Vietnam Banking and Finance RSS News Feed by Intellasia.Net

Asia-Pacific loan prices soar as lending slump ignites trading

Sat, 20 Mar 2010 07:12:00 +0800

Asia-Pacific corporate loan prices rose to the highest in two years after syndicated bank lending slumped to the lowest since 2005, attracting investors to an emerging market for older debt.

Vietnam sells $32m worth of bonds

Sat, 20 Mar 2010 07:00:00 +0800

Vietnam's State Treasury sold a combined 600 billion dong of two-year and three-year government bonds on Thursday at a rate of 12 percent and 12.1 percent per annum, the Hanoi Stock Exchange said.

HCMC Social Insurance recalls 41b dong

Sat, 20 Mar 2010 07:00:00 +0800

The HCM City Social Insurance Agency has recalled more than 41 billion dong after bringing lawsuits against local enterprises for evasion of social insurance premiums.

VIB plans to reach 2010 pre-tax profit of 906.7b dong

Fri, 19 Mar 2010 11:20:00 +0800

Vietnam International Commercial JS Bank (VIB) yesterday organised the 2010 annual shareholder meeting in which the chair Han Ngoc Vu reported that the bank last year reached total assets of 56.639 trillion dong, a year-on-year growth of 63.1 percent, total deposits of 1 at 34.210 trillion dong, total outstanding loans of 27.353 trillion dong, pre-tax profit of 614.3 billion dong, up 166.5 percent against 2008 and bad debt ratio of 1.27 percent.

Banking Vietnam 2010 to be held

Fri, 19 Mar 2010 11:13:21 +0800

State Bank of Vietnam (SBV)'s Informatics Technology Department and IDG Group on March 18 jointly held a press conference to announce "Seminar-exhibition on applying and developing information technology in banking operations in 2010 in Hanoi".

Vietinbank to sell 25pct stake to strategic investors

Fri, 19 Mar 2010 11:12:13 +0800

Vietnam Commercial Joint Stock Bank for Industry and Trade (Vietinbank-coded CTG) plans to hold annual shareholders' meeting on April 4 to pass this year's business plan with four trillion dong of pre tax profit and 15 percent dividend payment, said Pham Huy Hung, the bank's chair of director board.

Techcombank raises chartered capital to 7tr dong

Fri, 19 Mar 2010 11:11:07 +0800

Vietnam Technological Commercial Joint Stock Bank (Techcombank) has announced that it would raise its chartered capital from 5.4 trillion dong to 6.932 trillion dong by using nearly 1.532 trillion dong of reserve fund and remaining profit.

Maritime Bank takes 80b dong to carry out SMEFP 3

Fri, 19 Mar 2010 11:10:11 +0800

State Bank of Vietnam (SBV) and 17 financial institutions on March 17 signed an agreement to fund 15 billion yen to the third phase of small and medium-sized enterprise funding programme (SMEFP 3).

HSBC introduces new tourism insurance products

Fri, 19 Mar 2010 11:08:38 +0800

HSBC Bank (Vietnam) Ltd has lately cooperated with Bao Viet Insurance Corp to introduce the new tourism insurance products in Vietnamese markets on March 22, 2010.

Vietinbank offers new products for overseas Vietnamese workers

Fri, 19 Mar 2010 11:07:27 +0800

Vietnam Commercial Bank of Industry and Trade (Vietinbank) has offered loans of up to 70 percent of total capital demands in dong or foreign currencies for Vietnamese workers who would work overseas and their households.

State Treasury raises 600b dong from G-bonds

Fri, 19 Mar 2010 11:06:12 +0800

State Treasury successfully raised six trillion dong of total one trillion dong from G-bonds, Hanoi Stock Exchange (HNX) reported yesterday.

US dollar price on downward

Fri, 19 Mar 2010 11:04:12 +0800

US dollar price on Hanoi's free market yesterday continued falling by 40 dong per US dollar from 19,260-19,300 dong/US dollar to 19,300-19,340 dong/US dollar.

AIA Vietnam increases chartered capital to 1.035tr dong

Fri, 19 Mar 2010 11:03:10 +0800

AIA Vietnam Co officially announced on March 18 that the company has finished increasing chartered capital to 1.035 trillion dong. It is the fifth time that AIA Vietnam has raised capital since its establishment in 2000.

MoF enhances G-bond issue of 2010

Fri, 19 Mar 2010 10:18:27 +0800

Ministry of Finance has expressed satisfaction over the success of the third tranche G-bond issue of 2010 on March 10. The government raised total 3.020 trillion dong of two-year bonds and 200 billion dong of three-year bonds from the big buyers including Maritime Bank, Vietinbank, Techcombank, ACB, VIB Bank, Eximbank and Bidv.

Funds change investment targets

Fri, 19 Mar 2010 10:16:59 +0800

Foreign investment funds have started to change their investment strategies.

