Borrowers Need to Focus on Financial Information Transparency to Better Access Bank Loans

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The corporate finance situation determines the accessibility of enterprises to capital sources. Therefore, to effectively access lending sources, they must have clear and transparent financial reports and continuous corporate revaluations to adapt to market development. This was agreed on by economic experts at a workshop entitled "Banks boost credit growth and opportunities for businesses in 2014" organised by the Ho Chi Minh City Branch of the Vietnam Chamber of Commerce and Industry … [Read more...]

SBV partially relaxes regulation after blasts

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The State Bank of Vietnam (SBV) on Thursday announced that it has amended the new draft law which will allow the local people to give away or donate all foreign currencies, including the popular US dollar, within Vietnam. According to information recently posted on the website of the SBV, the board responsible for drafting the new decrees on foreign currency management from the central bank has taken the move after receiving a lot of comments, suggestions, and even criticisms from local … [Read more...]

Commercial banks told not to open more branches

VietNamNet Bridge - The State Bank of Vietnam believes that the number of bank branches and transaction offices is now "bigger than enough." However, banks still have been trying to set up more branches. According to the HCM City branch of the State Bank of Vietnam, there are 2,102 transaction points in HCM City, including 144 bank branches and 628 transaction offices of HCM City-based banks. The other 59 bank branches and 419 transaction offices belong to the banks headquartered in other … [Read more...]

BUSINESS IN BRIEF 19/8

Local firm wants to take over Nam Can Port A local company whose name is not yet revealed has expressed its desire to take over Nam Can Port, which has been inactive for years as its operator is struggling with financial distress, said a senior source from the government of Ca Mau. Located on the left bank of the Cai Lon River in Ca Mau's Nam Can District, Nam Can Port was upgraded from a river port to a seaport in 1995 with total investment of over VND111.6 billion. The units under the … [Read more...]

Risks from high interest rates

Hanoi-based Khai Thai Investment Advisory Company Limited was reported to offer customers 3 per cent per month interest rate, tantamount to 36 per cent per year, five times more than current mobilising cap at local banks.

With monthly interest rate reaching 3 per cent, investment advisory companies are luring huge capital amounts from the community which prove highly risky ventures since these monies are mostly poured into gold and forex trade but not serving production or business activities. Similarly, in the recent past Vipro Investment JSC, also based in Hanoi, launched an appealing 'entrusted investment' package where the customers would be given interest rates from 2-3 per cent per month (tantamount to … [Read more...]

Securities companies languishing for the death

Stretching out on deathbed The decision to dissolve the Cho Lon Securities Company CLS was declared in the shareholders' meeting's resolution in March 2013.

VietNamNet Bridge - Incurring big losses and heavy debts, securities companies still have to spend money to maintain their operation until the day they are allowed to "die." The resolution said the company would have six months to solve existing problems, terminate contracts and settle debts, fulfill tax duties and payment to workers. Nguyen Van Liet, General Director of CLS, said the company has settled the problems, but it still cannot declare the death, because the procedures of … [Read more...]

SBV unexpectedly raises dollar prices, exporters leap for joy

On August 7, the State Bank Exchange unexpectedly raised the dollar buy price from VND20,826 to VND21,000 per dollar.

VietNamNet Bridge - The move by the State Bank of Vietnam of raising the dollar buy price has been commented as showing its determination to keep the dong/dollar exchange rate stable. In fact, the VND21,000 per dollar threshold was set up on the market a long time ago already. However, any move by the State Bank would have impacts on the market immediately. On the same day, commercial banks raised their buy prices after two days of reduction. Vietcombank and BIDV, for example, bought at … [Read more...]

National economic challenges persist in 2013

(VOV) - International and local economists along with Vietnamese business representatives gathered in HCM City on March 1 for a seminar to discuss 2013's opportunities and challenges for the national economy. Experts believe achieving a 5.5 percent GDP growth rate while minimizing inflation will require addressing the problems arising from bad debts, excess stock, and the underperforming real estate. Delegates said that the State's economic policies should concentrate on regaining the … [Read more...]

Realty association blasted for new tax proposal

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Economics experts have strongly criticized a proposal made by the Ho Chi Minh City Realty Association (HoReal) that interest earned from bank deposits should be counted as a taxable personal income. Interest earned from deposit worth from VND500 million (US$24,038) and above must be taxed as a personal income, in order to "drive the money flow from personal savings to economic production," the HoReal said in a document filed to the Prime Minister and relevant departments and … [Read more...]

What Vietinbank seeks when selling stakes to Japanese bank?

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VietNamNet Bridge - Commenting about the deal of Vietinbank, one of the Vietnamese biggest commercial bank, sells stakes to The Bank of Tokyo - Mitsubishi UFJ (BTMU), the Vietnamese bank has obtained big gains. The benefits for the bank The Vietnamese partner proves to be reticent about the huge deal, though its President--Pham Huy Hung, admitted that the presence of BTMU in Vietinbank would help the bank strengthen its financial capability. More importantly, with the multi-sided … [Read more...]