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ADB warns against constant rate cuts
Written by Dailynews.vn Saturday, 14 April 2012 14:48
The Asian Development Bank (ADB) on Wednesday raised its voice against the rapid interest rate cuts of Vietnam as the central bank has decided to slash the deposit rate cap by one more percentage point. Dominic Mellor, an economic expert of ADB in Vietnam, stressed lowering interest rates too quickly would pose many risks. As inflation still stands at some 14 percent, lowering the ceiling deposi...
Vietnam banks sell property to recoup debts
Written by Dailynews.vn Saturday, 14 April 2012 14:48
Real estate sales by banks in a bid to recover bad debts were flooding property brokerage centres, with prices much lower than general price levels on the market, online newspaper vnexpress.net reported. Tran Trung Dung, director of a property transaction floor in Hanoi's My Dinh district, told the news website that 65 percent of apartment blocks and lands registered for trading at his floor wer...
April 13: Vietnam Central Bank Keeps Dollar Exchange At 20,828 dong
Written by Dailynews.vn Saturday, 14 April 2012 14:47
Vietnam's central bank quoted the U.S dollar exchange rate at VND20.828 on Friday, unchanged for more than 4 months and a half, the longest string since it has been applied but also the highest one. Commercial banks are allowed to apply effective exchange rate +-1 percent from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036 but ...
Vietnam increases gold market controls
Written by Dailynews.vn Saturday, 14 April 2012 14:47
The State Bank of Vietnam is instituting a de facto nationalisation of Vietnam's gold market, in an effort to restore confidence in the country's currency - the dong. Vietnam is suffering from a growing current account deficit and record-high inflation. The government's new measures will have unpleasant side effects, as more than 2,000 Vietnamese gold traders might have to close their businesses...
Interbank trading turnover in US dollar surges over 50pct in week ending April 6
Written by Dailynews.vn Saturday, 14 April 2012 14:47
The State Bank of Vietnam (SBV)'s report on banking operations during the week between April 2 and 6 showed that the total trading value in the interbank market in dong reached approximately 182.747 trillion dong, averaging at about 36.549 trillion dong per day and in US dollar at 175.322 trillion dong, or an average of about 35.064 trillion dong per day. In comparison with the previous week (fr...
Vietnam's forex reserves at nearly $17b: ADB
Written by Dailynews.vn Saturday, 14 April 2012 14:47
Vietnam's forex reserves are estimated at some $17 billion, exceeding the pre-crisis rate of 2008, said the Asian Development Bank (ADB) in a recent meeting. As of the end of the first quarter, the reserve had risen by around 25 percent over late 2011 following the active move of the central bank to buy foreign currency, according to the ADB. The reserve rose by $3.5 billion compared to the ra...
Gold, dollar tread water
Written by Dailynews.vn Saturday, 14 April 2012 14:47
Price of gold in Vietnam fluctuated around VND43.4 million a tael (1.2 ounces) on April 12 as global price remained unchanged as of the previous day. Sacombank Jewellery Company bought gold at VND43.29 million and sold at VND43.37 million as of 9.55am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processer and trader, collected the metal at VND43.17 million and sold at VND4...
April 13: Vietnam Gold Edges Up to 43.37m dong/Tael
Written by Dailynews.vn Saturday, 14 April 2012 14:47
Vietnam gold prices were added up by VND230,000 to VND43.37 million/tael on Friday morning on higher world gold prices. However, the domestic gold prices rise is slower than the world gold prices'. SJC Hanoi quoted at VND43.15 million/tael for bid and VND43.37 million/tael for ask, respectively as of 9:24 am, Hanoi time. Sacombank-SBJ gold was listed at VND43.26VND43.34 million/tael for bid an...
Sacombank earmarks 1tr dong soft loans for prioritised borrowers
Written by Dailynews.vn Saturday, 14 April 2012 14:46
From April 12 to May 11, 2012, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) will spare one trillion dong worth of soft loans to lend agro-forestry and fisheries sectors. The lending interest rate for the first month would be 12 percent per year with maximum loan term of 12 months. For loans worth up to 500 million dong, Sacombank may not perform notarised mortgage contracts and ...
Vietnam Bonds Rise as Banks With Surplus Cash Buying; Dong Gains
Written by Dailynews.vn Saturday, 14 April 2012 14:46
Vietnamese bonds rose, with benchmark five-year yields sliding to the lowest in almost 17 months, on speculation banks are taking advantage of increased cash availability to buy debt. The dong advanced. Government notes climbed for a sixth straight day after Governor Nguyen Van Binh said on the central bank's website yesterday that lenders' current surplus funds totalled 130 trillion dong ($6.2 ...
VietinBank expands online Western Union service
Written by Dailynews.vn Saturday, 14 April 2012 14:46
Vietnam Bank for Industry and Trade, or VietinBank, has expanded Western Union Online, an account-based money transfer (ABMT) service, for the first time in Vietnam through its IPay system. To use the service, customers will log in IPay account on the website www.viettinbank.vn to receive money. ABMT applies new technology that allows access through website or mobile phones 24 hours a day. To ...
Banks move away from crisis
Written by Dailynews.vn Saturday, 14 April 2012 14:46
During the first quarter of 2012, Vietnam's economy turned from inflation worries to fears of a serious activity slowdown, as evidenced by poor industrial/construction index figures. Gross domestic product (GDP) growth is estimated at 4 per cent for the first quarter and some government sources are putting it as low as 5 per cent for 2012. This economic slowdown is reflected most clearly by the ...
ABBank set aside of 2tr dong soft loans for exporters and importers
Written by Dailynews.vn Saturday, 14 April 2012 04:16
From April 10 to June 30, An Binh Commercial Joint Stock Bank (ABBank) has earmarked two trillion dong worth of soft loans at preferential interest rate for enterprises operating in export and import sector.
Accordingly, exporters and importers will be assisted in working capital to produce goods for exports or to pay for import spending with preferential interest rate of 2 percent lower than the...
VIB's after tax profit at 639b dong in 2011
Written by Dailynews.vn Saturday, 14 April 2012 04:16
Vietnam International Commercial Joint Stock Bank (VIB) has recently announced its consolidated business results for 2011 audited by KPMG, a global network of professional firms providing Audit, Advisory and Tax services.
As reported, in 2011, the bank's total pre tax profit was only 848 billion dong, down 20 percent compared to 2010's results and fulfilling only 45 percent of the year's plan (1....
Governor affirms lending rate to drop to 13-16pct/yr
Written by Dailynews.vn Saturday, 14 April 2012 04:16
Following the relaxation of dong mobilisation ceiling rate to 12pct, lending rate for manufacturing will fall to 13pct-16pct, Nguyen Van Binh, Governor of the State Bank of Vietnam (SBV) was quoted as saying at the press conference on 11 April.
Dong mobilisation cap rate has dropped to 12pct from 13pct since 11 April. How much lending rate would be then?
The one-percent decrease is likely to bri...
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