VietinBank to sell VND1.5-trillion of bad debt to VAMC

Hong Phuc VietinBank is the last among the four State-owned banks to sell debt to VAMC. The other three are Agribank, BIDV and Vietcombank. Pham Huy Hung, who used to serve as a leader at VietinBank for over 25 years, once said that VietinBank had no plans to sell bad debt as it would settle it on its own. The situation has been different after Hung's retirement. Le Duc Tho, new general director of the bank, recently told the Daily that selling debt to VAMC is a good move. As the economic … [Read more...]

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State capital’s representatives at banks – who are they?

Though the State has equitized most of its banks, it continues to hold controlling stakes them. The state's capital at the institutions is managed by its representatives - in most cases, officials from the State Bank of Vietnam.

VietNamNet Bridge - Individuals who represent the state's capital at commercial banks are also officials working for state management agencies. This practice is causing concern among those who believe it to create unfair competition among banks. In general, the State Bank dispatches more than one official to each commercial bank. Each official is responsible for a certain percentage of the state's capital. This allows for dispersing risk, as power is not concentrated in anyone individual, and … [Read more...]

Vietnam retailers charge card users despite central bank prohibition

The State Bank of Vietnam imposed a strict regulation on May 13 that imposes hefty fines on retailers who charge additional fees on credit card transactions. PHOTO COURTESY OF TUOI TRE.

On Thursday afternoon, Minh Dung went to a cell phone shop on Le Van Sy street in Ho Chi Minh City's District 3, looking for a mobile phone. He chose an iPhone priced at VND 14.5 millions (US$686). … [Read more...]

Vietnamese people applaud PM Nguyen Tan Dung’s speech at the ASEAN Summit

(VOVworld) - The people of Da Nang liked Prime Minister Nguyen Tan Dung's speech at the 2014 ASEAN Summit. Ngo Tuan Anh, a lecturer at Da Nang University said: "The speech was frank and reflected the stance of the Vietnamese state in resolving disputes in the East Sea. It called on the international community to pay attention to this issue and pointed out China's wrongdoing. It also expresses the hope that international friends will criticize China's move and demand that China withdraw its … [Read more...]

Vietnamese people continue to protest China’s violation of Vietnam’s sovereignty

Vietnamese people march in Japan to protest China's violation of Vietnam's sovereignty

(VOVworld) - The people of Da Nang have agreed with Prime Minister Nguyen Tan Dung's speech at the 2014 ASEAN Summit. Ngo Tuan Anh, a lecturer at the Da Nang University says: "The speech is frank, reflecting the stance of the Vietnamese state in resolving disputes in the East Sea. It calls on the international community to pay attention to this issue and points out China's wrongdoings. It also expresses the hope that international friends will criticize China's move and demand that China … [Read more...]

Reunification Day

The liberation army on a street of Saigon

VGP - In the hearts and minds of Vietnamese people, April 30, 1975 holds a special place as it marks the ending of the Viet Nam War and the national reunification. At the end of March 1973, comrade Le Duc Tho came from the North to the South and joined comrade Pham Hung and General Van Tien Dung to direct the Ho Chi Minh Campaign on behalf of the Politburo An American fighter was shot down in Sai Gon Hubert Van Es' "Fall of Saigon" Photograph (April 29, 1975) A tank of the liberation … [Read more...]

Vietnam to cut refinance rate to 6.5 pct to support GDP growth

Vietnam will cut its refinance rate and other policy rates as the government tries to support businesses and bolster a struggling economy. Stocks rose.

The refinancing rate will be lowered to 6.5 percent from 7 percent from March 18, said Le Duc Tho, chief administrator at the State Bank of Vietnam. The monetary authority will make an announcement on cuts to "some other" policy interest rates later today, Tho said by phone in Hanoi. Policy makers are trying to bolster an economy that the World Bank estimates will grow 5.4 percent this year, slower than a government target of 5.8 percent. Prime Minister Nguyen Tan Dung last month asked the … [Read more...]

Bad debts gradually fall in banks

HA NOI (VNS) — Bad debts in Viet Nam's banking system in 2013 is estimated at 3.79 per cent of the outstanding loans, the State Bank of Viet Nam (SBV) said on Tuesday. The central bank achieved its target of reducing non-performing loans (NPLs) in the banking system last year after the Viet Nam Asset Management Company (VAMC), a wholly state-owned company managed by the SBV, bought nearly VND40 trillion (US$1.88 billion) of bad debts from banks, said Le Duc Tho, head of the SBV … [Read more...]

Bad debts reduced to 3.79 percent

Bad debts in Vietnam's entire banking system was 3.79 percent of the outstanding loans at the end of 2013, the State Bank of Vietnam (SBV) said on January 21. The central bank reached its initial target on settling non-performance loans (NPLs) last year, in which the Vietnam Asset Management Company (VAMC), a wholly State owned company managed by the SBV, has bought nearly 40 trillion VND (1.88 billion USD) of bad debts from banks, said Le Duc Tho, head of the SBV's Office. The SBV continues … [Read more...]

Attractive new tours to be launched on Son Tra Peninsula

A workshop recently took place in Da Nang to introduce this year's new tours on the Son Tra Peninsula.

Organised by the Management Board of the Son Tra Peninsula and Da Nang Tourism Beaches, the event was attended by a number of travel agents, along with some tourism service providers from the city. At the event, the participants were introduced to a wide range of new tours which are being launched this year, including wildlife-watching and diving to discover the underwater world of the coral reefs. In an attempt to attract even more tourists to the peninsula, the Management Board is … [Read more...]