Dau tu (Vietnam Investment Review) reported that Thai, Malaysian and Singaporean banks have been speeding the opening of branch locations in Vietnam. Further, Thailand's Siam Commercial Bank is waiting for approval from the State Bank of Vietnam (SBV) to establish a branch in Vietnam. Siam Chief Executive Officer Arthid Nanthawithaya said the branch is expected to come into operation by the end of this year with capital reserves of 75 million USD. Another Thai lender, Kasikorn Bank, opened two representative offices in Hanoi and HCM City earlier this year. Meanwhile, Kasikorn General Director Preedee Dawchi said their presence in Vietnam was meant to offer the bank flexibility in business management as more of customers are eyeing market expansion here. In March, the SBV approved, in principle, Public Bank Berhad setting up a wholly-Malaysian invested bank in Vietnam, while Malaysia's Maybank already has two branches in Hanoi and HCM City. Also, United Overseas Bank has been … [Read more...] about ASEAN banks to accelerate branch presence in Vietnam – Banking & Finance – Economy
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Vietnam successfully manages monetary polic – Banking & Finance – Economy
The Hanoitimes - The Vietnamese government’s flexible monetary policy contributed greatly to Vietnam’s macro-economic stability and socio-economic development. In 2015, the Vietnamese government pursued a proactive and flexible monetary policy to stabilize the Vietnamese dong and the macro-economy as well as to achieve socio-economic development targets. This year, Vietnam achieved positive results concerning payment, interest rates, and exchange rates. Monetary policy was strictly and flexibly implemented In 2015, the State Bank of Vietnam implemented a flexible adjustment of exchange rates. This year, exchange rates fluctuated drastically following the devaluation of the Chinese yuan and the US Federal Reserve’s raising the interest rate of the USD. One day after the Chinese yuan was devalued on August 11, Vietnam adjusted the VND/USD exchange rate margin from 1% to 2%. One week later, to regulate the market and reduce negative impacts of the FED’s possible … [Read more...] about Vietnam successfully manages monetary polic – Banking & Finance – Economy
Local banks finance Van Phong petrol storage
Local banks finance Van Phong petrol storage KHANH HOA - Three major commercial banks have agreed to lend US$77.5 million for Van Phong Bonded Petroleum Terminal Joint Venture Co. Ltd to develop Vietnam's first bonded petroleum warehouse in Khanh Hoa Province. This will help the warehouse to start operating soon, PG Bank's general director Nguyen Quang Dinh told the Vietnam News Agency. The warehouse has a capacity of 500,000 cubic meters of petrol and will be able to receive 150,000-DWT vessels. The project is expected to be finished in 2011. … [Read more...] about Local banks finance Van Phong petrol storage
Local bank finances power project in Laos
Local bank finances power project in Laos Thien Binh By Thien Binh - The Saigon Times Daily HCMC - LienVietPostBank on Monday signed a credit contract to offer a loan of US$200 million to Viet Lao Power Joint Stock Company to finance the Xekaman 1 hydropower project in Laos. LienVietPostBank is the funding arranger for the syndicated loan. The local bank and Nomura Singapore Limited via its partner Nomura Special Investments Singapore Pte. Ltd granted the syndicated loan of US$243.66 million, equivalent to 50% of the project’s total investment. Nomura Special Investments Singapore Pte Ltd. offered US$50 million while the local bank gave the balance. Viet Lao Power Joint Stock Company is a subsidiary of State-owned Song Da Corporation. Lao-based Xekaman 1 hydropower project is under the energy cooperation program between Vietnam and Laos. The project kicked off in March 2011 and is expected for completion in 2016. When finished, it is expected to generate averagely 1.22 … [Read more...] about Local bank finances power project in Laos
“Banking-Finance-Insurance and Partners” Expo
The exhibition "Banking-Finance-Insurance and Partners", or BFI Expo 2006, has been held from July 27-31, aiming at establishing closer links among businesses and increasing the quality of financial, banking and insurance services in a move towards international integration and modernization. According to the organizing board, more than 40 enterprises operating in banking and financial and insurance sectors take part in BFI Expo 2006, which covers an area of 3,000 square meters. Enterprises introduce new financial, banking and insurance services as well as new specific technological application which meet the increasing demand of international and local markets. The expo is organized by the Viet Nam Small and Medium Business Association at the Stadium of Military Zone No.7 in Ho Chi Minh City. … [Read more...] about “Banking-Finance-Insurance and Partners” Expo