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Tag Archive for ‘ACB’

Vietnam Bad Debt Situation Worsens, But More Slowly: C.Bank

Though the total bad debt of the local banking system has risen to 8.8-10 percent from 3.05 percent of total outstanding loans at the end of 2011, the growth has slowed since June, said the central bank. According to the financial reports of commercial banks, as of September 30, their non-performing loan (NPL) ratios have […]

Vietnam Central Bank Net Injects VND4Tln Last Week: BVSC

The State Bank of Vietnam (SBV) net pumped VND3.915 trillion through open market operations (OMO) in the week ending Nov 2 after it pumped VND6.819 trillion and withdrew VND2.904 trillion, the Bao Viet Securities Company (BVSC) said. The net injection last week also ended the streak of eight consecutive weeks of monetary withdrawal on OMO. The monetary authority also sold VND1.338 trillion worth of T-bills for 91-day maturity during the week. Last Friday alone, the central bank net pumped VND4.975 trillion via OMO, marking the biggest monetary injection since August 22, when the SBV had to pump up to VND13.025 trillion…

Vietnam Business Briefs November 07, 2012

* Saigon Shipping Joint Stock Company (SGS) announces that its Saigon Queen ship, with a crew of 22 on board, sank off Sri Lanka October 30. The firm said that eighteen crewmembers have been rescued while the four others, including the captain, remain missing, adding that the current value of the ship reached VND73.5 billion. * FLC Group JSC (FLC) will transfer its all 5 million shares in FLC Securities JSC to individuals who want to buy until November 11 at the price not lower than VND4,600/share, the firm said in its resolution of Board of…

ACB reduces gold deposit rate

Asia Commercial Joint Stock Bank (ACB) has recently launched new gold deposit interest rate benchmark, effective from November 5. Particularly, the bank eliminated the gold certificate of deposit (C/D) in its common saving mobilization structure, only retained its option enclosed gold C/D product, changed the term structure and reduced the interest rate. ACB added 3-month term instead of just keeping two terms of 1 and 2-months earlier. The interest rate is 0.5 percent per annum for all terms of 1, 2 and 3-months for both SJC and ACB gold products. Accordingly, the bank’s gold deposit rate dropped sharply from the highest of…

Vietnam Central Bank Net Withdraws VND181Bln via OMO on Nov 5

The State Bank of Vietnam (SBV) net withdrew VND181 billion through open market operations (OMO) on Nov 5, the local newswire VnEconomy.vn reported, citing Reuters data. Specifically, the central bank pumped VND341 billion at 8% p.a. for 7-day window and withdrew VND522 billion during the day. The SBV also sold VND305 billion worth of T-bills under 91-day maturity at 6.8% p.a. yesterday [Nov 5]. The average interbank rate was recorded at 3.5-4% p.a. for overnight, up 0.5% from late last week and rose to 4-5% p.a. for 1-week term, up 0.5-1% p.a. The low…

Vietnam Central Bank Injects VND5.4Bln via OMO on Nov 2

The State Bank of Vietnam (SBV) pumped VND5.396 billion at 8% p.a. for 7-day window via open market operations (OMO) last Friday, the local newswire Gafin.vn reported, citing data from the State Bank of Vietnam (SBV). This marks the biggest monetary injection of the central bank through OMO since August 22, when the SBV had to pump up to VND13.025 trillion to ease liquidity tension for the whole system, following the arrest of former ACB Vice Chairman Nguyen Duc Kien. On the same day, Saigon Thuong Tin Commercial Joint Stock Bank (STB) announced that Chairman Nguyen Van Thanh resigned…

Gold sink Vietnam banks

VietNamNet Bridge – The commercial banks, which once rushed to mobilize gold deposits now have to pay the penalty for their decisions. Pay penalty for the greed? If asking bullion gold traders who are the biggest buyers at this moment, the answer would be “commercial banks.” Analysts have commented that the “gold game” duration would depend on the commercial banks’ liquidity. When the dong deposit interest rates kept escalating to 20-25 percent per annum, banks found one solution that could help them reduce the capital mobilization costs: mobilizing gold deposits, converting for dong for lending. Bankers believed that even if…

Vietnam Banks Still On The Back Foot

Continuing economic difficulties and bad debts have bitten into bank profits. Banks’ credit has expanded slowly, albeit banks took constant efforts to soften lending rates and roll out concessionary credit packages to woo customers. State Bank statistics show that banking sector credit expanded 2.35 per cent in the year to the end of September. Experts forecast the sector’s full-year credit growth would hover at around 4-5 per cent this year, but not 8-10 per cent as it was expected which will cast a dent on banks’ respective profit figures. LienVietPostBank raked in VND468 billion ($22.3 million) in after-tax profits in the…

The unsuccessful “power transfer” affairs in Vietnam

VietNamNet Bridge – The abdication of a lot of Vietnamese CEOs recently shows that the process of transferring power to the next-generation managers, who are believed to be younger and more dynamic, does not succeed. The resignation of Truong Dinh Anh, former CEO of the Corporation for Financing and Promoting Technologies (FPT), the leading information technology group in Vietnam, was a hot topic in the discussions of the business circle. Anh, a member of the FPT’s “golden generation”, took the post of CEO 18 months ago, after Truong…

Vietnam ACB May Reap VND1.9Tln Pretax Profit in 2012: VCBS

Asia Commercial Bank (ACB) may reap a pretax profit of VND1.892 trillion this year, Vietcombank Securities said in a report. In 9M/2012, the HNX-listed lender earned a profit of VND896 billion, sinking 57.3% over the same period in 2011. The lender’s 9M weaker business result was due to its Q3 net loss of VND496 billion, resulting from a loss of VND1.144 trillion from gold and forex trading and a 198% on year upsurge in loan loss provision in the quarter. VCBS noted that in Q4, ACB would continue to mobilize gold from the local people to offset the gold shortage…