Commercial banks race to expand foreign investments Business

Commercial banks race to expand foreign investments

Vietnamese commercial banks are racing to develop their networks by opening representative offices and subsidiaries in foreign nations, paving the way for them to expand their overseas operations, according to market watchers.

Market Watch cracks down on violations

National Market Watch forces declared more than 28,380 violations and collected fines totalling 67.7 billion VND (3.2 million USD) in the first four months of this year.

Stocks plunge on poor outlook

Lower petrol prices have failed to boost investor confidence, and declining inflation is now being viewed by some market watchers as a sign that the global economy may go into another recessionary spiral again.

Nation's two stock exchanges to merge

The nation's two stock exchanges will be merged in accordance with a Ministry of Finance plan for restructuring the securities market that is supported by the Vietnam Association of Securities Businesses, the ministry announced at a meeting here on Dec. 24.

‘A bazaar filled with cheap goods'

Solid first-half earnings from more listed companies are once again expected to attract the attention of investors in the coming week and save the market from steeper losses.

Blue chips which last week reported positive results, including software producer FPT, Vietinbank (CTG), Phu My Fertilisers (DPM) and steelmaker Hoa Phat Group (HPG), all saw gains on the HCM Stock Exchange last week, helping cushion the decline of the VN-Index.

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.

Securities markets stop losing streak

Shares regained a little lost ground on both national stock exchanges on August 26 after three days of steep declines, helped by an overnight recovery on Wall Street.

State Bank holds line on prime rate

The prime rate is to remain at 8 percent for at least next month with the aim of defusing the growing threat of inflation.

The refinance and discount rates were also kept at 8 percent and 6 percent, respectively, while the overnight interbank rate for electronic payments was reduced to 8 percent.

State Bank told to monitor gold

The Prime Minister has ordered the State Bank of Vietnam to enhance administration of the gold sector, particularly gold-trading centres.

In fact, the public was still worried about the central bank’s prior proposed to close domestic gold bourses so to increase the security deposit rate to 100 percent of total net assets.