LienVietPostBank chooses Oracle FLEXCUBE to support its growth

LienVietPostBank, among Vietnam’s top 10 largest private banks in terms of assets and equity, has chosen Oracle FLEXCUBE as its core banking platform. LienVietPostBank, formed in 2011 after the merger of Lien Viet Bank and Vietnam Postal Saving Service Company, is now targeting to be among the top-5 banks of Vietnam in the next five years. The bank has embarked upon a technology transformation and consolidation programme to support this growth objective. Oracle FLEXCUBE will now be the single core banking platform of the two merged entities, across its retail and corporate banking business and will replace a home grown system which was used by Vietnam Postal Saving Service Company. "LienVietPostBank is in a unique position to become a true universal bank, a bank for everyone. With the addition of the postal network, we are able to address a large segment of the population, which was previously not served. To accomplish this, we needed a core platform that would provide the … [Read more...]

LienVietPostBank chooses Oracle FLEXCUBE to support its growth and market leadership

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LienVietPostBank, among Vietnam’s top 10 largest private banks in terms of assets and equity, has chosen Oracle FLEXCUBE as its core banking platform. LienVietPostBank, formed in 2011 after the merger of Lien Viet Bank and Vietnam Postal Saving Service Company, is now targeting to be among the top-5 banks of Vietnam in the next five years. The bank has embarked upon a technology transformation and consolidation programme to support this growth objective. Oracle FLEXCUBE will now be the single core banking platform of the two merged entities, across its retail and corporate banking business and will replace a home grown system which was used by Vietnam Postal Saving Service Company. "LienVietPostBank is in a unique position to become a true universal bank, a bank for everyone. With the addition of the postal network, we are able to address a large segment of the population, which was previously not served. To accomplish this, we needed a core platform that would provide the … [Read more...]

The richest and youngest heirs in Vietnam

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VietNamNet reviews the young and richest heirs in Vietnam.The youngest heir On September 9, 2013, Mr. Huynh Uy Dung, the boss of Dai Nam Tourist Site in Binh Duong province, surprisingly declared that he would transfer assets worth trillions of VND (hundreds of million USD) to his one-year-old son, named Huynh Hang Huu. This testament was released on the first birthday of the child, the only son of Dung and his second wife, Nguyen Phuong Hang. On September 21, 2013, Hang Huu officially became the chairman of Dai Nam Joint Stock Company, with over 2,000 employees. The baby also owns a huge fortune from his father, including Lac Canh resort, Dai Nam Van Hien theme park, Di An residential - administrative area, Song Than Industrial Parks 2 and 3, totaling hundreds of million of USD. However, a short time later Dung said that the baby was not the president of Dai Nam but the owner of a charity foundation. Until the boy is 18, the foundation will be run by a 12-member council, … [Read more...]

Savings banks in Asia Pacific convene annual conference

The 20th conference of Savings Banks in Asia Pacific opens in Hanoi

(VOVworld)- The 20thconference of Savings Banks in Asia Pacific opened in Hanoi on Wednesday. The conference attracted representatives from more than 30 banks and financial institutions from 20 countries in the Asia Pacific Region. It discussed the World Saving and Retail Bank Association's achievements over the years, the market development of retail banks in the region, as well as financial policies and initiatives to expand financial services. In his address, Vice Chairman of the Executive Board of Lien Viet Bank Nguyen Duc Huong said that people's interests should be the top priority of a dynamic retail bank."Discussions at the conference are precious ways for Lien Viet Bank to learn and to improve its effectiveness. In reforming the bank, we need to integrate social interests within our business and we should help the poor. The conference has created an opportunity for us to promote cross-border cooperation". … [Read more...]

Bank shares are very much in demand

VietNamNet Bridge - Despite the anticipated profuse supply, bank shares are believed to be sold well, once big domestic investors, including the powerful SCIC, have loosened the purse-strings. Bank shares attractive? As predicted, bank shares were sold badly in 2013 due to the oversupply. A series of state owned conglomerates have been trying to sell bank shares in their programs to withdraw capital from non-core business fields as told by the government. Both the Electricity of Vietnam (EVN) and the Vietnam Airlines Corporation (VNA) tasted the failure in their auctions to sell 25.2 million ABBank's shares and 24.033 million Techcombank's shares, respectively, in August and September, 2013, because there was only one registered buyer. The worry about the share unsalability was also the reason cited by PetroVietnam in explaining why it has been hesitant to sell Ocean Bank's stakes. The Vietnam Post and Telecommunication Group (VNPT) also still cannot sell shares to withdraw its … [Read more...]

