Vietnam Banking and Finance RSS News Feed by Intellasia.Net

Asia set for mild economic recovery in 2010: ADB

Sat, 04 Jul 2009 07:12:00 PST

Asia is set for a mild economic recovery from the global financial crisis in 2010 after bottoming out this year, the Asian Development Bank's chief economist said Thursday.

ANZ, StanChart set to divvy up RBS Asia assets

Sat, 04 Jul 2009 07:00:00 PST

Standard Chartered and the Australia and New Zealand Banking Group (ANZ) are set to divide up the Asian assets of embattled Royal Bank of Scotland, a press report said Thursday.

Vietcombank H1 pre-tax profit at over 2.450tr dong

Fri, 03 Jul 2009 14:29:40 PST

General Director of Vietcombank, Nguyen Phuoc Thanh reported that his bank gained over 2.450 trillion dong in H1 pre-tax profit, fulfilling 75 percent of the whole year's target of 3.320 trillion dong.

DI Asia fund debuts

Fri, 03 Jul 2009 14:28:43 PST

Japan's Dream Incubator Joint Stock Co will make the debut of Asia DI Industrial Fund with total capital size of about six billion yen ($64 million) in Vietnam on July 9 after over one year of preparation.

VIB Bank boosts property lending

Fri, 03 Jul 2009 13:39:21 PST

Vietnam International Commercial Joint Stock Bank or VIB Bank recently introduced its two new products of "accumulative housing loans" and "housing loans for business establishment" with outstanding features.

Standard Chartered Bank launches lending for individuals

Fri, 03 Jul 2009 13:38:28 PST

Standard Chartered Bank on July 02 celebrated one year establishment anniversary of the bank's retail branch in Hanoi and introduced its new product of "loans for individuals"

BaoVietBank starts card project

Fri, 03 Jul 2009 13:37:37 PST

Bao Viet Commercial Joint Stock Bank (BaoVietBank) has officially started its card project with OpenWay Asia Private Co Ltd.

Gap between lending and deposit rates narrowed

Fri, 03 Jul 2009 10:32:06 PST

On June 30, State Bank of Vietnam's governor issued Decision No 1539/QD0NHNN to retain the basic rate of the dong at 7 percent a year and also announce the refinancing rate at 7 percent applied from July 1 rediscount rate at 5.0 percent pa.

Maritime Bank reports 473b dong in H1 pre-tax profit

Fri, 03 Jul 2009 10:31:18 PST

During the first half of this year, Maritime Bank reported has reported earning 473 billion dong in pre-tax profit (after deducting 112 billion dong for the risk prevention risk, its total assets touched of 46 trillion dong, and total deposits 43 trillion dong.

Not the right time to separate deposit insurance from SBV: lawyer

Fri, 03 Jul 2009 10:30:07 PST

In many countries regulating the deposit insurance is the function of insurance agencies while in Vietnam, State Bank of Vietnam is responsible for stabilising domestic currency and ensure the security of banking system.

Singapore firms take lion's share of rights pie in Asia

Fri, 03 Jul 2009 07:09:00 PST

As rights issues reached a record high in the cash-strapped Asian region during the first half of 2009, Singapore companies took the lion's share of the rights issue pie with 64.8 percent of the $9.8 billion (RM34.3 billion) raised, according to data from Thomson Reuters.

When the cash flow is choked off

Fri, 03 Jul 2009 07:00:00 PST

No bad news from listed firms is reported but their better performance; no negative macro-economic indicators emerge, all but the recovery said to be back on track. To investors' frustration, however, the local stock market has tumbled over recent weeks, and is bracing for further ebbing. The VN-Index for the main bourse in southern Vietnam had dropped from over 510 points in early June to less than 450 points yesterday, or a fall of over 10%. The index does not tell the full story though, as liquidity is more a problem to investors.

IBM offers $3b financing to Europe, Asia-Pacific

Fri, 03 Jul 2009 07:00:00 PST

International Business Machines (IBM) is making up to $3 billion (RM10.6 billion) available to finance IT initiatives in key economic stimulus projects in Europe and Asia-Pacific through IBM Global Financing, IBM's lending and leasing business segment.

UOB Asset Management plans Asia equity fund

Fri, 03 Jul 2009 07:00:00 PST

UOB Asset Management plans to set up a new Asia equity fund in August based on the assumption that regional economies will recover faster from the global recession than Europe or the US.

H2 banking profit optimistic

Thu, 02 Jul 2009 13:30:13 PST

Banks have started to update the business statistics of the first six months and are expecting to satisfactory earnings.

