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Tag Archive for ‘debt’

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 […]

Low VAT rates in Vietnam benefit the rich more than the poor: World Bank

Despite widespread public opposition to raising VAT rates, a World Bank chief economist argues otherwise. Moving forward with tax reforms is important for Vietnam to ensure sustainable growth and macroeconomic stability.Vietnam’s tax-to-GDP ratio has fallen over recent years, from 23.5% of GDP in 2010 to 19.1% of GDP in 2015. This is mainly because of […]

Gold to Gain to $2,000 on Money Printing, Deutsche Bank Says

Gold will probably rally to a record above $2,000 an ounce next year as central banks ramp up stimulus to sustain the recovery, according to Raymond Key, London-based global head of metals trading at Deutsche Bank AG. “We’ll take out $2,000, we’ll go higher,” Key said in an interview in Hong Kong, where he attended […]

Oil Drops for Second Day as IEA Lowers Demand Forecast

Oil dropped for a second day as the International Energy Agency cut its demand estimate and U.S. inventories were expected to reach a three-month high. Prices fell 0.2 percent after the IEA lowered its forecast for the fourth quarter for a second time, citing weakness in Europe’s economy and disruption to U.S. fuel delivery by […]

Vietnam Aims to Cut Bad Debt Ratio to 3-4% by End-2015: PM

Vietnam will strive to curb bad debts of the banking industry at around 3-4% of total lending by the end of 2015, Prime Minister Nguyen Tan Dung told the country’s lawmakers early today [Nov 14]. Non-performing loans are estimated to have totaled VND250 trillion or 8.82% of total lending currently, 73% of which are backed by collaterals. Credit institutions have set aside VND75 trillion in loan loss provisions. The government is currently directing the implementation of the following measures. (1)…

Vietnam lawmakers debate ways to reinvigorate economy

HA NOI (VNS)– Questions about how to provide businesses with access to loans, settle bad debts, manage the gold market and ensure dam safety fueled a heated question and answer session yesterday between National Assembly deputies and Government officials. Answering a question about the gap between world and domestic gold prices, State Bank of Viet Nam governor Nguyen Van Binh said that when the domestic gold price went up, the government in the past had to import gold to stabilize the market, which could negatively affect foreign currency reserves. He said the government had…

Exports show their best face to Vietnam

A sharp hike in Korean cosmetics and food exports to Vietnam in recent years has prompted the need for firms from the two countries to step up bilateral investment and trade. Within many activities to celebrate 20 years of diplomatic ties between Vietnam and Korea (December 1992-December 2012), Korea Trade-Investment Promotion Agency (Kotra) hosted Hallyu Korean Wave Products Show from November 6-7, 2012 at Keangnam Garden west of Hanoi. It showcased several dozen booths with more than 40 Korean businesses whose products are favoured by Vietnamese consumers in electronics, household appliances, cosmetics and food. The opportunities for new emerging Asian markets to fuel…

PRESS DIGEST – Vietnam Newspapers – Nov 14, 2012

FINANCIAL NEWS: VIETNAM NEWS — Credit growth this year is expected to reach 5-6 percent after a January-October expansion of 2.2 percent, while local banks have prepared about 200 trillion dong ($9.6 billion) to pump into the economy from now until the Lunar New Year, said Nguyen Hoang Minh, deputy head of the central bank’s […]

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 cbank says 8.82 pct of loans are bad, pledges action

(Reuters) – Non-performing loans in Vietnam’s banking system reached 8.82 percent of total lending at the end of September and are difficult to deal with, the country’s central bank governor said on Tuesday. Nguyen Van Binh also told the parliament that non-performing loans rose 66 percent in the first 10 months this year, though he did not say whether that increase was from the same period of 2011 or from another timeframe. In televised remarks, Binh said that non-performing loans increased 64 percent in 2011 and 41 percent in 2010. Vietnam has one of the highest levels of non…