Business

Banks more likely to agree SME loans

Commercial banks now pay more heed to small- and medium-sized enterprises (SMEs) and look at them strategically as potential borrowers, rather than simply lending loans to State-owned enterprises as before.
Business

Foreign banks hold 11.25 percent market share

Foreign banks continue to affirm their important position in Vietnam and now hold assets valued at over 420 trillion VND (20 billion USD), or 11.25 percent of the entire finance sector.
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

Loans tightened to prevent bubble

The State Bank of Vietnam has tightened lending for domestic real estate to avoid a bubble and encourage the flow of capital into manufacturing and agriculture.
Business

Vietinbank allowed to increase charter capital

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has been allowed to increase its charter capital to 15.172 trillion VND (799.789 million USD) from 11.252 trillion VND in the first phase of 2010, following approval from State Bank of Vietnam (SVB).
Business

Techcombank to raise charter capital

Techcombank will offer about additional 149 million shares to existing shareholders in June at a ratio of 27.6 percent, and an additional 4 million shares will be offered to staff, at a price of 10,000 VND per share.
Business

Banks meet capital requirements

Three commercial banks – Orient Commercial Bank, Western Bank, and Navibank – have announced plans to comply with higher charter capital requirements by the end of the year in order to list shares on one of the nation's two stock exchanges.
Business

Vietinbank to increase charter capital

At the meeting, Hung clarified for shareholders a rumours that the bank had suffered losses of millions of dollars by leasing land in the Ciputra project that was never conveyed.
Business

Vietcombank to increase capital

Vietcombank received a long-awaited approval from the State Bank of Vietnam last week to increase its charter capital from 12.1 trillion VND (636.84 million USD) to 13.2 trillion VND (694.73 million USD).
Business

New rules on credit rating agencies

Credit rating agencies must have at least 30 billion VND (1.57 million USD) in charter capital and established agency relationship with at least 20 financial institutions in order to be licensed by the State Bank of Vietnam, pursuant to a Government decree issued on Feb. 23.
Business

Vietinbank bests 2009 profit target

Vietinbank posted a profit of over 3 trillion VND (163 million USD) in 2009, 16 percent higher than initially targeted for the bank’s first year after equitisation, the bank announced on Jan. 10.
Business

Bank to let loose 60 million share issue

Vietnam International Bank has been given permission to issue 60 million shares to existing stockholders to raise its charter capital to 3 trillion VND ( 157 million USD) from 2.4 trillion VND (126 million USD).
Business

Central bank praises foreign competitors

Foreign banks have done well in their role as a bridge between investors abroad and domestic enterprises while ensuring security ratios and effective performance, State Bank governor Nguyen Van Giau stated in a year end meeting with foreign bankers in Vietnam on December 15.
Business

Gov’t continues 2 percent interest rate subsidies

In an effort to push economic recovery and sustain macro-economic stability, the Government has pledged to continue offering subsidies at a rate of 2 percent per year on medium and long-term loans for production and business activities in 2010.
Business

State Bank acts to ease dollar shortage

The State Bank of Vietnam will sell US dollars to credit institutions reporting shortages, in a move announced on Dec. 1 aimed at stabilising the foreign exchange market.
Business

Credit policies trigger decline

Heavy profit-taking early in Nov. 25’s session on the HCM Stock Exchange drove the VN-Index down by 4.5 percent on Nov. 25 to close at 503.41 points, despite significant net buys by foreign investors.
Business

BNP Paribas to increase stake in local bank

French bank BNP Paribas will increase its stake in Vietnam ’s Orient Commercial Joint Stock Bank from 15 to 20 percent next year, under a memorandum of understanding signed last week.