Business

Shares rise on rate cut, eased credit

Shares rose on both national stock exchanges with investors upbeat on news that the central bank on April 11 cut the deposit interest rate ceiling and eased the real estate market credit policy.
Business

Banks face fund raising challenges

Total deposits at credit institutions nationwide fell by 3.29 percent compared with the figure recorded in late 2011, according to the State Bank of Vietnam.
Business

State Bank forms advisory panel of top commercial banks

The State Bank of Viet Nam plans to establish a standing group of 12 leading commercial banks which represent 85 percent of market share to address issues that arise in the banking system.

The group, to be known informally as G12+1, will meet every three months or as required to improve interaction between the banking system and monetary policymakers.

However, the establishment of the G12+1 is seen as the latest step by the central bank to force commercial banks to comply with interest rate regulations, with State Bank of Viet Nam Governor Nguyen Van Binh recently reiterating his intention to punish banks violating the deposit interest rate cap of 14 percent per year.
Business

State Bank plans to increase dong to dollar value

The State Bank of Vietnam plans to increase the value of the Vietnamese dong against the US dollar over the next four months in a bid to protect the value of the domestic currency, State Bank Governor Nguyen Van Binh told Sai Gon Economic Times this week.
Business

Bank deposit interest rates surge

The deposit interest rate at some commercial banks has significantly exceeded the State Bank of Vietnam's cap and has hit 19 percent per year.

While banks are officially quoting the same 14 percent interest rate for dong deposits, credit officials have been offering depositors between 16-19 percent per year.
Business

Banks axe USD mobilising interest rate

All banks simultaneously reduced their USD deposit interest rates to 3 percent on April 13 in response to the State Bank of Vietnam ’s recent related decision, which took effect the same day.
Business

HCM City eyes bailout for struggling firms

The Ho Chi Minh City People's Committee has made several recommendations to central authorities to enable the corporate sector to overcome their difficulties and contribute to economic growth.
Business

Interest rates war heats up

A number of commercial banks have joined in a rush to increase interest rates on dong deposits up to 13 percent per year, as well as offer incentives and bonus interest to attract new customers.
Business

Banks expected to reduce interest rates

Commercial banks are expected to lower interest rates on deposits and loans in compliance with the State Bank of Vietnam's Circular 19, which took effect on October 1.
Business

New bank laws win praise

Economists and other business leaders on July 15 hailed the newly amended laws adopted by the National Assembly on the State Bank of Vietnam and credit organisations, saying they are critical for sustainable economic growth.
Commercial banks racing to pool capital Business

Commercial banks racing to pool capital

Vietnamese commercial banks have, since late July, lifted interest rates on deposits in VND, especially short-term ones, in a bid to mobilise more capital in the remaining months of the year.