From October 1 lenders including banks will not be allowed to provide medium- and long-term foreign currency loans to businesses to pay for imports. — Photo cafef.vn Thiên Lý From October 1 lenders including banks will not be allowed to provide medium- and long-term foreign currency loans to businesses to pay for imports. Many market observers said this is the State Bank of Việt Nam’s final step in its fight against dollarisation. Experts said the anti-dollarisation campaign has been on the right track. The level of dollarisation in the economy has been steadily declining in recent years. According to the National Finance Supervision Council, as of the end of May last year outstanding loans in the đồng amounted to 91.9 per cent of the total. The financial statements of some banks show the ratio of their foreign currency deposits to total deposits dropped sharply in the first half of this year. For the three large State-owned banks, … [Read more...] about Việt Nam enters home stretch in fight against dollarisation
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Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
Promoting cultural heritage values while developing tourism Thai Nguyen province is home to 17 intangible culture heritages. Local authorities and ethnic minority groups are exerting efforts to promote heritage values in combination with tourism development. The San Chay people of Phú Lương district traditionally celebrate Spring with the Tắc Xình dance. In 2018, the Tac Xinh dance was recognized as national Intangible Cultural Heritage by the Ministry of Culture, Sports and Tourisms. To uphold the cultural values of the heritage, Thai Nguyen’s provincial culture and tourism sector have taken measures to introduce the dance to visitors through festivals, turning it into an attractive tourism product. Currently in Thai Nguyen province, there are more than 800 historical and scenic sites, along with 17 intangible cultural heritage elements at a national level. Many of which have become tourist attraction, contributing to promoting their values such as the … [Read more...] about VIETNAM NEWS HEADLINES OCTOBER 14
At the conference (Photo: VNA) HCM City (VNA) – A number of organisations in Ho Chi Minh City have provided assistance and consultancy for small and medium-sized enterprises (SMEs) while banks have offered them loans on easy terms but they do not make use of either consultancy or loans, heard a conference in the city on October 3. Tran Ngoc Liem, Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s HCM City Branch, said representative offices of central agencies in the city and the VCCI have set up centres to assist SMEs. Many banks have a dedicated division for providing consultancy and credit to SMEs, he said. But SMEs do not make use of the centres to learn about policies and laws, or take advantage of support from the banks to get loans, he added. Tran Thi Lien Phuong, research director at market research company Insight Asia, said the multiplicity of agencies offering assistance causes confusion among SMEs in choosing from them. The Government … [Read more...] about SMEs fail to make use of plentiful assistance in HCM City