The government would sell banks it has acquired to foreign investors based on the Law on Credit Institutions, he told a forum on mergers and acquisitions held in HCMC on Wednesday. On the list are Oceanbank, Vietnam Construction Bank, and Global Petro Commercial Joint Stock Bank. Many investors have expressed interest in this new policy, he said. The restructuring of the financial-banking industry has helped reduce its bad debts from 10.08 percent in early 2016 to 6.9 percent last June, and the government continues to encourage the acquisition of small banks and credit institutions by large banks. “The number of credit institutions in Vietnam is still too high and we need to restructure the system,” Hue said. The government plans to let the Vietnam Bank for Agriculture and Rural Development (Agribank), the only 100 percent state-owned lender, launch an initial public offering next year. The Bank for Investment and Development of Vietnam JSC (BIDV) and Joint Stock Commercial … [Read more...] about Vietnam clears decks for foreign acquisition of weak banks
Joint stock commercial bank for foreign trade of vietnam
Start pilotting tax refund for foreign guests at the airport
1. The Hanoitimes - The opening ceremony on counters of record check, goods, and value-added tax refund for foreign visitors when exiting at Noi Bai International Airport was held by Hanoi Customs Department in collaboration with Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and Vietnam Maritime Commercial Joint Stock Bank, on July 1. On the same day, at Tan Son Nhat International Airport, Ho Chi Minh Customs Department, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbamk) held a ceremony on counters of record check, goods, and value-added tax refund for foreign visitors when exitting.The opening of the two counters is to implement the Decision No. 05/2012/QĐ-TTg by the Prime Minister on the pilot of value-added tax refund for goods purchased by foreigners in Vietnam when exiting at Noi Bai International Airport and Tan Son Nhat International Airport since July … [Read more...] about Start pilotting tax refund for foreign guests at the airport
Five commercial banks to lend for rice purchases
The State Bank of Vietnam has instructed five commercial banks to provide funds to businesses that have been ordered to stockpile one million tons of summer-autumn rice in the Mekong Delta. According to a document issued July 8, the five banks include Vietnam Bank of Agriculture and Rural Development, Mekong Housing Bank, Joint Stock Commercial Bank for Foreign Trade of Vietnam, Vietnam Joint Stock Commercial Bank for Industry and Trade. They will provide loans to businesses nominated by the Vietnam Food Association at the lowest possible interest rates. The State budget will subsidize businesses with 100 percent of the loans' interest payments. The loans will be offered from July 15 to September 15 while the subsidized interest rates will extend through November 15. The government has ordered that the rice reserves be created as tumbling prices have put farmers in the red. Related articles: Food association to buy 1 mln tons of summer-autumn rice Businesses should pay farmers … [Read more...] about Five commercial banks to lend for rice purchases
Help called for Vietnamese victims of Agent Orange
Vietnam Association of Victims of Agent Orange/Dioxin or VAVA has called Vietnamese and people around the world to give a hand to Dioxin's victims. The call, which marks the 50th Commemoration of Agent Orange (AO), reminds people of the catastrophic day, August 10, 1961 when aircrafts of US Air Force first sprayed the toxic herbicide over South Vietnam. August 10 is such a terrible memory to Vietnamese people. The spraying of AO through ten years after that dramatically destroyed the habitat, ecosystem and especially health of Vietnamese people. More than three million hectares of forest and field, 26.000 villages and hamlets were badly poisoned by this toxic chemical. About three million Vietnamese were victims of the spraying and a great number of people died in unbearable sufferings. Although the War ended 36 years ago and Vietnam has revived gradually, the pains suffered by many families still do not burn out. Thousands of children were born deformed. A considerable number of … [Read more...] about Help called for Vietnamese victims of Agent Orange
Asia Commercial Bank to join Vietnam top four by 2015, CEO Says
Asia Commercial Bank's assets will probably more than triple by 2015, making it the first non- government lender to overtake one of Vietnam's four biggest lenders, Chief Executive Ly Xuan Hai said. Assets of Asia Commercial Bank, the nation's fifth-biggest bank, are expected to climb to VND900 trillion ($43 billion) by 2015 from about VND255 trillion currently, Hai said. Joint- Stock Commercial Bank for Foreign Trade of Vietnam, known as Vietcombank, is the country's fourth-largest lender with about VND344 trillion of assets at the end of June. … [Read more...] about Asia Commercial Bank to join Vietnam top four by 2015, CEO Says