The Business Times: Banks want to lower interest rates to boost business

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• Banks want to lower interest rates to boost business
• NPL bargain hunt starts
• Vietnam begins to clean up act
• Southern steel mill now active
• Shares slide on expected CPI rise
• Compatibility shortage hindering IPv6 usage
• Vietnam: Annual jewelry gold consumption touches $3.5bln
• Oct 15: Vietnam central bank keeps dollar exchange at vnd21,036
• Vietcombank unveils new mutual fund
• Vietnam c.bank net withdraws vnd189bln via OMO on oct 14

Banks want to lower interest rates to boost business Posted: 15 Oct 2013 12:54 AM PDT Credit institutions are expecting interest rate to be lowered 1% this year, according to the State Bank of Vietnam’s Department of Monetary Forecast and Statistic. Even though the economy and business environment have not improved from the previous quarter, both domestic and foreign credit institutions in Vietnam hope for better changes in the last quarter [...] The post Banks want to lower interest rates to boost business appeared first on Vietnam Business News.

NPL bargain hunt starts Posted: 15 Oct 2013 12:45 AM PDT Vietnam's non-performing loans (NPL) seem to be magnetic to foreign financial groups. Le Xuan Nghia, former deputy chairman of the National Financial Supervisory Commission, said that since the Vietnam Assets Management Company (VAMC) was established over a month ago, "many foreign investors are coming to Vietnam to buy loan packages including giants such as US [...] The post NPL bargain hunt starts appeared first on Vietnam Business News.

Vietnam begins to clean up act Posted: 15 Oct 2013 12:43 AM PDT New decree on money laundering has stringent requirements for banks, jewelers, casinos and even charities Vietnam is seeking to tighten regulations against money laundering following suspicious transactions worth several billion dollars last year and blacklisting by the anti-money laundering Financial Action Task Force in June. According to a decree on preventing and fighting money laundering [...] The post Vietnam begins to clean up act appeared first on Vietnam Business News.

Southern steel mill now active Posted: 14 Oct 2013 08:29 PM PDT BA RIA – VUNG TAU (VNS)  — Production began yesterday at the China Steel Sumikin Viet Nam Joint Stock Company in southern Ba Ria – Vung Tau Province, providing 800 jobs. The factory in the My Xuan A2 Industrial Zone was built at a cost of VND18.368 trillion (US$1.15 billion in 2009 when the company [...] The post Southern steel mill now active appeared first on Vietnam Business News.

Shares slide on expected CPI rise Posted: 14 Oct 2013 08:24 PM PDT HA NOI (VNS)  — Shares, despite slight increases in the morning, finished the day lower on both national bourses, following forecasts about the slight rise of the consumer price index (CPI) this month. On the HCM City Exchange, the VN-Index slid 0.18 per cent to reach 493.62 points. Both value and volume and shares traded [...] The post Shares slide on expected CPI rise appeared first on Vietnam Business News.

Compatibility shortage hindering IPv6 usage Posted: 14 Oct 2013 08:22 PM PDT HA NOI (VNS)  — The number of IPv6 users in Viet Nam is limited by the lack of IPv6 supported devices, according to the Ministry of Information and Communications. IPv6, which includes an improved option mechanism over IPv4, enlarges the number of IP addresses and allows electronic devices to automatically configure factors for Internet connection. [...] The post Compatibility shortage hindering IPv6 usage appeared first on Vietnam Business News.

Vietnam: Annual jewelry gold consumption touches $3.5bln Posted: 14 Oct 2013 08:15 PM PDT It is estimated that local people in Vietnam spend approximately $3.5 billion every year to buy gold jewelry items. The information was given in the International Jade Conference held for the first time in Vietnam on Oct 13, 2013. The event was co-organized by the Vietnam National University, Hanoi and the DOJI Group. DOJI Chairman [...] The post Vietnam: Annual jewelry gold consumption touches $3.5bln appeared first on Vietnam Business News.

Oct 15: Vietnam central bank keeps dollar exchange at vnd21,036 Posted: 14 Oct 2013 08:12 PM PDT Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND21,036 on Tuesday, unchanged since June 28. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,246. Today, commercial banks lowered, some raised dollar prices, [...] The post Oct 15: Vietnam central bank keeps dollar exchange at vnd21,036 appeared first on Vietnam Business News.

Vietcombank unveils new mutual fund Posted: 14 Oct 2013 08:07 PM PDT HCM CITY (VNS)  — Registration for buying Vietcombank Fund Management’s Tactical Balanced Fund, opened yesterday. The open-ended fund got an IPO license from the State Securities Commission last month, and can be bought at Vietcombank’s HCM City branch and at Vietcombank Securities and Sai Gon Securities Joint Stock Company. The minimum investment is VND5 million [...] The post Vietcombank unveils new mutual fund appeared first on Vietnam Business News.

Vietnam c.bank net withdraws vnd189bln via OMO on oct 14 Posted: 14 Oct 2013 08:04 PM PDT The State Bank of Vietnam (SBV) net withdrew VND189 billion through reverse repos via open market operation (OMO) on Oct 14, 2013 after it pumped VND130 billion at 5.5% per annum and withdrew VND319 billion during the day. The net withdrawal cut the outstanding loans on OMO to 898 billion as of date. Yesterday, the [...] The post Vietnam c.bank net withdraws vnd189bln via OMO on oct 14 appeared first on Vietnam Business News.

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