tan Dung has emphasised five major tasks for the State Bank of Vietnam (SBV) to implement this year, with a focus on ensuring credit growth reaches the set targets. Speaking at a January 9 conference in Hanoi to devise the 2013 tasks for the SBV, Dung asked the SBV Governor to help [...]

Finance firms weigh up contrasting futures

Posted: 10 Jan 2013 07:04 PM PST

Industry experts are weighing up the prospects of finance firms and bank mergers. According to the government's state owned enterprises and state groups restructuring plan, state groups and corporations will have to entirely withdrawn investments from non-core businesses by 2015, particularly financial investments. This means that within the next three years, financial businesses are likely [...]

Struggling banks grapple with radical restructuring plans

Posted: 10 Jan 2013 07:04 PM PST

Struggling banks are racing against time to speed up their restructuring. Under the government approved plans for a banking sector shakeup, the State Bank (SBV) is targeting underperforming banks, with a particular focus on the restructuring of small joint stock banks. Weak banks, including TrustBank, Western Bank, Navibank and GP.Bank, are racing against time working [...]

Banking sector urged to better apply monetary policy

Posted: 10 Jan 2013 07:03 PM PST

The banking sector needs to better implement the monetary management policy and maintain inflation at a level lower than that in 2012. Prime Minister Nguyen Tan Dung made the statement in Hanoi on January 9 at a conference to introduce the banking sector's 2013 action plan. Dung said major challenges lie ahead. The Government's goals [...]

Vietnam inspectorate finds many wrongdoings of VDB

Posted: 10 Jan 2013 07:02 PM PST

The Government Inspectorate has detected many wrongdoings of Vietnam Development Bank (VDB) during its operation, the local media report, citing a recent inspection results announced by the agency. According to findings by the Government Inspectorate (announced Jan 10, 2013), VDB's non-performing loans by the end of 2010 were VND22.664 trillion or 12.57% of its total [...]
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