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There Is Group Interest in the Banking System, SBV Governor Says

Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh admitted that there was group interest in the system of credit institutions, the local newswire Gafin.vn reported. Inspection results of 27 credit institutions showed that many lenders had been controlled by a group of shareholders who held key positions at these banks. Outstanding loans to the group of shareholders accounted for a great proportion of total lending, sometimes up to 90%, the Governor said. Particularly, lending to this group of shareholders is related to real estate, which drove bad debts to rise and commercial banks to suffer loss amid...

Who receives highest pay in Vietnam?

VietNamNet Bridge – Hundreds of millions of dong are paid to the CEOs who work in the “hot business fields” such as finance and banking, power and oil and gas. CEOs in state owned conglomerates receive tens of millions of dong How much the CEOs of Petrolimex (petroleum importer and distributor) and EVN (the Electricity of Vietnam) receive for their jobs every month is the thing that most people are interested in. EVN’s General Director Pham Le Thanh once revealed that the average pay to EVN’s workers in 2009 was 7.3 million dong, saying that this was a modest pay level. In...

VND1.5Tln Government Bonds Are Sold Via Auctions Last Week: BVSC

VND1.5 trillion worth of government bonds were sold out of VND4 trillion auctioned volume in the previous week, the local newswire Gafin.vn reported, citing data from BaoViet Securities Company (BVSC). The State Treasury of Vietnam sold out VND1 trillion 2-year government debts at fixing of 9.5%, down 0.2% from the previous auction. The bid-to-cover ratio was 4.7. The Vietnam Development Bank (VDB) also managed to sell VND400 2-year bonds at 10.5% and VND100 3-year debts at 10.6%. Meanwhile, the Vietnam Bank for Social Policy (VBSP) failed to sell any bonds in its auction. The bid-to-cover ratio...

Vietnam Exporters Become The Victims Of Nasty Tricks In Foreign Markets

VietNamNet Bridge – Export companies have complained that the situation has become increasingly strained towards the end of the year. Importers would be ready to play nasty tricks to control the import prices. Too many kinds of tricks to play It is now more difficult than ever to export products. Exporters not only have to move heaven and earth to borrow capital, arrange material import deals, but also think about how to deal with the tricks played by importers to disturb the export. Nguyen Van Dao, General Director of Go Dang Company, related that importers would send small groups of...

Vietnam Central Bank Seals Gold-Casting Moulds of All 8 Non-SJC Gold Brands

All eight non-SJC gold brands previously licensed to produce bullion have already handed over their gold-casting moulds for the central bank to seal and manage, the local newswire VnExpress reported, citing its private sources. These firms include ACB, Southern Bank’s Gold Company, Sacombank SBJ, Agribank AJC and PNJ in Ho Chi Minh City; Ngoc Tham Gold Company in Tien Giang; as well as DOJI and Bao Tin Minh Chau in Hanoi. The gold-casting mould handover was initiated by gold companies, who thought the move would enhance the transparency in bullion production, as they were no longer allowed...

Singapore’s Melior Business School (MBS) In HCM City Closes With Syllabus Unfinished, Singaporean Director Fled

Hundreds of students of the Melior Business School (MBS), based in Ho Chi Minh City, may lose their tuition fees and get no certificate as the unit suddenly closed yesterday and its Singaporean director Cheng Sim Kok fled. On November 10 the school, located at 97 Nguyen Van Troi Street in Phu Nhuan District, informed […]

Some Vietnam Banks Still Dodge Deposit Rate Cap to Draw in Deposits

A number of commercial banks have been offering above-cap interest rates to lure depositors; yet, the rates offered are 0.5-1% lower than before, the local online newspaper Saigon Times reported. The newspaper then gave out an example of an unnamed large bank in HCMC which agrees to pay 11-11.5% per annum on deposits worth VND1 billion for one-month maturity. Similarly, a smaller bank in the area was reported to offer 12% p.a. for short-term deposits. Besides, depositors of over VND500 million can negotiate the rates with the bank. Customers will earn interests in excess of cap...

Vietnam Banks Hesitate to Lend out despite Cash Surplus

Local commercial banks hesitated to expand credits despite cash surplus as the majority of firms are unqualified for the loans, the local newswire Tien Phong reported. Many businesses have to restructure their debts amid piling inventories and weak financial conditions. Many voiced to back their debts by real estate; yet, given frozen property market currently, banks can only grant lower credit line, said an unnamed banker. "Banks can lend without collaterals, but require more conditions such as large equity, stable revenue growth and capital turnover. Businesses, therefore, cannot borrow as they fail to sell products. Even with an interest rate...

FDI firms outperform local businesses in Vietnam

HA NOI (VNS)— Many foreign direct investment (FDI) enterprises have accelerated investments and are now outperforming domestic firms in many major Vietnamese export sectors. According to Tuoi tre (Youth) newspaper, Sai Gon Precision, a wholly Japanese-invested mechanics company, has added US$25 million in equity to develop a new plant and recruit more workers as it rushes to meet new orders. South Korea's Nobland Viet Nam Co has decided to increase its capital by $17 million and expand its garment production lines by an additional area of 11,000 sq.m in HCM City's Tan Thoi Hiep Industrial...

Vietnam’s Coffee King Takes Aim at Starbucks

Vietnam is the world's second-biggest coffee exporter, a fact that probably comes as a surprise to most westerners. And now a local entrepreneur is hoping to...