2017 scotia bank annual report

Do Thi Nhan, former director of the Department Supervision Department II at the central bank, is facing charges of abuse of power, Major General Nguyen Van Thanh, deputy head of the Department for Investigation of Corruption and Economic Crimes at the Ministry of Public Security, said at a press conference Tuesday. Nhan and four other inspectors at the central bank, who are also under criminal probe, had reported untruthfully to the central bank's leaders about their inspection results, preventing it from taking timely control measures at the Saigon Commercial Bank (SCB), Thanh said. "This is serious violation," Thanh said, without further details. Van Thinh Phat made headlines after its chairwoman Truong My Lan and other related people were arrested last October for alleged fraud related to the issuance of bonds worth trillions of dong (VND1 trillion = $42.56 million). Also arrested were Truong Hue Van, 34, CEO of Windsor Property Management, Nguyen Phuong Hong, 38, an … [Read more...] about Former central bank official under probe in Van Thinh Phat bond fraud case

Illustrative image (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang has signed a dispatch on the cancellation of World Bank (WB) loans due to the unusability, and the re-allocation and use of the cancelled International Development Association (IDA) loans in the 2022 - 2023 fiscal year. The dispatch noted the WB’s IDA loans, with preferential borrowing conditions and interest rates, for programmes and projects of ministries, agencies, and localities form an important source of public investment that helps promote economic growth. However, some IDA loan agreements have had to be cancelled as projects encounter difficulties or are unable to disburse all the capital. It cited the WB as saying that the IDA capital committed for Vietnam that is no longer needed and will be cancelled in the 2022 - 2023 fiscal year is about 296 million USD, some 85.14 million USD of which has had cancellation procedures implemented. Another 59.81 million USD has been sent … [Read more...] about Deputy PM urges hastened procedures for cancelled IDA loans

Illustrative photo (Photo: baodautu.vn) Hanoi (VNA) – Although Vietnam always eyes to attract investors from US and Europe, intra-Asian investors are so important to the country, especially since foreign direct investment (FDI) is slowing down globally due to the COVID-19 pandemic’s impacts and geopolitical conflicts. Among the 10 biggest investors in Vietnam, eight are from Asia. Assessing Vietnam's investment partners, many economic experts said that FDI into Vietnam mainly comes from Northeast Asian countries and more recently China. Joonsuk Park, head of International Subsidiary Banking and Wholesale Banking at HSBC Vietnam, said that FDI flows into Vietnam play a quintessential role and contributes to the growth story of the country. “Foreign Direct Investments have been one of the key catalysts spurring and transforming Vietnam into one of the most open economies in the region,” he said. A study by HSBC showed FDI investors or those regional and global … [Read more...] about Foreign investment from Asia important to Vietnam: HSBC

A Canadian man living in Khanh Hoa Province, south-central Vietnam has reclaimed his daughter’s passport from the provincial public security department, which seized the personal document to facilitate an investigation into a traffic accident in which the two foreigners were victims earlier this month. The return of the Canadian passport owned by the seven-year-old daughter of Gélinas Guy came on Sunday evening after the man called for help from his home country’s competent agencies, his representative said on Monday. The designated Canadian agencies, particularly the Global Affairs Canada, the Canadian Embassy in Vietnam, and the Canadian Consulate General in Ho Chi Minh City, sent a diplomatic note to the Vietnamese authorities regarding Guy’s case. TVA, the largest television broadcaster in Québec, where Guy resides in Canada, also reported on March 21 and 22 on the traffic accident that had happened to his family on March 3. When Guy, his Vietnamese wife, and their … [Read more...] about Canadian man receives daughter’s passport after seizure for hit-and-run investigation in Vietnam

Vietcombank sold the dollar at VND23,660, down 0.08% from Monday. Techcombank lowered its rate by 0.02% to VND23,680. Eximbank maintained the greenback at VND23,670. The State Bank of Vietnam set its reference rate up 0.01% at VND23,605. The dollar remained stable on the black market at VND23,550. The dollar depreciated against the dong by 0.29% since the beginning of the year. Globally the U.S. dollar fell on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets, Reuters reported. But the yen rallied, despite traditionally also being a safe haven, with analysts pointing to a pick-up in flows ahead of the end of Japan's fiscal year on Friday. The dollar fell as low as 130.51 yen, and was last off 0.29% at 131.2 as the Japanese currency rose. That undid some of the dollar's 0.64% jump against the yen in the previous session, which tracked a large rise U.S. government bond yields. … [Read more...] about Dollar hits 7-week low