Advertisements Both businesses and banks are to blame for the credit crunch facing the former, the VCCI says. The Vietnam Chamber of Commerce and Industry (VCCI) says that a survey of 504 businesses in different sectors found that most of them were unable to prove their creditworthiness to banks and other credit institutions. According toContinue reading “Businesses, banks responsible for credit crunch: VCCI”
Tag Archives: banking
Bank tickers anticipated upbeat momentum ahead
Advertisements Despite some corrections in the first half, bank tickers are expected to lead the market in the second half, buoyed by dwindling provisioning and upbeat profit prospect. Hoang Huy, head of Equity Research at Ho Chi Minh City-based KIS Vietnam Securities Corporation, with price-per-earnings ratio averaging 17.1x, the VN-Index hovers in an attractive pricingContinue reading “Bank tickers anticipated upbeat momentum ahead”
Moody’s updates ratings of Vietnamese banks
Advertisements Moody’s Investors Service has upgraded the long-term local and foreign-currency deposit and issuer ratings of Vietcombank, BIDV, and VietinBank. Moody’s also upgraded the long-term counterparty risk ratings (CRR) and counterparty risk assessments (CRAs) of VietinBank and BIDV and affirmed those of Vietcombank. It also upgraded the long-term foreign-currency deposit ratings of ACB, Military Bank,Continue reading “Moody’s updates ratings of Vietnamese banks”
Overnight interest rate doubles to 4.42%
Advertisements Interest rates on the inter-bank market have surged strongly in the past week despite the central bank’s net injection of VNĐ14.4 trillion (US$612.76 million). According to a report from the Saigon Securities Incorporation (SSI), the rate of overnight loans last week doubled from the previous week to reach 4.42 per cent, nearly equal toContinue reading “Overnight interest rate doubles to 4.42%”
Gov’t approves strategy for bank expansion by 2025
Advertisements Việt Nam aims to have at least 2 or 3 banks in Asia’s top 100 largest banks in terms of assets by 2025. Under the development strategy of the banking sector until 2025, recently approved by Prime Minister Nguyễn Xuân Phúc, the Government also plans to have 3 to 5 banks listed on foreignContinue reading “Gov’t approves strategy for bank expansion by 2025”
Digital Banking Sees Prosperous Future in Vietnam
Advertisements Like the rest of emerging countries in Asia, digital banking penetration in Vietnam is on the rise. According to a survey by IDG Vietnam, 81% of respondents said they used digital banking solutions in 2017 compared to 21% in 2015. Digital banking solutions are appreciated for their convenience and time savings and while the growthContinue reading “Digital Banking Sees Prosperous Future in Vietnam”
Moody’s takes rating actions on 14 banks in Vietnam
Advertisements Moody’s Investors Service on Tuesday upgraded the ratings of 14 Vietnamese banks, driven by its upgrade of Vietnam’s sovereign rating to Ba3 from B1 late last week. According to a report on VNS, under the latest rating actions on Vietnam’s banking industry, Moody’s upgraded the long-term local and foreign-currency deposit and issuer ratings ofContinue reading “Moody’s takes rating actions on 14 banks in Vietnam”
Eximbank receives Operational Excellence Award from Wells Fargo
Advertisements Wells Fargo, one of the top three US banks, honoured Eximbank with the Operational Excellence Award. This award was handed over personally by Charles Kohler, deputy head of Global Payment Services at Wells Fargo, to Eximbank’s deputy CEO Nguyen Huong Minh. Minh Trang reported on VIR. This award is granted by Wells Fargo to its correspondentContinue reading “Eximbank receives Operational Excellence Award from Wells Fargo”
Ex-leader of VNCB sentenced to 20 years in prison
Advertisements Pham Cong Danh, ex-Chairman of the Board of Directors of the Vietnam Construction Bank (VNCB), has been given a 20-year prison term for “deliberately violating State regulations on economic management, causing severe consequences” at the bank. The People’s Court of Ho Chi Minh City announced the verdict on August 6. Given his 30-year prisonContinue reading “Ex-leader of VNCB sentenced to 20 years in prison”
FPT and Vietinbank fall lower among most valuable brands
Advertisements There are new names among the ten most valuable brands in Vietnam in 2018, while FPT and Vietinbank fell down a couple of steps. Forbes Vietnam has published the list of the 40 most valuable brands in Vietnam in 2018. Accordingly, these 40 brands are valued at $8.1 billion, up 30 per cent on-year.Continue reading “FPT and Vietinbank fall lower among most valuable brands”
HDBank won the Platinum Award at the US Annual Report Competition
Advertisements The HCM City Development Bank (HDBank) has won the Platinum Award, the highest recognition, at the 2017 Vision Awards Annual Report Competition organised by the League of American Communications Professionals. The bank’s 2017 annual report, highlighting the theme “Set Sail”, got the highest scores in most categories. It scored 30/30 in First Impression, 10/10Continue reading “HDBank won the Platinum Award at the US Annual Report Competition”
Foreign banks gear up to expand networks in Vietnam
Advertisements In the last two years, Vietnam saw many foreign finance institutions leaving Vietnam or scaling down their investment. But the situation is different this year. Foreign banks tend to expand their operation in Vietnam by opening more branches and transaction offices over the country. The move shows that foreign banks have big ambitions in theContinue reading “Foreign banks gear up to expand networks in Vietnam”
Lending interest rate in inter-bank market hits six-month high
Advertisements The interest rate for Vietnamese dong loans in the inter-bank market has hit the highest level since the beginning of the year due to high demand. Accordingly, the rate for overnight loans last week surged sharply by 1.96 percentage points against the previous week, closing the week at 3.22 per cent. The rates forContinue reading “Lending interest rate in inter-bank market hits six-month high”
Central bank intervenes to check currency fall
Advertisements The dong showed signs of stability on Wednesday, rising slightly against the dollar as the State Bank of Vietnam intervened to increase foreign currency supply. Local currency exchangers were selling a U.S. dollar for VND23,300 at 1 p.m. Wednesday, down VND50 from the peak of VND23,350 of last week. Their purchase price was VND23,230.Continue reading “Central bank intervenes to check currency fall”
VIB issues bonds to raise capital ahead of Basel II
Advertisements Vietnam International Bank plans to mobilize VND4.5 trillion ($200 million) in Tier 2 capital in 2018 by issuing inconvertible bonds. According to a report by VNexpress, this was announced by the creditor in a document sent to shareholders for a vote last week. The document says the issuance is aimed to help the bankContinue reading “VIB issues bonds to raise capital ahead of Basel II”