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Tag Archive for ‘ACB’

Securities Companies In Vietnam Trying to Brave Storm

Up to 56 out of over 100 securities companies in Vietnam reported losses in the third quarter of 2012. Securities brokerage houses suffered a combined net loss of VND212 billion but the earnings reached VND1,100 billion in the first nine months. Many have to restructure to survive in the raging storm. Total revenues of 100 securities companies grossed VND2,107 billion in the third quarter, totaling VND7,864 billion in the three quarters. They suffered from a combined loss of VND212 billion in the third quarter but still earned VND1,100 billion of profits in the January – September period…

VIetnam Deposit Rates Cool Down

The act of breaking the deposit rate cap has not ended, but deposits rate at many banks have slightly declined against October. In October, tellers at a large joint-stock commercial banks in HCMC offered depositors interest rates of over 12% per year for deposits of VND1 billion or above. On Monday, the rates fell to […]

Vietnam’s Money Market: Stable But Worrisome

Unlike the same period of the previous year, this year, money market is quite stable. Commercial banks are merely showing signs of dong interest rate race. Meanwhile, in some banks, signals of interest declining are becoming clearer. Long term deposit rate (more than 12 month term) of many banks got reduced by 0.5-1 October Less […]

Brokerage sells Eximbank shares to 3.93%

HA NOI (VNS)- ACB Securities Company announced it had sold more than 9.7 million Eximbank (EIB) shares to reduce its ownership in the bank to 3.93 per cent on November 6. Meanwhile, Asia Commercial Bank (ACB) – the parent bank of the brokerage – is holding more than 12.8 million EIB shares. The combined ownership of ACB Securities and its subsidiary in Eximbank are currently 61.4 million units, or 4.97 per cent of the bank’s charter capital. Eximbank’s Q3 profit dropped 45 per cent to VND561.3 billion US$27 million over the same period last year. Meanwhile, it is rumoured in a merger with…

Vietnam Banks Suddenly Slash Deposit Interest Rates

A number of Vietnamese banks have made recent and sudden cuts to deposit interest rates. A survey of Hanoi’s banking sector has shown that banks have reduced deposit interest rates by 0.3% – 0.8%. Techcombank’s highest current deposit interest rate is just 12% per year, instead of 12.5% previously. Eximbank has applied the highest rates, of 12% per year for 12-month and 13-month terms, a change from the old rates of 12.3 – 12.8%. Long-term deposit interest rates drop sharply Vietcombank applies the deposit interest rate for terms of over 12 months at 10% per year. Agribank’s annual rate is 12%…

Vietnam Banks Lure Longer-Term Gold Deposits

HCMC – Local banks are taking advantage of the central bank’s loosening move rescheduling the ban of gold mobilization until June 30 to attract longer-term gold deposits by raising gold interest rates. Asia Commercial Bank (ACB) lowered gold deposit rates to 0.5% annually a few days ago but the bank suddenly pulled up the rates […]

Vietnam shares rally at end of session

HA NOI (VNS)– Share movements yesterday were mostly unchanged from Thursday, with indices increasing towards the end of the session. The stock market may have been boosted by the National Assembly’s economic indicators for next year, which were released on Thursday. They focus on curbing inflation at around a single digit level and encouraging higher growth than this year. Specifically, the growth rate of the country’s gross domestic product (GDP) is targeted to reach 5.5 per cent, while the consumer price index is aimed at 8 per cent. Additionally, the limits for the budget deficit and…

Vietnam Eximbank Adjusts Down Dong Interest Rates to Maximum 12% p.a.

Vietnam Export Import Commercial Joint Stock Bank (EIB) announced to cut dong deposit interest rates to maximum 12% per annum, from 12.5-12.8% p.a. earlier, the local newswire VnEconomy.vn reported. The 12% p.a. rates is now applied for some long terms only, the lender said. In mid-Sept this year, the market witnessed large banks like ACB, Eximbank and Sacombank offer the highest dong deposit rates of the whole banking industry. ACB and Sacombank applied dong deposit rates of 13% and 12.8% p.a., respectively. Previously, these lenders usually applied lower interest rates than other smaller banks. It’s…

Big Vietnam bankers – one and all fall ill

VietNamNet Bridge – The year 2012 would be marked in the banking history as a “CEO’s resignation year.” A lot of CEOs have resigned from their posts, for the same reason – personal or health problems. Mr Tran Xuan Gia On September 19, 2012, Tran Xuan Gia, former Minister of Planning and Investment (MPI) got the approval for his letter of resignation. Gia explained that he decided to step down from the post of ACB President because of the health problem. He suffered from cancer and it is now the time for him to spend time on treatment. At that time, two…

A Closer Look on Bad Debts of Vietnam Banks

According to the State Bank of Vietnam (SBV), non-performing loans of the entire system occupied 8.8-10% of total credits and the pace of NPL growth has slowed since June. Meanwhile, financial statements of commercial banks showed that their bad debts all rose in the first nine months of this year. NPL ratios increased dramatically in Vietcombank (from 2% to 3.21%); ACB (from 0.9% to 2.1%); Sacombank (from 0.57% to 1.4%); BaoVietBank (from 4.56% to 6.13%); and Navibank (from 2.92% to 3.97%). Some lenders managed to keep bad debts rise insignificantly like Techcombank (from 2.82% to 2.94%); KienLongBank (from 2.77%…