Illustrative image (Source: VNA) Hanoi (VNA) – Oxfam in Vietnam, a non-governmental organisation, hosted a seminar in Hanoi on June 20 to update the Fair Finance Asia programme. Speaking at the event, Oxfam’s Senior Programme Coordinator on Governance Nguyen Thu Huong said the event was designed to help social organisations gain an insight into issues regarding water and energy governance, mining and coal-fired power plants, take fair financial approach to relevant projects, and discuss the specific role of partners and Oxfam in particular. Representatives of the Vietnam Mining Coalition, the Vietnam Sustainable Energy Alliance and the Vietnam Rivers Network were briefed about the outcomes of a training course on fair finance in Asia and Vietnam in January 2018. They also shared updates about the meeting on fair finance in Asia in Siem Reap, Cambodia in April 2018. In order to promote financial fairness in banks, the programme’s advisor Andrew Well Dang … [Read more...] about Seminar updates Fair Finance Asia programme
Banking finance
New regulation reduces cross-ownership in banks
Kienlongbank’s chairman Vo Quoc Thang decided to give up the bank to manage businesses (Photo: baocongthuong.com.vn) Hanoi (VNS/VNA) - Cross-ownership in banks has decreased sharply after the banks recently changed their top leaders at the 2018 annual general meetings of shareholders (AGMs) to meet the central bank’s new regulation. The revised Law on Credit Institutions, which was passed by the National Assembly and came into effect on January 15, 2018, prohibits bank leaders from taking up senior positions in other businesses. According to banking expert Can Van Luc, many bank leaders had to resign as chair of the Board of Directors (BoD) or CEO of business firms to manage banks. Meanwhile, some business owners also had to give up the chairmanship of banks to meet the requirement of the new law. Prior to the central bank’s new regulation, it was a popular practice for a person to both own a bank and a business firm. However, at this year’s … [Read more...] about New regulation reduces cross-ownership in banks
Consumer finance: Safety management for investors and consumers
In the context of the booming consumer finance market, safeguarding investors and consumers is essential issues currently to keep the market in right direction. This is also the theme of the roundtable discussion that VIR has held this morning. VIR's editor-in-chief Le Trong Minh chairing the workshop At the roundtable discussion, representatives of management agencies, experts, and businesses discussed situations, potentials, and the role of consumer finance in socioeconomic development, as well as recommended solutions for the sustainable development of consumer credit, safeguarding both investors and consumers. This was the second time VIR has held a seminar with this theme. According to Le Trong Minh, VIR’s editor-in-chief, chairing the workshop, the consumer finance market in general and consumer credit in particular are developing fast in Vietnam. This is thanks to the efforts of banks and consumer finance companies to provide suitable products and … [Read more...] about Consumer finance: Safety management for investors and consumers
Finance Ministry plans securities procedures streamlining
Illustrative image (Source: VNA) Hanoi (VNA) - The Ministry of Finance (MoF) has proposed slashing 38 business conditions and simplifying 40 administrative procedures in the securities sector in its law review this year. The securities sector will witness the largest streamlining process if the ministry’s proposal is accepted. The finance ministry currently manages 370 business conditions. It has recommended getting rid of 99 conditions and reforming 94 administrative procedures in many sectors, including banking-finance, customs, securities, insurance, accounting and auditing as well as tax as per the Government’s order. In the securities sector, the ministry said it was assigned to oversee the drafting of the revised Securities Law, which is included in the law-making programme in 2018 and will be submitted to the National Assembly for approval in 2019. The abolition and simplification of administrative procedures in the securities sector will, therefore, be … [Read more...] about Finance Ministry plans securities procedures streamlining
Shares gain on energy, banking stocks
Vietnamese shares gained on Tuesday morning, thanks to a strong boost from the energy and finance sectors. Shares gain on energy, banking stocks The benchmark VN Index on HCM Stock Exchange inched up 1.04 per cent on Tuesday to close at 1,078.06 points. It had closed Monday going up by 2.12 per cent. The HNX Index on Ha Noi Stock Exchange gained 0.47 per cent to end at 123,85 points. The index had gone up by 0.42 per cent in the previous session. Over 97 million shares, worth VND2.5 trillion (US$109.5 million), were traded on the two local exchanges. The market breadth was balanced, with 209 gaining stocks against 203 declining stocks. Energy and banking-finance sectors were the main support to the local stock markets on Tuesday morning. Indices of the two sectors were up by 1.6 per cent and nearly 1 per cent, respectively. Best performers in the energy industry included PetroVietnam Gas Joint Stock Corporation, PetroVietnam Drilling and Well Services Corporation, … [Read more...] about Shares gain on energy, banking stocks