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
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
State Bank of Vietnam adjusts USD exchange rate
The State Bank of Vietnam (SBV) Operation Centre adjusted the reference exchange rate between the Vietnamese dong (VND) and the USD up by 90 VND on the morning of December 15. The reference buying rate rose from 21,800 VND to 21,890 VND per one USD, and the selling rate, 22,575 VND per one USD. Accordingly, many commercial banks also raised their selling rate to the ceiling allowed by the SBV and increased the buying rate at the same time. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted its US dollar buying and selling prices at 22,540-22,547 VND while the Bank for Investment and Development of Vietnam (BIDV) is transacting at 22,517-22,547 VND per one USD. Meanwhile, the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) set the buying and selling rates at 22,460 and 22,547 VND per one USD. The inter-bank exchange rate between the two currencies set by the SBV is now at 21,890 VND with commercial banks allowed to adjust … [Read more...] about State Bank of Vietnam adjusts USD exchange rate
