Vietnam Business News

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• March CPI drops 0.19 percent
• AMC to be officially established next week
• Asset management company expected to tackle half of banks’ bad loans
• Danang to issue VND3.5tln more municipal bonds in 2013
• SBV considers increasing pressure on weak banks
• Banks cut deposit rates as liquidity improves
• 20% of land for low-income housing

March CPI drops 0.19 percent Posted: 23 Mar 2013 05:35 AM PDT Vietnam's consumer price index (CPI) in March fell just 0.19 percent from February, bringing the three-month price index to 2.39 percent, according to the General Statistics Office (GSO). The decline reflects the true nature of the market trend as the prices of commodities are stabilized due to a low consumer demand after the traditional Lunar [...]

AMC to be officially established next week Posted: 23 Mar 2013 05:29 AM PDT Next week, Assets Management Company (AMC) would be officially established, bringing hope for bad debt handling. However, without suitable mechanisms, bad debts would not be saleable or would be sold at low price. According to Dr Le Xuan Nghia, member of National Financial and Monetary Policy Advisory Council, scheme of establishing AMC had almost been approved, what [...]

Asset management company expected to tackle half of banks’ bad loans Posted: 23 Mar 2013 05:29 AM PDT A national asset management company (AMC), scheduled to be set up in April this year, is expected to help Vietnam banks deal with half [or around VND100 trillion] of their total non-performing loans, the local newswire VnEconomy.vn reported. The AMC is anticipated to have a charter capital of VND500 billion and be a fully state-owned firm, directly [...]

Danang to issue VND3.5tln more municipal bonds in 2013 Posted: 23 Mar 2013 05:29 AM PDT The Danang People's Committee is expected to issue another VND3.5 trillion worth of municipal bonds to balance budget for key projects of the city in 2013, the local newswire Gafin.vn reported. This will be the city's second bond issuance in 2013 after it sold VND1.5 trillion worth of municipal bonds to raise funds for construction [...]

SBV considers increasing pressure on weak banks Posted: 23 Mar 2013 05:29 AM PDT Commercial banks would have no more reasons to deliberately delay or refuse to undergo the restructuring. Weak banks would be put under the special control, forced to merge to others or go bankrupt if necessary. Harder pressure to be put on weak banks The State Bank of Vietnam (SBV) has, for the first time, stated [...]

Banks cut deposit rates as liquidity improves Posted: 23 Mar 2013 05:29 AM PDT Many Vietnamese banks in HCM City have lowered deposit interest rates since early March as deposits continue to rise.  The interest rate of Bank for Foreign Trade of Vietnam (Vietcombank) has been lowered from 8pct to 7.5pct for one to three months loans. Asia Commercial Bank (ACB), Saigon Commercial Bank (SCB) also lowered their rates [...]

20% of land for low-income housing Posted: 23 Mar 2013 05:21 AM PDT Priority should be given to perfecting institutions related to real estate development, said Deputy Prime Minister Hoang Trung Hai, who is also head of the Central Steering Committee on Housing Policy and the Real Estate Market. Hai urged the committee to demand more interdisciplinary inspections nationwide to focus on difficulties in financing progress, mortgage lending [...]

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