SHB gets 2010 Best Trade Finance Provider award

Fri, 19 Mar 2010 10:14:50 +0800

The US-based Global Finance Magazine has granted title of "2010 Best Trade Finance Provider" to Saigon Hanoi Commercial Joint Stock Bank (SHB).

Investors set to rediscover Southeast Asia

Fri, 19 Mar 2010 07:12:00 +0800

A year after Asian stocks began to rise, investors should turn their attention to Southeast Asia, which lagged the wider rally and where exporters are set to thrive on growth in China and India.

ABC bancasurance earns $3.5m

Fri, 19 Mar 2010 07:00:00 +0800

Agribank Insurance Company (ABIC) has announced the results of its pilot insurance programme for borrowers.

MSB to apply new credit rating rules

Fri, 19 Mar 2010 07:00:00 +0800

Maritime Bank (MSB) said yesterday it had successfully adopted a new internal credit rating system.

PayPal plans to double staff in Asia by year's end

Fri, 19 Mar 2010 07:00:00 +0800

PayPal, the online payments unit of Internet auction site operator eBay Inc., plans to double its staff in Asia to 2,000 by the end of the year.

Asia to take 39pct of smartphone market in 2015, says IMS

Fri, 19 Mar 2010 07:00:00 +0800

Annual smartphone shipments in Asia will quadruple by 2015, giving Asia 39 percent of smartphone shipments during 2015, according to market research company IMS Research Ltd (Wellingborough, England).

22pa loan rate on gradually decreasing debt beneficial for borrowers

Thu, 18 Mar 2010 12:24:28 +0800

Almost after 20 days since the negotiated lending rate was allowed to be applied on medium and long term loans of the dong, commercial banks in turn have imposed a new lending rate policy at common 16-17 percent pa.

Interbank FX rate retained at 18,544 dong/US dollar

Thu, 18 Mar 2010 12:17:11 +0800

State Bank of Vietnam (SBV) has retained the interbank FX rate on March 17 at 18,544 dong per US dollar.

Qatar eyes a joint venture bank in Vietnam

Thu, 18 Mar 2010 12:16:10 +0800

Khalid Bin Mohamad Al-Attiya, Qatar's minister of state for international cooperation and acting minister of business and trade held discussions with leaders of Vietnam Bank of Industry and Trade (Vietinbank) on March 15, 2010 and discussed about establishing a joint venture bank in Vietnam.

HDBank increases US dollar deposit rates

Thu, 18 Mar 2010 11:35:28 +0800

HCM City Housing Development Commercial Joint Stock Bank (HDBank) has decided to increase the interest rates on US dollar deposits in the bank's network by 0.1 percent- 0.45 percent per year, starting from March 17, 2010.

Maritime Bank introduces internal credit ranking system

Thu, 18 Mar 2010 11:34:27 +0800

Maritime Commercial Joint Stock Bank (Maritime Bank) cooperated with Ernst & Young Vietnam Co Ltd on March 17 in holding a session to introduce the new internal credit ranking system.

Life insurers start racing

Thu, 18 Mar 2010 09:40:26 +0800

Many life insurance companies have drawn out ambitious business plans.
In 2009, ACE Life Insurance Co (ACE Life) posted a year-on-year increase of 159 percent in insurance premium, marking a record growth since ACE Life started operation in Vietnam from 2005.

MB reports to reach profits of over 316b dong in Jan-Feb

Thu, 18 Mar 2010 09:38:15 +0800

Military Commercial Joint Stock Bank (MB) announced on March 17 that the bank's pre-tax profit in the first two months of 2010 was estimated at over 316 billion dong, equal to 20 percent of the year plan.

PHH issues 100b dong non-convertible bonds

Thu, 18 Mar 2010 09:35:28 +0800

Hong Ha Petroleum Joint Stock Co (coded PHH) announced to issue 100 corporate bonds at par value of 1 billion dong with total bond value of 100 billion dong.

WB helps boost small production in Lam Dong

Thu, 18 Mar 2010 07:00:00 +0800

Farmers in the Central Highlands province of Lam Dong will benefit from a 8.5 million USD project funded by the World Bank to help them raise the competitive edge of their small-sized production.

ANZ seeks buyer for 10 pct stake in Vietnam bank

Thu, 18 Mar 2010 07:00:00 +0800

Australia and New Zealand Banking Group Ltd is looking for a buyer for its 10 percent stake in Vietnam's Sacombank, an executive at the Vietnamese bank said, becoming the first foreign bank to sell its stake in a domestic lender.

Banks’ profit in 2010 mainly from non-credit activities

Wed, 17 Mar 2010 10:54:32 +0800

Banks’ profits in 2010 are expected to come mainly from non-credit activities. This year credit growth target will be controlled at less than 25%, lower than the 2009’s growth of 38%.

