The Business Times: Vietnam ranks no.9 in the world on receiving oversea remittances

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• Vietnam ranks no.9 in the world on receiving oversea remittances
• Vietnam c.bank net injects vnd50ln via OMO on nov 28
• Nov 29: Vietnam central bank keeps dollar exchange at vnd21,036, commercial banks rate down
• Banks’ planning to sell stake to foreign investors
• Striving for 12 percent credit growth rate – what for?
• Interest rate for state investment credit reduced to 10.8%
• Small stocks support local bourses
• SBV’s local gold purchase unlikely, bankers say
• SBV sells 14,900 taels of gold at 72nd auction

Vietnam ranks no.9 in the world on receiving oversea remittances Posted: 28 Nov 2013 07:25 PM PST According to the latest forecast by the State Bank of Vietnam (SBV), the amount of remittances to Vietnam this year will reach USD11 billion, up sharply from USD 9.75 billion in 2012, local newspaper Dau tu reported. Overall, remittances to Vietnam from 1993 to 2013 are at about USD84 billion. According to the World Bank [...] The post Vietnam ranks no.9 in the world on receiving oversea remittances appeared first on Vietnam Business News.

Vietnam c.bank net injects vnd50ln via OMO on nov 28 Posted: 28 Nov 2013 07:24 PM PST The State Bank of Vietnam (SBV) pumped VND120 billion through open market operation (OMO) and withdrew VND70 billion, resulting in net injection of VND50 billion on Nov 28, 2013, local newswire NDH reported, citing data from SSI Research. As of November 28, the total outstanding loans on OMO were VND508 billion. On the day, SBV issued VND1,994 [...] The post Vietnam c.bank net injects vnd50ln via OMO on nov 28 appeared first on Vietnam Business News.

Nov 29: Vietnam central bank keeps dollar exchange at vnd21,036, commercial banks rate down Posted: 28 Nov 2013 07:22 PM PST Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND21,036 on Wednesday, unchanged for nearly 5 months. 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 dollar prices by [...] The post Nov 29: Vietnam central bank keeps dollar exchange at vnd21,036, commercial banks rate down appeared first on Vietnam Business News.

Banks’ planning to sell stake to foreign investors Posted: 28 Nov 2013 07:18 PM PST Some banks are planning to sell stake to foreign investors with an expectation to accelerate the restructuring and enhance the financial resources and executive management. This is also an opportunity for foreign shareholders penetrate deep into Vietnam's financial market and also for speculation and long-term investment purposes. According to experts, the wave of foreign investors [...] The post Banks’ planning to sell stake to foreign investors appeared first on Vietnam Business News.

Striving for 12 percent credit growth rate – what for? Posted: 28 Nov 2013 07:17 PM PST While the State Bank repeatedly urges commercial banks to push up lending, economists believe there's no need to strive for the 12 percent credit growth rate in 2013, if this brings risks. SBV gets impatient By October 31, 2013, the total outstanding loans had increased by 7.18 percent over the end of 2012. The growth [...] The post Striving for 12 percent credit growth rate – what for? appeared first on Vietnam Business News.

Interest rate for state investment credit reduced to 10.8% Posted: 28 Nov 2013 07:14 PM PST On November 14, 2013, the Ministry of Finance issued Circular 161/2013/TT-BTC. Accordingly, interest rate for State investment credit in Vietnam dong is 10.8%/pa, local newspaper Hai quan reported. Circular 161/2013/TT-BTC amends and supplements Circular No. 77/2013/TT-BTC on regulating interest rates for State investment credit, and export credit and interest rate difference calculated for after-investment support. [...] The post Interest rate for state investment credit reduced to 10.8% appeared first on Vietnam Business News.

Small stocks support local bourses Posted: 28 Nov 2013 07:10 PM PST Markets finished mixed at the end of yesterday’s session, with liquidity declining over the previous day’s trading. On the HCM City Stock Exchange, the VN-Index shed 0.14 per cent to 507.71 points, while the VN30 tracking the southern city bourse’s top shares added 0.4 per cent to close at 570.56 points. The VN30 gained thanks [...] The post Small stocks support local bourses appeared first on Vietnam Business News.

SBV’s local gold purchase unlikely, bankers say Posted: 28 Nov 2013 07:01 PM PST Although an official of the State Bank of Vietnam (SBV) recently announced a gold purchase plan from local sources to increase the nation's foreign reserves, local banks and gold trading enterprises have predicted that the scheme won't happen. Although an official of the State Bank of Vietnam (SBV) recently announced a gold purchase plan from [...] The post SBV's local gold purchase unlikely, bankers say appeared first on Vietnam Business News.

SBV sells 14,900 taels of gold at 72nd auction Posted: 28 Nov 2013 07:00 PM PST Only 100 taels of gold bullions were left unsold out of 15,000 taels offered in the 72nd auction session held by the State Bank of Vietnam (SBV) on November 28, 2013, the State Bank of Vietnam (SBV) said. Thirdteen licensed gold firms and credit institutions bought gold bullions at VND35.2 – 35.23 million/tael. During the period from [...] The post SBV sells 14,900 taels of gold at 72nd auction appeared first on Vietnam Business News.

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