Domestic banks disadvantageous against foreign banks

Thu, 02 Jul 2009 13:26:37 PST

Upon assessing potentials of banks, experts said, in the post-crisis time, what is the most important is how to make improvements so that domestic banks would catch up with foreign banks.

HSBC Bank opens new branch in Binh Duong

Thu, 02 Jul 2009 12:39:10 PST

HSBC Bank (Vietnam) Ltd has officially opened and put into operation its new branch in Binh Duong province on July 01.

Banks in surplus of capital

Thu, 02 Jul 2009 12:29:06 PST

Although banks were racing to hike saving rates, with stricter lending requirements, depositors still difficultly enjoy a high rate. The saving rate increasing race among credit institutions seem not to stop yet.

London financial hub mayor to visit

Thu, 02 Jul 2009 11:36:29 PST

Mayor of London financial hub, Ian Luder will visit Hanoi and HCM City between July 2 and 6. His visit is a part of the activities of UK financial institutions in Vietnam.

VPBank offers new deposit rate benchmark

Thu, 02 Jul 2009 11:18:33 PST

Vietnam Bank for Private Enterprises (VPBank) on June 29 reported offering of new deposit rate benchmark with a rise ranging between 0.15 and 0.25 percent pa for each term.

Crisis far from over: WB chief

Thu, 02 Jul 2009 07:12:00 PST

World Bank President Robert Zoellick said on Tuesday that financial markets are showing signs of stabilisation, but warned that the global crisis was far from over in developing countries.

US recovery must come first, Singapore envoy says

Thu, 02 Jul 2009 07:11:00 PST

A recovery from the worldwide economic slump will occur in east Asia only after it has begun in the United States, the Singapore ambassador to the US said Tuesday.

China plans to start yuan settlement with Asean soon

Thu, 02 Jul 2009 07:07:00 PST

China may soon allow companies in its southern provinces of Yunnan and Guangxi to use yuan to settle cross-border trade with Southeast Asia to reduce foreign- exchange risks, a government official said.

Credit makes slow, cautious comeback in Asia

Thu, 02 Jul 2009 07:04:00 PST

Earlier this month, Henderson Land Development Co, a Hong Kong-based blue chip property developer, hoped to raise HK$5 billion ($641 million) from the syndicated loans market.

Gulf Arab states, Asean inch nearer new trade bloc

Thu, 02 Jul 2009 07:00:00 PST

Gulf Arab states and the 10-member Association of Southeast Asian Nations (Asean) moved toward building a trade bloc based on food and oil at a joint meeting of foreign ministers yesterday.

Vietnam highway builder fails to sell bonds again

Thu, 02 Jul 2009 07:00:00 PST

State-run Vietnam Expressway Corporation attracted hardly any demand for 500 billion dong in corporate bonds at an auction on Tuesday and failed for the fourth time in a row to raise funds this month.

Fitch Ratings cuts Vietnam's local currency sovereign rating to BB-minus

Thu, 02 Jul 2009 07:00:00 PST

Fitch Ratings downgraded Vietnam's local currency sovereign rating to BB-minus from BB on Tuesday, blaming sustained fiscal decline and structural weaknesses in its economy.

ANZ said to seek RBS assets in HK, four Asian nations

Thu, 02 Jul 2009 07:00:00 PST

Australia & New Zealand Banking Group Ltd may buy Royal Bank of Scotland Group Plc's units in at least five Asian countries as Britain's biggest government- controlled bank splits its assets in the region to attract buyers, three people familiar with the plan said.

Broadband, mobile key to economic growth: WB

Thu, 02 Jul 2009 07:00:00 PST

Access to affordable high-speed Internet and mobile phone service are key to economic growth and job creation in developing countries, the World Bank said in a report released on Tuesday.

PG Bank to increase chartered capital to 2tr dong

Wed, 01 Jul 2009 12:12:52 PST

Petrolimex Gasoline Commercial JS Bank or PG Bank has reported gaining 8.674 trillion dong of total assets, 3.451 trillion dong in outstanding loans, and 50 billion dong in pre-tax profit during the first five months of this year.

Credit limit offered by foreign banks to be cut to 15pct of equity

Wed, 01 Jul 2009 12:06:10 PST

Foreign banks in Vietnam are a worried lot as the latest revised draft of credit law has put tough requirements on restricting credit limit and ownership equity of banks.

SHB hikes dong deposit rate to 9.45pct pa

Wed, 01 Jul 2009 11:59:38 PST

From today July 1, Saigon Hanoi Commercial Joint Stock Bank (SHB) has started to apply the new interest rate benchmark with the highest rate of 9.45 percent pa for the term of 36 months.

