Loans

Jiang Miao and Niu Li Li, both Chinese nationals, were identified as the ringleaders who hired Long and Hui to set up financial companies in HCMC's Binh Tan District in April last year. They also created three apps – vaytocdo, Moreloan, and VDonline, offering loans of over VND100 billion (around $4.26 million) at 2.5 percent interest per day, equivalent to 75 percent a month and 912.5 percent a year, more than 30 times higher than rates at local commercial banks. … [Read more...] about Chinese loan sharks charging extortionate interest jailed

Banks are also constrained by regulations that only allow them to reduce at most 10 percent of an asset’s asking price each time they make a new offer, and the government should abolish this rule, Luc said, adding that this would help avoiding wastage of thousands of billions of VND while the properties remain dormant. … [Read more...] about Banks struggle to sell collateral to recover unpaid loans

This landmark fundraising deal is the single largest syndicated loan transaction secured by a Vietnamese financial institution and Techcombank’s track record in the industry enabled it to attract the largest syndicate of lenders for a Vietnamese financial institution to date at the close of primary syndication. According to Lim, this landmark fundraising deal is the single largest syndicated loan transaction secured by a Vietnamese financial institution and Techcombank’s track record in the industry enabled it to attract the largest syndicate of lenders for a Vietnamese financial institution to date at the close of primary syndication. … [Read more...] about Techcombank raises $500 million in inaugural syndicated offshore loan facility

Vietnam has signed agreements with three foreign banks to fund the project: German state-owned KfW ($313 million), the European Investment Bank ($195 million) and the ADB. … [Read more...] about Vietnam cancels ADB loan for HCMC metro

Deputy PM Minh asked the finance ministry to work with the ADB to reach a consensus on the early cancelation of the $390 million loan, while the People’s Committee of Ho Chi Minh City was tasked with preparing a budget to pay the costs related to the early cancelation. … [Read more...] about Vietnam calls off $390mn loan from ADB for Saigon metro line