TinNghiaBank opens branch in Hai Phong City

Wed, 17 Mar 2010 10:53:19 +0800

Vietnam Tin Nghia Commercial Joint Stock Bank (TinNghiaBank) has officially opened a new branch at No 14 Tran Phu St, Ngo Quyen Dist, Hai Phong City on March 17, 2010.

Agribank licensed to raise chartered capital

Wed, 17 Mar 2010 09:34:59 +0800

State bank Agribank has been allowed to increase its chartered capital by 10.200 trillion dong to 21 trillion dong, according to the Ministry of Finance's Decision No 482/QD-BTC whereby Agribank becomes the biggest commercial bank in Vietnam.

VPBank sees 4 trillion dong charter capital

Wed, 17 Mar 2010 09:31:14 +0800

Vietnam Bank for Private Enterprises (VPBank) on March 16 held the 2010 shareholder meeting and passed the capital increasing plan from 2.117 trillion to four trillion dong through two phases within this year.

Talks begin on new Asia-Pacific trade pact

Wed, 17 Mar 2010 07:12:00 +0800

The US and seven other countries began "very significant" talks in Australia yesterday on a pact that could be the first step towards a sweeping Asia-Pacific free-trade zone.

Vietnam money: rates ease on ample funds, bank competition

Wed, 17 Mar 2010 07:00:00 +0800

dong lending rates softened over the past week as banks competed to lure borrowers and fund surpluses grew, bankers said.

Vietnam reserves slump by 35pct, VinaSecurities says

Wed, 17 Mar 2010 07:00:00 +0800

Vietnam�s foreign-currency reserves declined about 35 percent to around $15 billion by the end of last year, according to VinaSecurities Joint-Stock Co., the brokerage unit of the country�s biggest fund manager,

Asia-Pacific toll highway operators to converge on KL

Wed, 17 Mar 2010 07:00:00 +0800

Toll highway operators from the Asia-Pacific region will meet in Kuala Lumpur on April 5 to exchange ideas and discuss new technologies at the inaugural PLUS International Expressway Conference and Exhibition.

Banks re-calculate foreign currency business

Tue, 16 Mar 2010 11:40:27 +0800

In order to attract individual customers, many joint stock banks raised the US dollar deposit rate from 3 percent to 4.7 percent pa.

Capital pumped into open market falls

Tue, 16 Mar 2010 11:38:31 +0800

The State Bank of Vietnam (SBV)'s total amount of capital being pumped into open market operations (OMO) continuously fell during recent tenders.

STB targets 28tr dong chartered capital in 2015

Tue, 16 Mar 2010 11:37:11 +0800

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) plans to hike chartered capital continuously from 2011 to 2015. Till 2015, Sacombank targets to reach chartered capital of 28 trillion dong, 490 trillion dong of total assets and 11 trillion dong of profit, according to Dang Van Thanh, the bank's representative of director board.

SCB offers preferences for depositors

Tue, 16 Mar 2010 11:36:18 +0800

Saigon Commercial Joint Stock Bank (SCB) has preferential programme for customers who sell gold and deposit money at the bank. The programme will last from March 15 to April 29, 2010, with the purpose of supporting customers in the context when the interest rates for deposits in gold tend to climb down recently.

MB raises 1.5tr dong from offering deposit certificates

Tue, 16 Mar 2010 11:35:12 +0800

The Military Commercial Joint Stock Bank (MB) has officially issued the identified certificates of deposit for the first phase in 2010 with total value of 1.5 trillion dong for individual and corporate customers, starting from March 15, 2010.

Credit growth slows down

Tue, 16 Mar 2010 09:12:55 +0800

Vietnam's credit growth has started to remain stand still from February and is unlikely to be increased in next months. Apart from the pressure of negotiated loan rates, the difficult capital mobilisation also caused obstacles in banks' credit operation.

ANZ to offload holding into Sacombank

Tue, 16 Mar 2010 09:11:58 +0800

At the annual shareholders' meeting of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) held on March 15, representative from the Australia and New Zealand Banking Group Limited (ANZ) answered shareholders rumour about offloading its holding into Sacombank.

Vietnam should be cautious with re-inflation: warns Standard Chartered

Tue, 16 Mar 2010 09:10:46 +0800

Standard Chartered Bank has said that Vietnam's economy may have to face higher inflation in coming time.

HD Bank targets 300b dong profit in 2010

Tue, 16 Mar 2010 09:09:40 +0800

HCM City Housing Development Commercial Joint Stock Bank (HD Bank)'s shareholders' meeting on March 15 passed some important contents.

Asia, Pacific nations vow to fight threats to civil aviation

Tue, 16 Mar 2010 07:12:00 +0800

Asia and Pacific nations vowed Saturday to fight emerging terror threats to commercial aircraft by boosting international security standards and measures, including screening technology.

Local banks looking at life insurance

Tue, 16 Mar 2010 07:00:00 +0800

Local banks have found a new way to enter the lucrative life insurance market and several new insurers are set to be licensed this year.