Maritime Bank launches preferential saving programme

Wed, 01 Jul 2009 11:58:12 PST

Maritime Bank today is to launch the preferential saving programme under which the depositors would enjoy gifts in cash of plus deposit rate.

TienPhongBnk, FPTS co-provide securities mortgage loans

Wed, 01 Jul 2009 11:57:13 PST

Tien Phong Commercial Joint Stock Bank (TienPhongBank) has cooperated with FPT Securities Co (FPTS)-HCM City branch to provide the mortgage lending for listed shares.

TienPhongBank cooperates with AIA Vietnam

Wed, 01 Jul 2009 11:56:06 PST

Tien Phong Commercial Joint Stock Bank (TienPhongBank) and AIA Vietnam Life Insurance Co Ltd have signed cooperation contract for distributing insurance products in order to carry out insurance model via bank.

NAV of the listed funds reduce

Wed, 01 Jul 2009 11:54:34 PST

The four securities investment funds listed on Ho Chi Minh Stock Exchange (STC) have announced that their net asset value declined.

Green shoots suggest stabilisation in Asia-Pacific

Wed, 01 Jul 2009 07:12:00 PST

However, the tentative signs of a near-term recovery, such as an improvement in exports and industrial production, are countered by significant risks, writes S&P economist.

Asian employment at risk in prolonged downturn

Wed, 01 Jul 2009 07:11:00 PST

Asian unemployment is running at lower levels than in major economies for now, but a reliance on exports and rising commodity prices mean an aversion to large layoffs may soon be put to the test, according to Reuters.

Expats in Thailand, US 'Among the worst hit'

Wed, 01 Jul 2009 07:00:00 PST

The global economic crisis has hit expatriate workers in the US, Thailand and South Africa the hardest.

Asia air freight traffic falls 18.6pct

Wed, 01 Jul 2009 07:00:00 PST

Slim month-to-month gain gives capacity-cutting carriers improved load factor

Asia emerging market funds start to record outflows - EPFR

Wed, 01 Jul 2009 07:00:00 PST

Emerging market stock funds had net outflows last week for the first time since March, as investors started having doubts about the timing of a recovery in the global economy, according to the latest data from EPFR Global.

Forex trading rate may be expanded

Tue, 30 Jun 2009 13:54:30 PST

In parallel with the slight reduction of the inter-bank interest rate on recent days, the forex rate continues increasing.

Brokerage upbeats on Vietnamese banking prospect

Tue, 30 Jun 2009 13:51:14 PST

Despite the fiercer competition with foreign banks, local lenders still see a high potential in growth.

Securities backed loan limited at 3b dong

Tue, 30 Jun 2009 13:45:45 PST

Click&Phone Securities Joint Stock Co has announced that it started cooperating with Maritime Bank-Cau Giay Branch to launch the securities mortgage lending service with the limit of three billion dong at the lending rate of 10.5 percent a year (0.875 percent a month).

Foreign investors can buy all listed shares of Vietcombank

Tue, 30 Jun 2009 13:42:54 PST

Under current laws, the foreign holding in local commercial joint stock bank is limited to 30 percent of lender's chartered capital. Vietcombank now has a chartered capital of over 12.1 trillion dong equalling to 1,210,086,026 shares in circulation.

FPT plans to issue 1.8tr dong of convertible bonds

Tue, 30 Jun 2009 13:37:30 PST

FPT Joint Stock Co has announced that it would seek the shareholders' approval on the convertible bond issue plan at the extraordinary meeting on July 4.

Sacombank introduces new banking products

Tue, 30 Jun 2009 12:17:00 PST

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has launched its new product called "Tiet Kiem Dai Cat".

HSBC Vietnam gets approval for services relating to bonds

Tue, 30 Jun 2009 12:16:03 PST

The governor of State Bank of Vietnam (SBV) has issued Decision No 1535/QD-NHNN on June 29 allowing HSBC Bank (Vietnam) Ltd to provide consultancy services and to act as the bonds issuing and guaranteeing agent.

Total budgetary collection reaches 171tr dong

Tue, 30 Jun 2009 12:14:58 PST

The state budgetary collection in the first half of June is estimated at 14.9 trillion dong, bringing the total figure of Jan-June to 171 trillion dong, fulfilling 43.9 percent of the whole year's estimation, reported Ministry of Planning and Investment.

AsianBondsOnline News Highlights - Week of 22 - 26 June 2009

Tue, 30 Jun 2009 11:23:48 PST

The Indonesia Bond Pricing Agency (IBPA) announced last week that it will soon begin to provide daily reference prices for corporate bonds and ijarah type of sukuks.