Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14
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The HCM City Development Joint Stock Commercial Bank (HDBank) will continue to offer loans at 6.3 per cent to individual and micro businesses in manufacturing and agriculture.VNS PHOTOViet Nam News HCM City – The HCM City Development Joint Stock Commercial Bank (HDBank) will continue to offer loans at 6.3 per cent to individual and micro businesses in manufacturing and agriculture. Customer can borrow a sum of VNĐ300 million (US$13,000) under the programme “Quick borrow for business, quick increase of income” the lender rolled out last year. The bank will lend until June 20, with the money lent within 10 days. Borrowers can also opt to get international or domestic credit cards with the annual fee waived. HD Bank also offers many other kinds of loans, and customers can obtain more information from hotline 19006060. -- VNS … [Read more...] about HD Bank offers low-interest loans to individual, micro businesses
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
Hanoi (VNS/VNA) - The banking sector is waiting for the State Bank of Vietnam to allow the use of electronic know your customer/client (e-KYC). TPBank was chosen to trial it in January last year. According to LegalDesk Website, KYC or Know Your Customer is a process an institution employs for customer identification. The Securities Exchange Control board of India (SEBI) laid down that any institute that deals with financial transactions or functions as financial intermediaries needs to verify their customer’s identity under the Prevention of Money Laundering Act, 2002. With banks and mutual funds instituting the KYC process for all its customers, it did help with preventing money fraud and identifying suspicious transaction activity of an account holder. KYC is a one-time process that is mandatory for all people of Indian nationality. eKYC is the process of an institution getting acquainted with their customer, though electronically. The main objective of … [Read more...] about Client ID holds key to making digital banking safe
Most of credit institutions have expected better business performance for this year (Photo: VNA) Hanoi (VNA) – Most of credit institutions have expected better business performance for the fourth quarter as well as the whole of 2019, according to a recent survey by the State Bank of Vietnam. The September survey shows that 82.3 percent of the questioned credit institutions forecast quarterly improvement in their business performance for Q4, and 87.1 percent expected the same for this year compared to 2018. Notably, 28.4 – 29.7 percent of them predicted “much improvement”, compared to 20 – 27.4 percent in the June survey. Up to 91 percent of the interviewees believed that their pre-tax profit this year will increase from 2018, 3 percent forecast unchanged figures, and 6 percent were worried about a decline. The mobilised capital across the system is expected to grow 4.39 percent in Q4 and 13.06 percent in 2019, down 0.42 percent from the previous … [Read more...] about Credit institutions expect rosy prospects for 2019