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Tag Archive for ‘Bank’

Vietnamese University Plans to Accept Bitcoin Despite Central Bank Ban

FPT, a private Vietnamese university is planning to accept tuition fees in bitcoin with a workaround of the central bank’s ban on using cryptocurrencies as payment instruments. FPT University is a private academic institution with campuses in Ho Chi Minh City, Hanoi and Da Nang, Vietnam’s three major cities. The university will soon begin accepting […]

Vietnam Bans Bitcoin as Payment Method; Adopters Face USD$9,000 Penalty

Vietnam’s central bank has ruled that cryptocurrencies like bitcoin are prohibited as a method of payment in the country. The State Bank of Vietnam (SBV), Vietnam’s central bank, has completed developing a legal framework for cryptocurrencies in the country following orders by Vietnamese Prime Minister Nguyen Xuan Phuc earlier this year. In a newly released […]

Vietnam central bank admits shortcomings after violating protocols

Acknowledging its limitations and inadequacies, the State Bank of Vietnam (SBV) said it will thoroughly implement all of the Prime Minister’s instructions by adopting solutions to enhance the quality and the efficiency of its operations while improving its inspections of the banking sector. Its determination comes after the central bank was found guilty of violating […]

Vietnam to build customs bond system

The Global Alliance for Trade Facilitation (GATF) will help Viet Nam to establish a customs bond system – part of the country’s efforts to modernize and reform administrative procedures relating to import and export. The GATF and the Viet Nam Private Sector Forum (VPSF) launched their joint project on customs bond last Friday, aimed at […]

Engineer recalls bitter story of pioneering Vietnamese carmaker

As hope that Vietnam would finally produce cars domestically was renewed after construction of a new car factory began last week, one of the first local engineers who attempted to realize the dream has recalled how he failed as a pioneer. Now past his 70s, Bui Ngoc Huyen currently lives in his shutdown car factory […]

Vietnam’s eight-month credit growth rate touches 11.5%

Credit growth rate in the first eight months of 2017 has been estimated at 11.5% compared to the end of 2016, the National Financial Supervisory Commission (NFSC) reported. As per the report, this figure is 1.3 percentage points higher than the first eight months of 2016. Short-term loans rose by 14.1%, accounting for 45.9% of […]

Vietnam reference exchange rate down by VND15, 6th Sept 2017

The State Bank of Vietnam offered its reference VND/USD exchange rate at VND22,434/USD on September 6, down by VND15 from the day ago. With the current +/- 3% VND/USD trading band, the ceiling exchange rate is VND23,107 per USD and the floor rate is VND21,761 per USD. Major commercial banks also kept their rates quite […]

Techcombank wants no foreign ownership, temporarily

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has no foreign stakeholder following HSBC Bank plc’s divestment in July, and has requested shareholders to approve zero foreign ownership temporarily. In its latest announcement to shareholders on August 30, even as Techcombank asked for approval for a temporary zero per cent foreign ownership, it emphasized […]

Vietnam market to maintain upward trend in September 2017

It’s expected to be a strong September on the local stock market, as investors are maintaining confidence after positive economic data in August and a period of prolonged net buying by foreign traders. The VN-Index on the HCM Stock Exchange increased 2.2 per cent last week, with gains in four out of total five sessions. […]

State Bank of Vietnam focuses on bank cross-ownership

Cross-ownership in Vietnamese banks will be controlled with stringent new regulations. Under a State Bank of Vietnam’s draft law, which revises the Law on Credit Institutions, cases of purchase, sale or transfer of shares with a value of 1% or more of the banks’ charter capital must have the SBV’s written approval before implementation. The […]