Vietnam Banking and Finance RSS News Feed by Intellasia.net

Dong pushed for depreciation

Tue, 13 May 2008 07:00:00 PST

The State Bank is managing the dong to depreciate against the greenback to prevent possible hot money flows with hoarding purposes.

MB reports nearly 80b dong profit from securities investment in Jan-Apr

Tue, 13 May 2008 07:00:00 PST

Military Commercial Joint Stock Bank (MB) recently announced that during the first four months of this year, it earned more nearly 80 billion dong in profit from shares investment and that was 228 billion dong in the whole year 2007.

Banks boost revenue from service provision

Tue, 13 May 2008 07:00:00 PST

The stock market has slumped due to global affects whereby most small investors now feel worried and puzzled about share prices. Banks in general and Sacombank in particular adjusted their business plans to accommodate to economic changes at the moment.

SeABank reports performance

Tue, 13 May 2008 07:00:00 PST

Founded in 1994 with the headquarters at No 16 Lang Ha in Hanoi, the Southeast Asia Bank or SeABank was evaluated and ranked Grade A for four consecutively years from 2003 to 2006 awarded by the State Bank of Vietnam (SBV). Last year, SeABank increased its chartered capital from 500 billion dong to three trillion dong.

Watchful eyes cast over bank operations

Tue, 13 May 2008 07:00:00 PST

Local banks' operations are set to be scanned more thoroughly in a bid to control system stability, following the release of a State Bank document to tighten supervision on financial institutions.

Bao Viet Insurance's fund management firm releases fiscal report

Tue, 13 May 2008 07:00:00 PST

Vietnam Insurance Corp (Bao Viet)'s Fund Management Ltd Co (Bao Viet Fund) recently released its 2007 brief fiscal report with nearly 76.45 billion dong in total assets, of which fixed assets was over 3.103 billion dong and over 28.66 billion dong in ownership capital and its chartered capital was 25 billion dong.

SeABank awarded Global Transaction Banking Award 2007 by HSBC

Tue, 13 May 2008 07:00:00 PST

Foreign bank HSBC recently granted the Global Transaction Banking Award 2007 to South Eastern Asia Bank (SeABank). Earlier, the local bank received the similar prize from the US Wachovia Bank.

Foreign bank branches hike rates

Tue, 13 May 2008 07:00:00 PST

The State Bank is set to inspect foreign banks following the reports on interest rate ceiling breach. The information that foreign bank branches lifted the mobilising interest rates over 12% cap set by the State Bank has spread over the market since last week.

Banks shun SBV's directive to curb lending growth

Tue, 13 May 2008 07:00:00 PST

Since the start of this year, the State Bank of Vietnam has taken a series of monetary tightening measures and warned commercial banks of limiting credit growth under instructions of the prime minister. However in a bid to gaining high profit, many commercial banks still continued promoting credit activities strongly, resulting higher and higher risks. Therefore, the central bank started taking specific actions to tighten credit activities.

VPBank launches largest promotion programme

Tue, 13 May 2008 07:00:00 PST

Vietnam Bank for Private Enterprises (VPBank) is today May 12 to launch the largest promotion programme so far with the total value of prises of nearly three trillion dong, including the first prize is worth one billion dong.

BIC sets up energy price ensuring arm

Tue, 13 May 2008 07:00:00 PST

Bidv Insurance Co (BIC) and Gnga Vietnam Holdings Pte, Ltd in Hanoi recently signed a principle contract to set up Bidv Energy Trading and Service Ltd Co (BEST) with the initial chartered capital of US$1 million, of which BIC put up in 51%.

Bidv raises 2.2tr dong from prize-based promo drive

Tue, 13 May 2008 07:00:00 PST

The Bank for Investment and Development of Vietnam (Bidv) on May 9 announced the results of the prize-based saving programme for the first phase of this year with the total prize value of up to 8.2 trillion dong.

Vinpearl issues bonds

Tue, 13 May 2008 07:00:00 PST

Vinpearl Tourism and Trading Joint Stock Co (Vinpearl JSC) reported that on May 6, it issued separately 500 billion dong in three-year bonds and another 500 billion dong in five year bonds for the first phase of 2008.

Sacombank assets dip 2.6% in April

Mon, 12 May 2008 07:00:00 PST

Saigon Thuong Tin (Sacombank), Vietnam's second-biggest bank by market value, has said it had total assets of 73.25 trillion dong (US$4.58 billion) at end-April, down 2.6% from a month earlier.

Banks' ambitions

Sat, 10 May 2008 07:00:00 PST

With the target to become leading financial groups of Vietnam, a slew of banks currently are speeding up setting up of subsidiary companies and member entities. Not only state large sized commercial banks, but also smaller sized banks have nurtured the ambitious plan.

