Banks in VietnamThis weblog provides you with information and updates about banks and banking in Vietnam. Hope you find it useful.Indovina Bank- December 28, 2007 Indovina Bank Ltd. (IVB) is Vietnam's first joint venture bank and was established on 21 November 1990, under License No. 135GP initially granted by the State Committee for Cooperation and Investment, and then reissued under License No. 08NHGP dated 29 October 1992, by the State Bank of Vietnam.The joint venture partners are Industrial and Commercial Bank of Vietnam (ICBV) and Cathay United Bank (CUB) in Taiwan. Indovina Bank with the Head Office in Ho Chi Minh City and branches in Hanoi,...http://bankingvietnam.blogspot.com/2007/12/indovina-bank.html MK Smart Card JVC- December 28, 2007 MK Smart Card JVC is a World Class manufacturer of GSM SIM cards, scratch-off cards and other value added fulfillment services to the international Telco operators. Located in Free Trade Zone in Asia and equipped with a complete and large-scale production line from printing, embedding, personalization and packaging, MK smart card offers a competitive secure solution, fast turn-around and high quality GSM SIM card and scratch-off pre-paid card.MK Technology JSC is the leading provider of card...http://bankingvietnam.blogspot.com/2007/12/mk-smart-card-jvc.html SSC bogs down internet brokering- December 22, 2007 As detailed by the draft regulation on online securities transactions compiled by the State Securities Commission (SSC), securities companies must get SSC approval to provide internet-based services.The draft regulation stipulates that within 45 days of receiving the application and other relevant documents to provide online transactions, the SSC must accept or reject the request. If denied, it has to release a document that outlines the reasons.Securities company representatives have expressed.http://bankingvietnam.blogspot.com/2007/12/ssc-bogs-down-internet-brokering.html First foreign owned securities company makes debut- December 22, 2007 The Republic of Koreas Mirae Asset Securities Joint Stock Company on December 20 announced its official operation on the Vietnamese stock market.This is the first foreign invested securities company licensed by the Vietnamese State Securities Commission that have started operation in Vietnam.The company has a total registered capital of VND 300 billion. Its head office is located at the PetroVietnam Building, No 5 Le Duan street in District 1, Ho Chi Minh City.The company is an arm of the...http://bankingvietnam.blogspot.com/2007/12/first-foreign-owned-securities-company.html State Bank keeps tight lid on forex rates- December 22, 2007 The US dollar has remained weakened internationally since September, and the Vietnamese dong, its foreign exchange rates largely pegged to the value of the greenback, has been under strong pressure to appreciate despite Government efforts to keep it in check.Economists are expressing doubts over the State Bank of Viet Nams long-term ability to stabilise the dong.HSBC economist Prakriti Sofat, in a November 29 report, said, "Double digit inflation and the risk of inflation in the teens suggest...http://bankingvietnam.blogspot.com/2007/12/state-bank-keeps-tight-lid-on-forex.html Banking activities continue to blossom- December 22, 2007 The banking sector achieved an estimated growth rate of 36.5% in capital mobilisation and 34% in loans in 2007, almost doubling the forecast figures although the growth rates are affecting inflation.According to the Vietnam Banks Association (VBA), positive changes have been seen in loan provisions which has helped support important economic sectors such as infrastructure construction, property development, export promotion and services, aquaculture, securities and consumption.Hanoi and Ho Chi..http://bankingvietnam.blogspot.com/2007/12/banking-activities-continue-to-blossom.html Disappointed short-term investors sell Vietcombank IPO rights- December 22, 2007 Immediately after the registration performance of Vietcombanks IPO was announced, some registered investors have offered to sell their spots.By the afternoon of December 18, investors had reportedly registered to buy 110mil Vietcombank shares, just 10% higher than the 97.5mil shares offered and far below expectations.Bui Ngoc Long, Marketing Director under IRS Securities Companies, said that on the morning of December 19, some investors offered to sell their right to join the IPO for...http://bankingvietnam.blogspot.com/2007/12/disappointed-short-term-investors-sell.html Foreign financial institutions fare well in 2007- December 22, 2007 Foreign-invested financial institutions and foreign bank branches in Vietnam continued with impressive result in 2007 as they recorded an 8% increase in their total assets to reach VND 215 trillion.Representatives of these institutions reported the results to the State Bank of Vietnam during their meeting in Hanoi recently.The State Bank of Vietnam said it considered foreign financial institutions as active factors to support the Vietnamese banking system to grow in a healthy and sustainable...http://bankingvietnam.blogspot.com/2007/12/foreign-financial-institutions-fare.html Banks race to partner with securities firms- December 22, 2007 As of February 2008, investors transaction accounts must be opened at commercial banks instead of securities banks which is hoped to attract more diverse business opportunities to the commercial banking sector.February 2008 is the deadline for securities companies to finish transferring their accounts to commercial banks for management. Banks are therefore racing to persuade securities companies and clients that they are the most capable to manage investors money.Analysts say commercial banks...http://bankingvietnam.blogspot.com/2007/12/banks-race-to-partner-with-securities.html Vietnam welcomes Kuwaiti investors- December 22, 2007 Prime Minister Nguyen Tan Dung affirmed that Vietnam will create favourable conditions for businesses from Kuwait to invest in the Southeast Asian country.While receiving newly-accredited ambassador from Kuwait Faisal Sulaiman Fahad Al Mukhaizim in Hanoi on December 17, the PM spoke highly of the opening of the Kuwaiti embassy in Hanoi and the Kuwaiti Consul General in Ho Chi Minh City, which he said marks a milestone in the bilateral relationship.The move, he said, will help lift the relations.http://bankingvietnam.blogspot.com/2007/12/vietnam-welcomes-kuwaiti-investors.html |