Banks in VietnamThis weblog provides you with information and updates about banks and banking in Vietnam. Hope you find it useful.Increasing capital no longer banks 2008 priority- January 13, 2008 Commercial banks will not consider increasing chartered capital a top priority in 2008 as they did in 2006 and 2007.A representative from Viet A Bank said that their institutions plan to increase the chartered capital to VND1.3tril ($78.12mil) has been approved by the State Bank of Vietnam and State Securities Commission. However, the bank has just successfully increased its capital to VND1tril ($62.5mil) by issuing additional shares to existing shareholders (existing shareholders can buy two...http://bankingvietnam.blogspot.com/2008/01/increasing-capital-no-longer-banks-2008.html VND revaluation boosts exporters, busts importers- January 13, 2008 While exporters struggle with the VNDs revaluation, importers prosper with significantly increased profits.On January 9, commercial banks quoted the exchange rate at VND15,990-15,992US$1, down by VND82,000US$ over the previous price level, and by 1.6% (VND263US$.41) compared to the highest peak seen in mid August 2007Importers cheerExperts say that China once faced the same problem. However, China has been insisting on keeping the yuan at low prices in order to retain Chinese products global...http://bankingvietnam.blogspot.com/2008/01/vnd-revaluation-boosts-exporters-busts.html Government sells VND1 trillion bond- January 13, 2008 Vietnam's State Treasury plans to raise VND1 trillion (US$62 million) in a government bond auction Friday.The State Treasury will sell five-year bonds to raise VND700 billion and issue the debt on January 15 for maturity on January 15, 2013.It will also offer VND300 billion in three-year bonds with the same issuing date of January 15.Proceeds from the debt are used for major infrastructure projects such as roads, bridges and ports.At the previous auction on December 24, 2007, the State Treasury.http://bankingvietnam.blogspot.com/2008/01/government-sells-vnd1-trillion-bond.html SBV carries out various measures to ensure micro-balance- January 13, 2008 In 2007, the State Bank of Vietnam (SBV) managed the exchange rate based on the principle that the Vietnam dong pegged at the correct level, bought foreign currencies at a reasonable manner in order to stabilise the exchange rate and increased the States foreign currency reserves to ensure micro-balance of the economy, said Mr Nguyen Van Giau SBV governor at a press briefing to review the banks work in the year 2007.Specifically, the State Bank of Vietnam widened the US dollar and Vietnam dong..http://bankingvietnam.blogspot.com/2008/01/sbv-carries-out-various-measures-to.html Swiss Re becomes Vinares sole foreign strategic partner- January 13, 2008 The Vietnam National Reinsurance Corporation (Vinare) has announced Swiss Reinsurance Corporation (Swiss Re) as its sole foreign strategic shareholder with 25% stake.The two companies signed a strategic partnership agreement in Hanoi on January 7.According to Vinare CEO Trinh Quang Tuyen, Swiss Re has bought nearly 17 million shares issued by the company at a price of VND 75,000 per share.The strategic co-operation agreement is expected to improve the business capacity of Vinare and expand its..http://bankingvietnam.blogspot.com/2008/01/swiss-re-becomes-vinares-sole-foreign.html Vietnam's Sacombank profit soars, opens China office- January 13, 2008 Sacombank, Vietnam's sixth-largest bank, said it more than doubled its 2007 profit as loans and deposits expanded strongly amid a fast-growing economy and announced it had opened its first office in China.Bank loans in Vietnam rose 37 percent last year as the economy grew at nearly 8.5 percent -- its fastest pace in just over a decade, after a boost given by World Trade Organisation membership.Sacombank's 2007 gross profit climbed to 1.45 trillion dong . Sacombank Chairman Dang Van Thanh said...http://bankingvietnam.blogspot.com/2008/01/vietnams-sacombank-profit-soars-opens.html Investors propose raising ceiling on foreign stake at banks- January 13, 2008 The Vietnam Association of Financial Investors (VAFI) has asked the Prime Minister to raise the ceiling on foreign stake in joint stock banks from the current 30% to 35 or 37%.In its proposal sent to the PM and relevant agencies, the VAFI said the move is necessary to mobilise more capital for the securities market and the commercial banking system and make the stock market more attractive to foreign investment in terms of commodities.According to the VAFI, the current 30% limit has caused...http://bankingvietnam.blogspot.com/2008/01/investors-propose-raising-ceiling-on.html Dong A Bank in tie-up to distribute US insurers products- January 13, 2008 Leading joint-stock bank Dong A Bank signed Thursday a memorandum of understanding with the US's ACE Insurance Company Ltd. to distribute the latters products through its network nationwide.The Ho Chi Minh City-based lender hopes the tie-up will also help diversify its own products, and bring in new clients.ACE, which has operations in Vietnam, offers personal accident insurance and travel insurance, among other products.Nguyen Thi Ngoc Van, deputy general director of Dong A Bank, told Thanh...http://bankingvietnam.blogspot.com/2008/01/dong-bank-in-tie-up-to-distribute-us.html Vietnam to limit 2008 loan growth to 30 pct-report- January 13, 2008 Vietnam's central bank aims to limit growth in bank loans to 30 percent in 2008 after a jump of 37.8 percent last year, the official Hanoi Moi newspaper reported on Wednesday.Bad debt in the banking sector was cut to 2 percent of loans by the end of 2007 from 2.65 percent a year earlier, it said, citing central bank figures released at an industry meeting on Wednesday.The central bank, the State Bank of Vietnam, said it wanted to slow down lending to help ensure a sustainable pace of economic...http://bankingvietnam.blogspot.com/2008/01/vietnam-to-limit-2008-loan-growth-to-30.html |