Advertisements After Techcombank announced its ‘zero-dong service’ policy, in which its clients pay no fee for some kinds of services, other banks have followed the move. VIB Bank and SeA Bank last week announced exemption of service fees for some kinds of services provided to individual customers, including cash withdrawal from 17,000 ATMs throughout theContinue reading “Banks ignite ‘zero-dong service’ competition”
Category Archives: Finance
The richest billionaire families in Vietnam’s banking industry
Advertisements Techcombank (TCB) and VP Bank (VPB) are now the two biggest private banks in Vietnam, while the families of Ho Hung Anh and Ngo Chi Dung, the biggest shareholders of the banks, are the most richest families in the banking sector. Of the lists of Vietnamese stock billionaires, Ho Hung Anh, chair of Techcombank,Continue reading “The richest billionaire families in Vietnam’s banking industry”
Moody’s announces completion of a periodic review of VIB’s ratings
Advertisements Moody’s Investors Service has just announced completion of a periodic review of ratings of Vietnam International Bank (VIB) Previously, Moody’s Investors Service has upgraded the baseline credit assessment (BCA) and adjusted BCA of Vietnam International Bank (VIB) to B1 and Counterparty Risk Assessment (CRA) to Ba3 in November 2018. The upgrade in VIB’s BCAContinue reading “Moody’s announces completion of a periodic review of VIB’s ratings”
SE Asia Stocks-Most rise ahead of China growth data; Vietnam slumps
Advertisements Most Southeast Asian stock markets rose on Tuesday, with Philippines leading the gainers, on optimism over a potential economic recovery in China ahead of its first-quarter growth data on Wednesday. China’s economic growth during the quarter is likely to have cooled to the weakest pace in at least 27 years, a Reuters poll hasContinue reading “SE Asia Stocks-Most rise ahead of China growth data; Vietnam slumps”
Land prices soar in resort city of Dalat
Advertisements Land prices have sharply increased in the past month in the centre of the Central Highlands tourist hot spot of Dalat. On some streets including Nguyen Chi Thanh, Bui Thi Xuan, Phan Boi Chau, land prices are being set as high as from VND200 million (USD8,735) to VND250 million per square metre. Since theContinue reading “Land prices soar in resort city of Dalat”
Hanoi retail property market performs well in Q1
Advertisements Hà Nội’s retail property market performed well in the first quarter of this year, however challenges remain from the development of e-commerce, experts said. Total stock was about 1.4 million sq.m, including supply of 16,000 sq.m from one project in inner Hà Nội, according to Savill Việt Nam’s report on the capital’s property marketContinue reading “Hanoi retail property market performs well in Q1”
SBV sets annual credit growth limits, 15 percent for best banks
Advertisements 2019 credit growth limit has been assigned to each commercial bank by the State Bank of Vietnam (SBV), with priority given to Vietcombank, VIB and OCB as those banks met Basel II’s capital safety and risk management standards ahead of schedule. According to a report on VNS, based on the current regulation of Vietnam,Continue reading “SBV sets annual credit growth limits, 15 percent for best banks”
20 Vietnamese banks will be audited for non-performing loan
Advertisements The State Audit Office of Vietnam (SAV) has recently published an audit plan to audit the accounts of 20 state-own and joint-stock commercial banks for their performance in resolving bad debts. Accordingly, Vietinbank, BIDV, and Vietnam Asset Management Company (VAMC) will be audited. The 18 other joint-stock commercial banks are ABBank, ACB, BacABank, CBBank,Continue reading “20 Vietnamese banks will be audited for non-performing loan”
New regulations on use of foreign currencies in Vietnam
Advertisements The State Bank of Vietnam recently issued Circular No. 03/2019/TT-NHNN on amending and supplementing a number of articles of Circular No. 32/2013/TT-NHNN guiding the implementation of regulations on restricting the use of foreign currencies across the Vietnamese territory. Accordingly, Circular 03 supplements regulations concerning the cases in which the use of foreign currencies isContinue reading “New regulations on use of foreign currencies in Vietnam”
Businesses borrow money from banks rather than issue bonds
Advertisements The government’s decree 163, with loosened requirements on bond issuance, is expected to encourage businesses to seek capital from bond issuance and rely less on bank loans. Finance experts have found two new regulations stipulated in the decree. Regarding the separate bond issuance, the new decree does not set a limit on the rightsContinue reading “Businesses borrow money from banks rather than issue bonds”
Many banks in Vietnam find out car loans not low-hanging fruit as borrowers cheat
Advertisements By Minh Son, VNExpress Vietnamese banks are struggling to recover overdue car loans since many customers mortgage vehicles bought using bank loans. Dao Minh Tuan, manager of the debt recovery department at private lender Vietnam International Bank (VIB), said 50 percent of non-performing car loans are because of this. Borrowers are supposed to getContinue reading “Many banks in Vietnam find out car loans not low-hanging fruit as borrowers cheat”
Foreign banks in Vietnam raise chartered capital
Advertisements Both Vietnamese and foreign banks are rushing to raise their chartered capital to satisfy the requirements of Basel II. After divestment from Asia Commercial Bank (ACB) in 2018, Standard Chartered Vietnam in February completed its plan to raise capital from VND3.08 trillion to VND4.215 trillion, or 37 percent. The new investment capital was allocatedContinue reading “Foreign banks in Vietnam raise chartered capital”
MasterCard announced the appointment of new country manager for Vietnam
Advertisements Mastercard Vietnam gets Winnie Wong as its new country manager Winnie Wong will support the company’s expansion into digital payments in Vietnam, play a key role in engaging with regulators and stakeholders to support the Government’s plan to reduce cash payments to less than 10 percent by 2020. Since joining Mastercard in Singapore inContinue reading “MasterCard announced the appointment of new country manager for Vietnam”
Foreign financial institutions set their sights on poorly-performing banks of Vietnam
Advertisements Foreign financial institutions were eyeing up poorly-performing banks in Vietnam after being given the green light to acquire stakes in local institutions in a move to speed up the restructuring of the banking industry According to Mr. Nguyen Chi Hieu, a banking expert in Vietnam, M&As in the banking industry had remained quiet forContinue reading “Foreign financial institutions set their sights on poorly-performing banks of Vietnam”
Fake news: Vietnam to Get Its First Ever Cryptocurrency Exchange
Advertisements “Kronn Ventures AG, a Switzerland-based blockchain firm, is going to launch a cryptocurrency exchange in Vietnam”. CCN.com reports. According to CCN.com, the company signed a memorandum of understanding with Linh Thanh Group, a Vietnam-based distribution company, for the establishment of the country’s first crypto trading platform. The two further agreed to create a cryptocurrencyContinue reading “Fake news: Vietnam to Get Its First Ever Cryptocurrency Exchange”