European central bank exchange rate

State Bank of Vietnam (SBV) has asked credit institutions to limit their lending to the real estate and construction sectors to better control bad debts (Photo: vietnamfinance.vn)   Hanoi (VNA) - The State Bank of Vietnam (SBV) has asked credit institutions to limit their lending to the real estate and construction sectors to better control bad debts. Under Document 563/NHNN-TTGSNH issued recently, SBV asked lenders to avoid too much focus on real estate customers and maintain credit growth in the sectors within safe limits. The institutions must keep a close watch on lending to the sectors, continuously review and assess the progress of realty projects and their developers’ financial condition, particularly as it relates to their collateral assets, and have measures in place to handle any defaults, SBV said in the document. Besides evaluating and processing lending applications with scrutiny, the institutions must also monitor borrowers to ensure that they refrain from … [Read more...] about Central bank urges property lending caution

The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency. (Photo: FORTUNE/VNA) Hanoi (VNA) – The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud. Under the SBV’s directive, financial institutions and intermediary payment service organisations must intensify inspections, promptly report suspicious transactions with close connections to digital currencies and address violations. They were ordered to set up plans to prevent illegal transactions and report to the SBV’s Payment Department before June 30. Meanwhile, the SBV’s units must work with ministries and branches to carry out legal framework and solutions to handle illegal … [Read more...] about Central bank enhances inspections on cryptocurrency transactions

Late last year, the central bank said that the number of credit institutions would be cut from the current 34 to roughly 17 to 19. Therefore, it is possible that more M&As will be announced. According to Dau Tu (Vietnam Investment Review) newspaper, the most likely targets are banks with overlapping ownerships, small or financially weak financial institutions, and those that have seen their bad debt ratio rising over the past few years. Some banks have been asked by the State Bank of Vietnam (SBV) to raise their registered capital. However, in case they cannot raise it by issuing more shares, they will have to explore M&As. Saigonbank, for example, was allowed to raise its capital from VND3.08 trillion (US$136 million) to VND4.08 trillion, but it has failed to carry out the increase. There are currently at least four other commercial banks that have the charter capital roughly around the level of Saigonbank’s VND3 trillion. Those are Kienlongbank, Viet … [Read more...] about M&A information to be released

Chairwoman of the National Assembly Nguyen Thi Kim Ngan met with Belarusian Prime Minister Sergey Nikolayevich Rumas on December 13 as part of her ongoing official visit to the European country. At the meeting between Chairwoman of the National Assembly Nguyen Thi Kim Ngan and Belarusian Prime Minister Sergey Nikolayevich Rumas The Belarusian PM said the exchange of visits by senior officials over the past time has created a firm foundation for the two countries to strengthen bilateral cooperative ties. He described Vietnam as a friend and strategic partner of Belarus in Southeast Asia as the country’s socio-economic development strategies are completely compatible and similar to those of Belarus such as technological reform and high-tech development. The PM thanked Vietnam for always supporting his country’s initiatives at the global arena and the United Nations, adding that the two sides share similar viewpoints on international issues. He suggested the two … [Read more...] about VN top legislator meets with Belarusian Prime Minister

Twenty-one positions, including three deputy prime ministers, were voted in for a five-year term on Saturday, the last working day for Vietnam’s legislature to finish its personnel selection for the new government. The new 27-member government is led by newly elected Prime Minister Nguyen Xuan Phuc, consisting of five heads of ministries who keep their posts and 21 officials appointed on Saturday morning. According to the 2013 Constitution of Vietnam, the prime minister has the right to nominate government positions to the lawmaking National Assembly. The premier can only sign directives for the new officials to take office once the nominees are approved by the house. Vietnam’s legislative body on Saturday approved the nominations by Prime Minister Phuc to select three new deputy prime ministers, Vuong Dinh Hue, Truong Hoa Binh and Trinh Dinh Dung. Hue, head of the Central Economic Committee, and Binh, former chief judge of the Supreme People’s Court, both … [Read more...] about Vietnam legislature approves 21 new gov’t members