Banking

The reduction of compulsory reserve interest rates to 0.8 per year will not have a significant impact on the profits of banks by the end of the year because the required reserve ratio is currently at a low 3 percent, Dr. Can Van Luc, chief economist at BIDV, Vietnam's biggest state-owned bank, told the local press. … [Read more...] about Central bank cuts compulsory reserve interest rates

Binh, Vu, Xuyen and other defendants were prosecuted last year by the Supreme People’s Procuracy on charges of “abusing power to appropriate assets”, “intentionally violating regulations on economic management, causing serious consequences” and showing “lack of responsibility, causing serious consequences” at the bank. … [Read more...] about Court resumes Dong A Bank appeals trial

Hanoi (VNS/VNA) - Though Tet (Lunar New Year) is approaching with rising capital demands, the liquidity of the banking system is abundant, helping interest rates in the inter-bank market drop sharply, industry insiders said. According to Hoang Minh Hoan, Deputy General Director of Saigon Commercial Bank, no credit institution has borrowed on the open-market-operation (OMO) to date this year because they had no demand. This year's liquidity of the banking system was much better than last year, especially as Tet, which falls on January 25, was approaching, Hoan said. Reports from the State Bank of Vietnam (SBV) showed the inter-bank interest rates have sharply declined on all terms in the past few weeks. By the end of last week, the overnight and one-week rates were 0.94 and 1.46 percent per annum, a fall of 0.98 and 1.08 percentage points against the previous week, respectively. The rates for two-week and one-month loans also declined by 0.35 and 0.28 percentage points … [Read more...] about Banks’ liquidity abundant ahead of Tet

Hanoi (VNA) - The Asian Development Bank (ADB) and the provincial People’s Committees of Ha Giang, Vinh Phuc and Thua Thien-Hue on July 6 signed project agreements totaling 223.87 million USD for the Secondary Green Cities Development Project. The project will support environmentally sustainable and inclusive development in the provincial capital cities of Ha Giang, Vinh Yen and Hue to enhance their economic competitiveness, according to a news release issued by the ADB on the same day. “The ADB will help the cities of Ha Giang, Vinh Yen and Hue integrate green features into their urban infrastructure, such an energy efficient street lighting and nature-based embankments,” said Eric Sidgwick, ADB Country Director for Vietnam. “Building on ADB’s support in preparing Green City Action Plans for the three cities, this project will demonstrate how the right mix of integrated urban planning and blended financing can improve livability, resilience and … [Read more...] about ADB helps Vietnam develop green, resilient cities

In addition, VPBank can also make positive contributions to the country by providing financial solutions for corporate customers investing in eco-friendly projects like developing renewable energy, ensuring national energy security, making energy usage more efficient, building green buildings, green traffic, treating and managing waste, as well as minimising environmental pollution. … [Read more...] about VPBank receives $212.5 million loan from IFC for green projects