ACB reports 1.2tr dong profit from securities investment in 2007

Sat, 10 May 2008 07:00:00 PST

Up to December 31, 2007, Asia Commercial Bank's total securities investment capital was over 9.636 trillion dong including more than 8.474 trillion dong invested in bonds (T-bills, G-bonds, state commercial banks' bills of exchange and bonds, electricity bonds), 4.8 billion dong invested in Nha Be Garment Co's corporate bonds and the remaining 1.178 trillion dong invested in shares.

Stricter control imposed on opening new bank branches

Sat, 10 May 2008 07:00:00 PST

As of May 14, banks that want to open new branches, transaction points or representative offices will have to obey Decision No 13 on the regulations on the networks and operations of commercial banks a stricter decision than its predecessor.

OceanBank to launch prominent saving product in dong

Sat, 10 May 2008 07:00:00 PST

Starting May 12, OceanBank will launch the prominent saving product in dong. As selecting the saving type, customers' saving will be ensured according to gold price that is not lower than value of initial deposit.

Vincom bonds sold out

Sat, 10 May 2008 07:00:00 PST

STC listed firm Vincom Joint Stock Co reported on May 7 that its first corporate bond sale gained success with two trillion dong in bonds were sold out under the consultancy of Agribank Securities Co.

MHB securities arm to issue bonds

Sat, 10 May 2008 07:00:00 PST

Mekong Delta Housing Development Bank's securities arm MHBS recently announced that it would retail three million ensured non-convertible bonds worth 300 billion dong at 100,000 dong par and the selling price of 100,000 dong per bond for the first phase under the bank's payment guarantee.

DATC buys 4tr dong in debts from 50 enterprises

Sat, 10 May 2008 07:00:00 PST

The finance ministry's Debt Asset Trading Corp (DATC) by the end of March 2008 bought four trillion dong in debts from 50 enterprises, reported the company chair Pham Phan Quang.

VIB Bank launches E-Savings product

Sat, 10 May 2008 07:00:00 PST

Vietnam International Bank (VIB Bank) recently launched E-Savings product to all transaction sites nationwide whereby customers are allowed to receive a higher interest rate when their saving balance increasing respectively (progressive interest rate).

WTO entry challenges

Sat, 10 May 2008 07:00:00 PST

When Vietnam entered into the World Trade Organisation (WTO), there were different warnings about the biggest challenges. At that time, trade minister Truong Dinh Tuyen said that the biggest challenge was retail sales, which, however, would happen in next several years.

Habubank joins Banknetvn

Sat, 10 May 2008 07:00:00 PST

Hanoi Building Commercial Joint Stock Bank (Habubank) today is officially to connect its card system with Vietnam's card switch network Banknetvn.

MB issues bills of exchange in US dollar for plus interest rate

Sat, 10 May 2008 07:00:00 PST

In next two months, Military Commercial Joint Stock Bank (MB) will issue the US dollar bills of exchange for bonus interest rate from May 6 to July 6 with the payment method in cash or account transfer. The bills of exchange have a term of 3, 7 and 11 months with the minimum face value of US$100 and its multiple.

Rising banking risks

Fri, 09 May 2008 07:10:00 PST

Vietnam's economy continues to exhibit signs of overheating. Growth drivers, such as loan extension and consumer demand, remain in high gear. Strains on the banking system are raising risks of large-scale dysfunction that could test the government's limits to contain systemic risks. This has prompted Standard & Poor's to place Vietnam sovereign debt on negative watch. A potential downgrade would further erode investor confidence and complicate the outlook.

Vietcombank finance leasing arm to raise chartered capital

Fri, 09 May 2008 07:00:00 PST

Vietcombank Finance Leasing Co has been approved to raise the chartered capital from 100 billion dong to 200 billion dong, according to SBV's Decision No 1016/QD-NHNN dated May 6, 2008.

Gold trading floors are casinos

Fri, 09 May 2008 07:00:00 PST

Gold trading floors are casinos, said the Vietnam Association for Financial Investors in a recent announcement that analyses inflation.

Sacombank assets dip 2.6% in April

Fri, 09 May 2008 07:00:00 PST

Sacombank STB.HM, Vietnam's sixth-largest lender, said on Wednesday it had total assets of 73.25 trillion dong (US$4.58 billion) at end-April, down 2.6% from a month earlier.

FPT Bank licensed

Fri, 09 May 2008 07:00:00 PST

FPT Commercial Joint Stock Bank project yesterday May 7 received business license from the State Bank of Vietnam with the trading name of Tien Phong (Pioneer) Commercial Joint Stock Bank (TienPhongBank) located in Hanoi's Cau Giay District.