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Tag Archive for ‘debt’

Vietnam’s Minister Of Construction Explains Huge Losses Of State Giant

NA deputies questioned the Minister of Construction about outstanding debts and misconducts, equaling VND10 trillion (USD480 million) at Song Da Group. NA deputy, Tran Minh Dieu, from Quang Binh Province voiced public concerns about the recent alleged misconducts at Vietnam Construction Industry Group (Song Da Group) and raised questions about the agencies’ practices. Dung said at that time, the Central Inspection Committee carried out inspection, yet nobody was held accountable despite serious misconducts. Le Nhu Tien, NA Deputy from Quang Tri Province, said Song Da Group is guilty…

Groundhog Day With Vietnam Banks’ Bad Debts

Banks’ bad debts are again under the spotlight. For example, in late 2012’s third quarter, Sacombank’s bad debt rate hiked sharply from 0.57 per cent by the end of 2011 to 1.4 per cent. Albeit the bank’s provision amount in the third quarter fell more than 23 per cent against that in second quarter to […]

Vietnam NA Thumbed-Up 2013 Targets

A national plan for Vietnam’s socio-economic development for next year has taken shape. The National Assembly last week adopted a resolution on this plan, with 457 out of 459 delegates at the gathering agreeing on it. Despite some hiccups, Vietnam’s growth fundamentals remain in place – illustration photo The resolution said the overall target of the government’s macro-economic monitoring for 2013 was “strengthening the stabilization of the macro-economy, curbing inflation at a rate lower than in 2012 and achieving an economic growth rate higher than in 2012.” Specifically, the economic growth rate is expected to grow about 5.5 per cent, while the consumer…

Vietnam Bank Restructuring Should Continue Apace: Experts

The State Bank of Vietnam has confirmed that four commercial banks – GP Bank, Navibank, TrustBank and Western Bank – will be restructured by the end of this year because of their weak liquidity. The central bank has not, however, revealed what steps the four banks will take in their restructuring process. Experts agree the move will help improve the quality of the banking system, but say it should have happened earlier. Economist Bui Kien Thanh said, “The restructure should have been done sooner. Amidst low liquidity, the weak banks may offer high deposit interest rates to raise funds, causing…

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 […]

Oil Falls on Greek Aid Meetings, Japanese Contraction

Oil in New York dropped for the first time in three days as European policy makers met to discuss aid for Greece and Japan’s economy shrank. Futures fell 0.6 percent as euro-area finance ministers gathered in Brussels after Greek lawmakers passed a 2013 budget needed to unlock bailout funds. Japan’s economy contracted last quarter at an annual rate of 3.5 percent, the most since the earthquake and tsunami in early 2011. “As long as there is no resolution to the Greek crisis, markets will remain under pressure,” said John Kilduff, a partner at Again Capital LLC, a New York-based energy hedge…

Dam safety hot topic in Vietnam Assembly’s Q&A session

HA NOI (VNS)– The reservoir of quake-hit Tranh River Hydroelectricity Plant 2 in Quang Nam Province will stay empty until scientists have confirmed the dam’s safety, the Minister of Construction Trinh Dinh Dung said this morning. Human safety was the top concern and priority of the Government, he said during the Q&A session at the National Assembly today. As part of the examination, international geologists from Russia, India and Japan would be invited to help evaluate the earthquake situation in the area. Dung was responding to a question on the dam’s safety…

HCM City Banks’ Profits Drop 71.5% On-year in Jan- Oct: Official

Commercial banks in Ho Chi Minh City, Vietnam’s biggest economic hub, saw their profits in the first ten months of this year plummet 71.5% from the same period last year, said deputy director of the central bank’s HCM City branch. Losses in gold trading, rising provisions for credit losses, and slow credit expansion were the main causes to the poor performance of lenders in the city, the Dau Tu Chung Khoan newspaper cited the official as saying. By the end of October, the bad debt ratio at the city’s commercial banks stood at 6.2%, compared to the figure of 8.6%…

Eurozone to meet again on Greek aid, clashes with IMF

BRUSSELS – Eurozone finance ministers have agreed to meet again on November 20 to clear the way for a long-delayed Greek aid payment, but a proposal to change its debt reduction deadline sparked the ire of the International Monetary Fund. Eurogroup head Jean-Claude Juncker said on Monday Greece has made progress on its commitments to reduce debt and the public deficit but ministers still had work to do before finalizing the details and so approving some 31 billion euros (US$39 billion) in funding. Greek Prime Minister Antonis Samaras had said…

Vietnam’s Bank Chief To Be Queried Over Irresponsible Comment

Nguyen Van Binh, governor of the State Bank of Vietnam, has received 361 requests from National Assembly delegates to make a formal explanation on Tuesday over a statement he made last week. With such number of requests, Binh is the Government member having received the most questions after stating “as the governor of the State Bank of Vietnam, I could not promise anything about the handling of non-performing loans (NPL), or bad debt,” in a National Assembly (NA) meeting…