Fed raises interest rates

Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,203 VND per USD on August 6, down 5 VND from the previous day. With the current trading band of  +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,899 VND/USD and the floor rate, 22,506 VND/USD. The opening hour rates at commercial banks remained stable. At 8:30 am, BIDV kept both rates unchanged from the previous day at 23,085 VND/USD (buying) and 23,265 VND/USD (selling). Meanwhile, Techcombank cut both rates by 4 VND to 23,066 VND/USD (buying) and 23,266 VND/USD (selling). Vietcombank listed the buying rate at 23,060 VND/USD and the selling rate at 23,270 VND/USD, both unchanged from August 5./. … [Read more...] about Reference exchange rate down 5 VND on August 6

Hanoi (VNA) - The State Bank of Vietnam has approved the Asia Commercial Bank (ACB)’s plan to raise its charter capital from 16.6 trillion VND (721 million USD) to 21.6 trillion VND (938.3 million USD). The plan will be implemented via dividend payment in shares to shareholders. ACB plans to issue 498.8 million shares to pay the dividend, equivalent to a total value of 4.98 trillion VND. The payment ratio is 30 percent, meaning every shareholder will receive three new shares for every 10 they hold. The expected issuance time is the fourth quarter of this year. Previously, ACB planned to pay a 2019 dividend in shares and cash. However, due to the COVID-19 pandemic, the State Bank of Vietnam required banks to use resources to reduce interest rates, support businesses and not pay dividends in cash. ACB also plans to pay the 2020 dividend at a rate of not less than 20 percent. In the first six months of this year, ACB recorded a consolidated pre-tax profit of 3.8 trillion … [Read more...] about Central bank approves ACB’s plan to raise charter capital

The World Bank’s Energy and Extractives Global Practice supported the credit rating exercise through a combination of financing and advisory support, including by appointing Mizuho Bank to prepare for credit rating readiness and the subsequent rating exercise. This engagement was supported by the Public Private Infrastructure Advisory Facility (PPIAF) and the Global Infrastructure Facility (GIF). … [Read more...] about Hanoi Power Corporation receives BB credit rating from Fitch with support from WB

Overall, the short duration of the economic disruptions in Vietnam has helped the company to manage delinquencies and collections within the historical range. While Moody’s has observed early signs of stress in delinquencies and collections, especially in April due to social distancing measures, collections recovered and delinquencies dropped in the rest of the second quarter of 2020. … [Read more...] about Moody’s confirmed stable rating for FE Credit in latest review assessment

Hanoi (VNA) – Thirty more cases of COVID-19 were confirmed in the past 12 hours, raising the total number to 747 as of 6pm on August 6, according to the National Steering Committee for COVID-19 Prevention and Control. Among the latest cases, 20 were in Da Nang, six in Quang Nam, one in the northern province of Bac Giang, and three imported cases in Ba Ria-Vung Tau. Patient 718 in Da Nang died on August 5 before her testing result was confirmed on August 6. The new cases in Quang Nam and Bac Giang were all linked to the outbreak in Da Nang. The three imported cases were related to the Texiana ship from Qatar which docked at Vung Tau port on July 28. They were quarantined immediately after entry. On August 6, 11 COVID-19 patients were given the all-clear, bringing the total recoveries to 392. The fatalities are now 10. A total of 170,457 people are being quarantined, with 6,717 at hospitals, 23,356 at concentrated facilities and 140,384 in their homes and … [Read more...] about COVID-19: 30 new cases raise total to 747