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Tag Archive for ‘Loan’

ABBank cooperates with Sai Gon Ford

From November 5, 2012 to February 5, 2013, An Binh Commercial Joint Stock Bank (ABBank) would cooperate with Saigon Ford Ltd Co (Saigon Ford) to run a preferential programme for customers who have demand for car purchase at SaiGon Ford. Accordingly, customers would now be able to own luxury Ford cars with the funding support […]

VND252Tln Debts Have Been Restructured by Sept 30 2012, Says SBV Governor

As many as VND252 trillion debts have been restructured by the end of September this year, Governor of the State Bank of Vietnam (SBV) told legislators at a meeting today [Nov 13], the local online newspaper TTVN.vn reported. Total lending of the whole banking sector climbed to VND2,700 trillion, the central banker said. Local lenders have set aside VND75 trillion for loan loss provisions, up VND14 trillion from last year. VND12 trillion bad loans were tackled by banks’ own provisions, the Governor added. Many credit institutions reported non-performing loan ratio at modestly 1-3% while the central bank assessed…

Lenders in Vietnam ready to make home loans

Despite the current high lending rates at local banks, homebuyers have still had many opportunities to obtain home loans at affordable rates. After a long time of saving money, Quoc, a resident in HCMC’s Binh Thanh District, has decided to buy an apartment in Thu Duc District with a total value of over VND1 billion. […]

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…

Some Vietnam Banks Asks Borrowers to Deposit Margins for Loans

Some commercial banks have requested borrowers to deposit 5% of total loan value into the latter’s ATM card accounts with a ban on withdrawal, the local newswire VnEconomy.vn reported, citing sources close to the matter. Vietnam Bank for Social Policies (VBSP) and Vietnam Bank for Agriculture and Rural Development (Agribank) were named among those lenders. In details, loan seekers need to deposit back VND500,000 to obtain a loan worth VND10-30 million, a source said, adding that borrowers will never earn interest, but are asked to pay interest rate for margin deposits. The two banks have declined the blame, the…

Need to urgently establish asset management company under SBV to tackle Vietnam’s bad debts

When bad debt threatens the safety of the banking system and the stability of the macro economy, the bad debt settlement needs to have the intervention of the government, even using the state budget or internal or external loans. Seeing that bad debt of banking industry is caused by various reasons and that it reflects […]

Japan political strongman cleared after long trial

TOKYO – Japan’s onetime political kingmaker Ichiro Ozawa was cleared Monday of misreporting political funds, ending a drawn-out legal battle for one of the country’s more colourful politicians. The appeal court upheld an earlier ruling that Ozawa had done nothing wrong when he failed initially to report 400 million yen ($5 million) that he had loaned to the funding body supporting his political machine. Ozawa was once one of Japan’s most powerful politicians, earning the moniker “Shadow Shogun” for behind-the-scenes maneuvering that shaped large parts of the parliamentary landscape. A former…

Vietnam’s Banking Problems Reflect Turbulence in the Economy

Scale of debt in banking sector and bloated state firms lays bare pernicious influences of cronyism in Asian tiger economy Vietnam’s stuttering economy, once a darling of the World Bank and a rising tiger of south-east Asia, received a further blow this week with the bailout of the crisis-struck state-owned Sacombank. The State Bank of […]

HCM City Banks See Earnings Dip in 10M

Earnings of commercial banks in Ho Chi Minh City in the first ten months of this year only represented 28.5% of 2011’s full-year figure, said Nguyen Hoang Minh, Deputy Governor of the municipal central bank. Low profits of local lenders were attributed to loss from gold trading activity, sluggish credit growth, and high loan loss provision amid rising bad debts. By the end of October, non-performing loans…

Vietnam Stock Exchange Preview: Military Bank, Sacombank, Bac Giang

Economist and Hedge Fund Manager Shayne Heffernan of livetradingnews.com takes a look at Vietnam. Focus this week in Vietnam will be on what the Government has planned for the spiraling bad debts that are plaguing the banking sector. Non-performing loans in Vietnam’s banking system rose to an estimated 8.8 percent of total lending by June […]