Interest rate cut

A number of local commercial banks, including major players, have reduced and even eliminated service fees to attract more service users and depositors. Since early this month, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has offered free services for the first 10 money transfer transactions made on its VPBank Online app. From the 11th transaction, customers will be refunded the fee if their account balance is at least VND10 million, Nguoi Lao Dong newspaper reported. At Tien Phong Bank (TPBank), customers have also been exempted from fees when transferring money through the TPBank eBank app to accounts in other banks and when withdrawing cash from ATMs nationwide, except for the ATMs of foreign banks such as HSBC, Standard Chartered and Vietnam-Russia Joint Venture Bank. By December 31, Nam A Bank will provide free services to new customers. Customers using the bank’s Internet Banking, SMS Banking, Mobile Banking and Open Banking services are also entitled … [Read more...] about VN banks race to lower service fees

HCM City is facing lots of challenges in developing public bus services amid falling passenger numbers. HCM City is facing lots of challenges in developing public bus services amid falling passenger numbers. Photo for illustration The problem was discussed at a meeting held by the city people's council on November 15. In a report released at the meeting, director of the city Department of Transport, Tran Quang Lam said that bus transportation decreased in the first eight months of this year with just 131 million trips which was a fall of over 13 per cent compared to the same period last year. Although the city is providing subsidies of VND1 trillion (USD43.5 million) for bus travel, the number of passengers fell 6.6 per cent every year during 2014-2018, the report said. Lam said that the main reason is traffic congestion. "In the first seven months of 2019, 330,000 bus trips were reported to have been late for over 15 minute due to traffic congestion," he said. Tong Thi … [Read more...] about HCM City seeks to develop public buses

The Ministry of Public Security has issued a warning against investing in Eagle Rock Global (ERG) as the firm shows many signs of a fraudulent business and most likely is a running a Ponzi scheme. ERG offers some 13 investment packages, which range from US$100 to $1 million with an unusually high-interest rate at up to 180 per cent per year. ERG claims it’s a fintech firm specialised in online trading, cryptocurrency mining, e-commerce, pay to click and gaming. Though ERG says it’s based in the British Virgin Islands, the ministry said ERG has not been registered with UK authorities. ERG offers some 13 investment packages, which range from US$100 to $1 million with an unusually high-interest rate at up to 180 per cent per year. Investors are instructed to transfer money to ERG members’ accounts to purchase the desired amount of cryptocurrency. They also receive a bonus from recommending new people to invest in ERG. A ministry source said ERG’s payments … [Read more...] about VN Public Security Ministry warns against over possible Ponzi schemes