National volleyball team has packed tournament schedule for 2014

HA NOI (VNS) (VNS)— The year 2014 will be a busy one for the national volleyball teams as they will take part in tournaments organised all year round. Their first event will be the Asian Volleyball Club Championships to be held from April 8 to 16 in the Philippines. The women's competition will be held from April 17 to 25 in Thailand. The next big tournament is the 17th Asian Games (ASIAD) in South Korea in September. Before that the women's team will represent Viet Nam at the Asian Youth Volleyball Championships in Chinese Taipei, to be held between July 19 and 27. After ASIAD, the junior team will take part in an international event to be held in Thailand between October 11 and 19. They will also participate in different events such as the Asian Women's Volleyball Cup and the Southeast Asian Youth Volleyball Championships. Their schedules will be confirmed later. The national teams will also compete in international and domestic tournaments which will be held locally, … [Read more...]

Volleyballers have a busy year ahead

Vietnamese women players .— Photo thethao247 HA NOI (VNS) — The year 2014 will be a busy one for the national volleyball teams as they will take part in tournaments organised all year round. Their first event will be the Asian Volleyball Club Championships to be held from April 8 to 16 in the Philippines. The women's competition will be held from April 17 to 25 in Thailand. The next big tournament is the 17th Asian Games (ASIAD) in South Korea in September. Before that the women's team will represent Viet Nam at the Asian Youth Volleyball Championships in Chinese Taipei, to be held between July 19 and 27. After ASIAD, the junior team will take part in an international event to be held in Thailand between October 11 and 19. They will also participate in different events such as the Asian Women's Volleyball Cup and the Southeast Asian Youth Volleyball Championships. Their schedules will be confirmed later. The national teams will also compete in international and domestic tournaments … [Read more...]

14 commercial banks to lend for summer-autumn rice purchases

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Photo for illustration (Source: ktdt.com.vn) (CPV) - The State Bank of Vietnam (SBV) on June 12 issued document 4142/NHNN-TD on loans to purchase 1 million tonnes of rice of the summer-autumn crop in the Mekong Delta for temporary reserves. Under the document, SBV allowed 14 commercial joint-stock banks to lend to businesses for purchasing, under the direction of the Prime Minister in Decision 850/QD-TTg. They are Bank of Agriculture and Rural Development, Bank of Foreign Trade, Bank for Industry and Trade, Bank for Investment and Development, Mekong Housing Bank, Technological and Commercial Bank, Saigon-Hanoi Bank, Ocean Bank, Phuong Dong Bank, Export and Import Bank, Military Bank, Lien Viet Bank, Southeast Asia Bank, and Ho Chi Minh City Development Bank. The assigned banks will balance their capital to lend to businessmen appointed by the Vietnam Food Association at a maximum interest rate of 10 percent per annum. The State budget will cover 100 percent of interest rate on … [Read more...]

Deposits Still an Attractive Investment Channel

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Finance & Banking Last updated: Friday, January 25, 2013 Deposits Still an Attractive Investment Channel Posted: Thursday, January 17, 2013 With ceiling interest rate for short-term deposits of 8 percent /year, and about 11 percent / year for over a one-year term, along with inflation expectations of less than 6.8 percent in 2013, many experts say that Vietnam saving deposits remain an attractive investment channel. The Vietnamese government always asserts that it will manage interest rates in accordance with inflation target and macro-economic stability. Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh also has repeatedly stated that the agency is consistent in the direction of monetary policy to protect the power and value of the dong and to ensure positive real interest rates for depositors. However, the interest rates consecutively decline in 2012, and it is forecast to continue to decline in 2013, which makes many people worry that their meagre savings are … [Read more...]

Ba To marks its 40th anniversary on the Liberation Day

Mr. Pham Minh Toan - Deputy Secretary of the provincial Party Committee, Chairman of the provincial People's Council is delivering speech at the ceremony

In the morning of October 30th, at the March 11 Square, the Ba To district's Party Committee, People's Council, People's Committee, Vietnam Fatherland Front Committee formally organized the ceremony to mark the 40th anniversary of the district's Liberation Day (October 30th 1972 - October 30th 2012). Nguyen Hoa Binh - Central party Committee's Member, Chairman of Supreme People's Procuracy of Vietnam; Vo Van Thuong - Central party Committee's Member, the Quang Ngai provincial Party Committee's Secretary; Pham Minh Toan - Deputy Secretary of the provincial Party Committee; Nguyen Minh Tuan - Chairman of the provincial Vietnam Fatherland Front Committee; former leaders of the province; Ba To district's leaders and local people attended the ceremony. At the ceremony, Mr. Pham Viet Nho - Secretary of the district's Party Committee reviewed the struggle tradition of Ba To people in their liberation cause. Speaking at the ceremony, on behalf of Ba To district's authorities, the … [Read more...]

