P2P firms waiting for a sandbox Business

P2P firms waiting for a sandbox

Peer-to-peer (P2P) lending companies expect that the sandbox for fintech would eliminate unscrupulous businesses and help the market grow significantly.
Banks tighten lending rules Business

Banks tighten lending rules

Many commercial banks in the country have increased loan interest rates by 1-2 percent to investors in real estate as property prices continue to rise.
Penalties imposed on defendants involved in Trust Bank case Society

Penalties imposed on defendants involved in Trust Bank case

The Ho Chi Minh City People’s Court on May 4 gave punishments from three-year suspended prison sentences to seven-year imprisonment to the defendants charged with “violating regulations on lending in activities of credit institutions” at Dai Tin Commercial Joint Stock Bank (Trust Bank), the predecessor of the Vietnam Construction Bank (VNCB).
SMEs hard to access bank loans Business

SMEs hard to access bank loans

Nearly 70 percent of 2,600 surveyed small-and-medium sized enterprises (SMEs) had to seek loans on the black market as they were unable to access bank loans.

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.

SMEs need to be better audited

Small and medium-sized enterprises should improve their auditing standards if they wish to access much needed capital, a conference in Hanoi heard on Sept. 9.

Business strapped by tight banks

Companies and individuals in HCM City continue to face difficulties in accessing bank loans, even though many of them are willing to pay a higher interest rate.