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.
Business

Banks show positive results for the year

Banks continuously reported positive business performance in August after good results in the first seven months of the year.

Techcombank general director Nguyen Duc Vinh said his bank’s pre-tax profit in August was about 200 billion VND (11.2 million USD), lifting the bank’s pre-tax profit in the first eight months to nearly 1.43 trillion VND (79.9 million USD).
Business

Bank capital adequacy rules tighten

The State Bank of Vietnam on Aug 11 tightened the cap on the ratio that commercial banks and to the financial institutions may maintain between short-term deposits and medium- to long-term outstanding loans, in a new move to increase the security of the banking system.
Business

Lending against securities up

Outstanding loans against collateral in the form of securities or real estate in the first half of the year sharply increased over last year, according to a report from the State bank of Vietnam.