Exchange rate

The daily reference exchange rate is set at 23,617 VND/USD on March 22. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,617 VND/USD on March 22, unchanged from the previous day. With the current trading band of +/- 5%, the ceiling rate applied to commercial banks during the day is 24,797 VND/USD and the floor rate 22,436 VND/USD. The opening hour rates at commercial banks continued to increase. At 8:30am, Vietcombank listed the buying rate at 23,390 VND/USD, and the selling rate at 23,760 VND/USD, both up 10 VND from the end of March 21. BIDV kept both rates unchanged at 23,440 VND/USD (buying) and 23,740 VND/USD (selling)./. VNA … [Read more...] about Reference exchange rate kept unchanged on March 22

Illustrative image (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,615 VND/USD on March 22, down 2 VND from the previous day. With the current trading band of +/- 5%, the ceiling rate applied to commercial banks during the day is 24,795 VND/USD and the floor rate 22,434 VND/USD. The opening hour rates at commercial banks continued to increase. At 8:30am, Vietcombank listed the buying rate at 23,330 VND/USD, and the selling rate at 23,700 VND/USD, both up 10 VND from the end of March 22. BIDV also added 10 VND to both rates, raising the buying rate to 23,380 VND/USD and the selling rate to 23,680 VND/USD./. VNA … [Read more...] about Reference exchange rate down 2 VND on March 23

An investor watches share prices on a tablet. Shares rose a second day on both exchanges. — VNA/VNS Photo Shares climbed for a second day as good performace of global stock markets prior to the Fed’s announcement of a rate hike supported local investors’ psychology. The VN-Index on the Ho Chi Minh Stock Exchange increased by 0.79 per cent to close Wednesday at 1,040.54 points. It rose nearly 1 per cent in the previous session. The market breadth was positive with 203 stocks gaining, 170 losing while the other 128 closed flat. Although the trading was cautious, increasing liquidity in buying force at high prices led to an improvement in stock prices, especially in the banking and real estate industries. Nearly 459 million shares worth VND8.7 trillion (US$369 million) were traded, down 3 per cent in volume but up 4 per cent in value compared to Tuesday’s level. Property and banking stocks led the market growth with average growth of 1.5 per cent each, tracked by … [Read more...] about Shares gain for second day but caution persists

In Vietnam, local businesses cannot mortgage land use rights (LUR) as security to a foreign lender. But this is allowed in our peer markets, and it is carried out with robust regulation, proper dignity, and thoughtful national protections. So, why are we behind the pack? Darryl Dong-Principal country officer IFC Vietnam Vietnam’s restriction on land security for foreign lenders reduces available funding and increases borrowing costs to local companies. Basically, we are penalising the country and making it less competitive. It also makes it more difficult for the government to supervise foreign financing, since the parties simply find workarounds through complex structures to create security packages for loans because they cannot get on the ground security. In Vietnam, where the non-performing loan (NPL) market is still not developed, this mortgage restriction is a showstopper for foreign NPL investors who want to bring us their capital and expertise. We need to put … [Read more...] about Mobilising international finance for land security

The stock trading board inside the Ho Chi Minh Stock Exchange (HoSE). In order to promote the healthy development of Viet Nam's stock market, it is necessary to diversify products on offer. — Photo HoSE The State Securities Commission (SSC) will review the Law on Securities and related decrees to complete the legal framework, and strengthen sanctions for violations to protect the legitimate rights and interests of investors. “Although the current Law on Securities stipulates a high level of sanctions for violations compared to the common ground, the maximum administrative fine is VND3 billion for organisations and VND5 billion for individuals. However, recent violations in the market have shown that these fines have not been strict enough, requiring a higher level of sanctions and tighter regulations,” said Ta Thanh Binh, Director of Market Development Department under the State Securities Commission. At a seminar held late last week, Binh said the SSC will step up the … [Read more...] about Stock market violations to face stricter sanctions

VPBank last week was rumoured to be close to an agreement to sell 15 per cent of stakes to Sumitomo Mitsui Financial Group, one of Japan’s largest financial companies. The estimated agreement is valued at around $1.4 billion, cited Bloomberg. “The Vietnamese bank will sell more than one billion shares to SMBC Consumer Finance, a unit of the Japanese megabank, for $1.35-1.39 each,” the newswire noted. Banks continue with consolidation game, illustration photo/ Source: Shutterstock VNDirect Securities told VIR that due to a high capital adequacy ratio of 20.5 per cent in 2022, VPBank could receive a higher credit limit from the State Bank of Vietnam this year. In addition, the brokerage predicted that the bank would invest significantly to diversify its products and expand its footprint in other segments, such as VPBank Securities in the securities market or OPES – its new non-life insurance arm. With the 15 per cent stake sale to SMBC, VPBank would consolidate and … [Read more...] about Banks continue with consolidation game