Vietnam upsets Japan at Asian volleyball tourney

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Hosts Vietnam's Thong Tin Lien Viet Bank beat Japan's Kensyokai Red Hearts in straight sets at the 2011 Asian Women's Club Volleyball Championships qualifier matches in Vinh Phuc Province on Monday. The victory was a big surprise because the Vietnamese club was considered the underdogs and the Japanese club had beaten Iran's Perspolise 3-2 earlier in their opening match. … [Read more...]

IFC puts $505 mln towards trade finance for small businesses in Vietnam

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The World Bank's International Finance Corporation (IFC) has committed US$505 million in funding that has helped Vietnamese banks increase lending to small local companies engaged in import and export activities. The record funding is part of IFC's Global Trade Finance Program, which since late 2007 has helped nine local banks improve their capacity to cover the payment risk in granting trade financing to local companies, mostly small and medium enterprises, according to an IFC announcement made Wednesday. … [Read more...]

Bank deposit rates up on higher credit demand

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Dong interest rates have risen slightly this week as banks need more funds to lend under a government campaign to avert a deeper economic slowdown. Customers at a VPBank branch in Hanoi. The bank said for the first time this year it has increased rates on dong deposits, paying 0.15 to 1 percent more. … [Read more...]

Freed-up banks race to snare consumer loan market

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After Vietnam’s central bank removed the interest rate cap on consumer loans, commercial banks are trying to capture as much of the market as possible with unsecured loans often at negotiated rates of interest. The Asia Commercial Bank (ACB) is busy making consumer loans these days … [Read more...]

Forest planting to help poor province

HA GIANG - (VNS) An afforestation project covering nearly 1,000ha has begun in northern Ha Giang Province's Xin Man highland area, one of the poorest districts in Viet Nam. Investment capital amounting to VND75 billion (US$3.6 million) has been provided by Lien Viet Post Bank and the State. This follows a Government resolution in December 2008 to help 62 districts escape dire poverty and involves the entire political hierarchy, business community and public. The project is expected to provide about 500 permanent and from 1,000 to 1,500 seasonal jobs and eventually be s source of timber for the provincial wood processing industry. … [Read more...]

14 teams take part in open volleyball tournament 2012

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PANO – The Military Open Volleyball Tournament 2012 started on July 12th in Phu Dien Commune, Tu Lien District, Hanoi, with the participation of 238 athletes from six women’s and eight men’s volleyball teams from military and civilian units in Hanoi. During the tournament, the teams will be divided in two groups for the men’s and the women's. The top team from each group will compete for the first prize, worth VND 15 million. The first match, between the Air Defense–Air Forces and Lien Viet Bank - Signal Command women’s teams, took place immediately after the opening ceremony. The tournament will end on July 21st. Translated by Tran Hoai … [Read more...]

Hau Giang Offers Golden Investment Opportunities

To learn more about investment opportunities in Hau Giang, Vietnam Business Forum has an interview with Mr Vo Ta Thang, Director of Hau Giang Department of Planning and Investment. Lan Ngoc reports.

Could you tell the results of investment attraction in Hau Giang province in 2011? Last year, many projects were behind schedule and many companies operated ineffectively. This reality was the result to objective factors like economic crisis, tightened monetary policies and high interest rates. However, Hau Giang always provided the most favourable conditions for business expansion, economic restructuring, infrastructure investment, and investment promotion in a bid to attract more investment capital. As regards foreign investment, the province licensed a foreign-invested project worth US$5 million, bringing the total number of FDI projects to 19 with an aggregate registered investment capital of US$694,010,562. With respect to domestic investment, the province granted investment licences to 13 projects with a total registered capital of VND982.46 billion in 2011. Since the Investment Law took effect, it has licensed 417 domestic projects worth over VND55,469 billion. There are many … [Read more...]

Rice prices surge as Government begins stockpiling

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Businesses begun purchasing and stockpiling one million tonnes of rice on Thursday, as directed by the Government, which caused a surge in rice prices after a long period of slump in the Mekong Delta. Rice prices surge as Government begins stockpiling (Photo: SGGP) Rice prices increased by VND100-300 per kilogram since last weekend in Can Tho City and in Hau Giang, Vinh Long, Soc Trang, Tra Vinh and Dong Thap Provinces, where traders have stepped up purchase. Large volumes of unsold low-quality IR50404 variety is now available at VND5,300-5,400 a kilogram; while long grain rice variety jumped to VND5,800 a kilogram and high quality rice for export to VND6,500-6,800 a kilogram. Price of IR50404 surged VND6,800 a kilogram and long grain rice to VND7,100-7,350 a kilogram in Cai Rang Market in Can Tho City on Thursday. Dr. Le Van Banh, Head of the Mekong Delta Rice Research Institute said that the delta produced a bumper winter-spring crop of an estimated 11 million tonnes. About one … [Read more...]