As of September 24, credit growth had expanded 8.64 per cent compared to the end of 2018, the lowest increase in recent years. — VNA/VNS Photo Viet Nam's credit growth is slowing and can fall behind the central bank’s target of 14 per cent for 2019, causing concerns that it could make it difficult for businesses to access bank loans during the remaining months of the year. According to the State Bank of Viet Nam (SBV), as of September 24, credit growth had expanded 8.64 per cent compared to the end of 2018. The rate was the lowest increase in recent years, even lower than the 9.52 per cent rise during the same period in 2018. In the SBV’s September survey on business trends at credit institutions, many credit institutions also forecast that 2019 credit growth would increase by 13.61 per cent this year, lower than the central bank’s 14 per cent target. Growth has been slow in recent months. At the end of June, credit had increased by 7.33 per cent. The figure … [Read more...] about Credit slowdown causes concern about access to bank loans
Coast capital banking online
Sacombank gets the profit before tax of VNĐ2.49 trillion ($107.2 million), an increase of 89.5 per cent compared to the same period of 2018.— Photo bizlive.com Banks are reporting better profit for the third quarter this year, with Vietcombank leading the way despite the predicted slowdown in credit growth. In the first nine months, Vietcombank announced profit before tax of VND17.2 trillion (US$741.1 million), up 51.9 per cent compared to the same period of 2018, 85.4 per cent of the year's plan. With consolidated profit before tax of VND17.59 trillion ($757.9 million), up 50.6 per cent over the same period, Vietcombank is expected to get higher profit than its goal of VND20 trillion ($861.8 million). As another state-owned bank, Agribank announced its first eight months' profit before tax of VND8.82 trillion ($380 million), fulfilling 80.2 per cent of the year's plan, setting the bank up for the possibility of exceeding its profit goal. Among private banks, Sacombank … [Read more...] about Banks report higher profit
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?
Customers make transactions at VPBank. (Photo: VNA) The Vietnam Prosperity Commercial Bank (VPBank) is collecting shareholders’ opinions on its plan to issue foreign currency bonds with a total value of up to 1.12 billion USD. The majority of bonds would likely be issued under the Euro Medium Term Note Programme with a maximum value of 1 billion USD and terms of three to five years. The bonds would be issued in several installments this year or next year to investors outside the US and would be listed on Singapore’s stock exchange. The bank said the purpose of the issuance was to increase its scale of capital. … [Read more...] about Vietnamese banks to seek capital in international markets
Marine economic sectors are expected to contribute about 10% of Viet Nam’s gross domestic product Major policies The sea is the cradle of life and a very important factor to ensure the sustainability of the socio-economic development process. The awareness of the sea and sustainable maritime economic development around the world has become clearer and clearer with many positive changes over time. The maritime strategies of many countries have emphasized the important connotation of developing the marine economy and maritime governance institutions. Today, the sea and the marine economy have played an increasingly crucial role in national socio-economic development, as well as in the issue of national security. The Vietnamese Party and State have put forward a number of development strategies, policies and plans. On February 9, 2007, during its fourth plenum, the 10th Party Central Committee adopted the Resolution No. 09-NQ/TW on the Viet Nam Maritime Strategy until 2020, … [Read more...] about VN capitalizes on advantages to develop green marine economy