brave-ledger-verification=c6e7ae9820dff1923729e2a580efb43dfca7423b9cad80885864c1acc8eb2a22

Tag Archive for ‘SBV’

Vietnam Banks Are Banned to Pay Dividends If Failing to Make Full Lending Provision: SBV

By the end of this year, whichever lenders fail to set aside full provisions for loan losses are not allowed to pay dividends to shareholders, said Nguyen Van Binh, Governor of the State Bank of Vietnam (SBV). By the end of this year, whichever lenders fail to set aside full provisions for loan losses are not allowed to pay dividends to shareholders, Nguyen Van Binh, Governor of the State Bank of Vietnam (SBV) told legislators at the National Assembly meeting in Hanoi early today. The central bank will perform necessary supervision and inspection to ensure that bank profits are prioritized…

SBV attempts to impose luxury tax on Vietnam gold trade

VietNamNet Bridge – The State Bank of Vietnam has proposed the Ministry of Finance to tax gold trade. However, the proposal has not been applauded by the public. Hung said that the principle the central bank is following when managing the gold market is making gold less attractive to people. Le Minh Hung, Deputy Governor of the State Bank of Vietnam told Dan tri newspaper that the central bank has suggesting imposing taxes on gold trade, emphasizing that in other countries in the world, gold trade establishments all have to pay VAT and luxury taxes. Since the State does not…

Vietnam National Debt Trading Scheme Kicked Off

The scheme on establishing a national debt trading company is being finalized by the State Bank of Vietnam (SBV) and it will be sent to the Government on November 15, before it is submitted to the Politburo for approval. The scale, company”s operations as well as criteria for debt purchase have not been disclosed. According to the original idea, SBV will leads and coordinates with the related agencies to run this special business. Earlier in July, the chief inspector of the State Bank Nguyen Huu Nghia said the total bad debt of the banking system was about VND202 trillion ($10.1 billion)…

SBV claims Vietnam’s bad debts are falling

HA NOI (VNS)— Bad debt has decreased by VND36 trillion (US$1.715 billion) thanks to the efforts of debt restructuring, debt payment delay and quittance, according to the State Bank of Viet Nam (SBV). The settled debts made up for nearly 18 per cent of the VND202 trillion ($9.62 billion) total bad debt reported in September by the SBV’s inspectors. This amount accounted for 8.6 per cent of outstanding loans. SBV also seeks to establish a debt purchase-and-sale company to resolve bad debts. This plan has been in formation since last year and SBV expects…

Restructuring of some Vietnam banks likely to be taken up within this year

Restructuring plan for ailing banks from now till the end of this year is gradually revealed. At a press conference late last week, representatives of the State Bank of Vietnam (SBV) officially confirmed that Global Petroleum Commercial Joint Stock Bank (GP.Bank), Nam Viet Commercial Joint Stock Bank (Navibank), Great Trust Commercial JS Bank (TrustBank) and Western Commercial Joint Stock Bank (Western Bank) are in the list of weak banks that have to restructure from now until the end of 2012. The central bank said that these banks have to reorganize because of their weak liquidity position. Although according to the…

Vietnam’s 3rd banking merger deal gets nod

The State Bank of Vietnam (SBV) has given the green light for the merger of two unlisted commercial banks, DaiA Bank and Ho Chi Minh City Development Bank (HD Bank), the third banking merger and acquisition (M&A) deal so far in Vietnam. The SBV branch in Ho Chi Minh City has received written approval from the central bank on the merger of the two banks, said To Duy Lam, the branch’s director. With the recent official approval, the remaining problems will be settled by the two banks, he said. “In my opinion…

DaiABank and HDBank get nod for merger

The State Bank of Vietnam (SBV)’s HCM City branch has recently received document from the central bank about approving the merger between Dai A Commercial Joint Stock Bank (DaiABank) and HCM City Development Commercial Joint Stock Bank (HDBank), To Duy Lam, SBV’s HCM City branch director, told the local newswire Dau Tu Chung Khoan on October 27. According to Lam, the decision to merge these two banks has been approved by SBV and the remaining problems belong to these two credit institutions. “In my opinion, the merger between DaiA Bank and HD Bank should be considered normal, after…

Foreign exchange rate maintains stability in Vietnam

Foreign exhange rate maintains stability Thien Ly (VNS) The State Bank of Viet Nam has kept the dong-dollar exchange rate at below VND20,828 for nearly 11 months, and it is predicted to remain stable for the rest of the year. The rates listed at banks have also been around VND20,800 for buying and 20,830 for selling except for a slight increase in September because of a spurt in gold prices. The stable foreign exchange rates are testimony that the SBV’s monetary policies have sustained investors’ confidence in the dong. The stability is also attributed to the close oversight of the market…

Vietnam SBV Extends Time for Banks to Settle Gold Accounts to June 30, 2013

The State Bank of Vietnam (SBV) has recently allowed local credit institutions to continue issuing short-term gold certificates until November 25 this year given three principles as follows. Firstly, newly issued short-term gold certificates must fall due before June 30, 2012. Secondly, newly issued short-term gold certificates shall not be paid prior to their due dates. Thirdly, credit institutions are only permitted to issue short-term gold certificates when they do not have sufficient gold to pay customers. The total mobilized volume shall not exceed the needed amount and must fall gradually. Credit institutions have to construct plans regarding the…

Vietnam Central Bank Officially Approves DaiA Bank – HDBank Merger: Source

The State Bank of Vietnam (SBV) officially approved a voluntary merger between DaiA Commercial Joint Stock Bank (DaiA Bank) and Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank). The State Bank of Vietnam (SBV) officially approved a voluntary merger between DaiA Commercial Joint Stock Bank (DaiA Bank) and Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), said To Huy Lam, Director of the municipal central bank in Ho Chi Minh City. The local newswire Vietnamnet.vn then quoted the central banker as saying that the merger should be considered a normal move for DaiA Bank and…