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Tag Archive for ‘SBV’

Sacombank’s affair causes $1 bln market cap loss

The resignation of Dang Van Thanh, founder-cum-chairman of the board of directors of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) , caused a VND22.25 trillion ($1.07 billion) market capitalization loss on Friday. The capitalization of Ho Chi Minh Stock Exchange (HoSE) and Hanoi Stock Exchange (HNX) incurred VND20 trillion and VND2.253 trillion losses by the end of the trading session, respectively. According to statistics from HoSE and HNX, by the end of Friday, their market capitalization declined to VND609.700 trillion and VND78.883 trillion compared to the previous day, respectively. The Friday trading…

Sacombank’s former chairman under investigation: new chairman

Dang Van Thanh, former chairman of the board of directors of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) , is under investigation, said the bank’s new chairman Pham Huu Phu. Thanh, who stepped down from his position on Friday, was invited to work with local investigating agencies on the same day, said Phu, former deputy chairman of Sacombank’s board of directors. In…

Vietnam Central Bank Proposed to Allow Temporary Bullion Export & Solid Gold Reimport

The Ho Chi Minh City People’s Committee has recently proposed the State Bank of Vietnam (SBV) to allow temporary bullion export and solid gold reimport as suggested by domestic gold trading units, the local online newspaper Saigon Times reported. The approach will help to speed up the quality assessment of non-SJC gold, ensure sufficient gold supply to the market, contribute to cutting the local gold premium and reduce damage to credit institutions and the local people, the HCMC authority said in a statement. Temporary bullion export and solid gold reimport involve activities in which firms export their bullion and…

Vietnam Aims to Cut Bad Debt Ratio to Below 3pct by 2015

Vietnam will strive to curb bad debts of the banking industry at below 3 percent of total lending by 2015 in accordance with international standards and practices, the State Bank of Vietnam (SBV) said in a posting on its official website. This year, the SBV has been inspecting 26 lenders as part of the restructuring process, the Governor said, adding that the results will be publicized later. The country has already set up a Steering Committee chaired by a deputy prime minister and participated by representatives from ministries and agencies to settle bad debts, the central banker added. There is no single set…

SBV buys $10b foreign currency since early this year

In the XIII term National Assembly session on the socio-economic situation held in the morning on October 31, the State Bank of Vietnam (SBV)’s governor, Nguyen Van Binh, gave a speech related to anti-goldenization and dollarization in the economy. According to the governor, during the last time, the central bank has had several measures against the goldenization and dollarization. Particularly, the central bank has bought $10 billion since early this year together with 60 tonnes of gold from people, equivalent to $3 billion. Thus, the central bank has total $13 billion to be converted into the dong to support…

Vietnam Governor Says 26 Banks Being Inspected

Twenty six credit institutions have been being inspected by the State Bank of Vietnam (SBV) in the year to date and the inspection results will be publicized, SBV governor Nguyen Van Binh said on Tuesday. Speaking at the discussion session of the National Assembly (NA) on Tuesday, Binh said SBV has launched full inspection and invited foreign independent auditors to conduct financial audits of each bank. Because a number of banks are under merger and restructuring, the central bank does not announce the inspection results, respecting self-treatment of banks, especially those with foreign partners. The central bank will only…

Vietnam Aims to Cut Bad Debt Ratio to Below 3% by 2015

Vietnam will strive to curb bad debts of the banking industry at below 3% of total lending by 2015 in accordance with international standards and practices, the State Bank of Vietnam (SBV) said in a posting on its official website. This year, the SBV has been inspecting 26 lenders as part of the restructuring process, the Governor said, adding that the results will be publicized later. The country has already set up a Steering Committee chaired by a Deputy Prime Minister and participated by representatives from ministries and agencies to settle bad debts, the central banker added. There is no single set…

SBV sets sights on Vietnam’s bad debts

The Government of Vietnam has targeted to cut bad debts in the banking system to the international criteria of less than 3% by 2015, an official has said. The SBV claimed bad debts falling Nguyen Van Binh, Governor of the State Bank of Vietnam (SBV), confirmed this at a National Assembly’s meeting on October 30. Bad debts vary Binh said that, due to different accounting methods, the calculation of bad debt has varied. He added that bad debts have had an effect on the macroeconomics of the country, even though they have gone down on paper since June of this year. “Even…

SBV says will not stabilize gold price

The State will not sell out gold to stabilize gold prices as the yellow metal is not essential goods creating added value for the nation’s economy, said Le Minh Hung, deputy governor of the State Bank of Vietnam (SBV). The viewpoint of the central bank indicates that local residents’ practice of holding gold brings about no benefits for the economy as a large volume of capital under the form of gold is not used effectively. The Government therefore has no intention of importing gold or using gold reserves to stabilize the local market, Hung affirmed. In fact, gold imports will…

SBV and Vietnam police investigate fake gold

The State Bank of Vietnam has worked with the Ministry of Public Security and police in provinces to trace origins of fake SJC gold to protect the interests for gold buyers. Do Cong Chinh, general director Saigon Jewelry Company (SJC), said that 463 taels of copycats has been detected recently, much higher than the amount of some 300 taels detected early this month. Many of the imitated products have a lower gold purity compared to the authentic SJC products. According to Chinh, the firm has produced special plastic covers for its gold bar products to help consumer tell authentic gold bars from…