Security financial

SBV continues tightening control over property loans due to credit growth The Saigon Times An overall view of an online conference on credit on April 14. SBV pledged to continue to tighten control over property loans due to credit growth – PHOTO: VNA HCMC – The central State Bank of Vietnam (SBV) has pledged to tighten control over credit for some risky sectors, including property, it was announced at a teleconference on credit activities held by the central bank on April 14. As of March, credit had grown by 2.93% against the end of 2020 and by 1.3% year-on-year. The demand for credit is expected to rise in the coming months, said Nguyen Tuan Anh, head of the Department of Credit Policies for Economic Sectors at SBV. Between January and February, credit for the agro-forestry-fishery sector and the industry and construction sector amounted to VND777 trillion, up 0.16%, year-on-year, and VND2,615 trillion, up 1.13%, respectively. As for risky sectors, as of February, loans for the real estate sector had reached 1,835 trillion, up 2.13% against 2020, while credit for the securities business dropped by 6.9%. Apart from the tight control over credit for risky sectors, including property, securities and Build-Transfer transport projects, the central bank also continued to enhance the credit risk management of consumer loans and lending for personal needs to ensure the safety of banking operations, Anh said. As of March 15, real estate outstanding loans growth at 2.13% was higher than the banking sector’s credit growth rate, so the central bank has monitored and issued warnings to credit institutions. Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch, said that since the beginning of 2021, credit for the property sector in HCMC had risen by 2%, with outstanding loans amounting to VND350 trillion, some 13.5% of the total outstanding loans. Capital flows into the risky sector were controlled, the local media reported, citing …

[Read more...] about SBV continues tightening control over property loans due to credit growth

Digiworld aims to grow 25 per cent on average annually in the next decade Two months ago, Digiworld’s executive told securities firms that a partner producing and assembling Xiaomi tech products is opening a plant in Vietnam’s northern port city Haiphong, and that the plant would commence operation in the second half of this year. Albeit the information was not yet confirmed by Digiworld’s leadership at the company’s recent annual general shareholders’ meeting on April 4, the company’s CEO Doan Hong Viet was quoted as saying, “This is informal information; Xiaomi and Digiworld will be making an official announcement on a suitable timing in the future.” In fact, Digiworld is the exclusive distributor of all Xiaomi products in the Vietnamese market. According to Viet, home appliances would be one of hte key segments of Digiworld by 2024 with the target of holding a "remarkable market share", in which TV sets would secure the largest share in value. The home appliances market, with teh main items being TV sets, refrigerators, washing machines, ovens, and the like, has been totally untouched by Digiworld until the present. Viet explained that the overly high import duty of about 15 per cent was the reason why Digiworld had yet to engage in importing products for distribution and wholesale in the Vietnamese market. At the recent AGM, CEO Viet also lifted the curtain on Digiworld’s intention to venture into other product segments to realise the target of reaching a market cap in the billion-dollar range. “If there was a plant assembling Xiaomi products in Vietnam, the tariff barrier would disappear, providing the bedrock for us to break into this up-and-coming segment. This will be the answer for the question how Digiworld would attain an annual growth pace averaging 25 per cent in the upcoming decade,” said Viet. On the sidelines of Digiworld’s annual general meeting (AGM), Viet said that the company will be making an official foray into the …

[Read more...] about Digiworld aims to reach billion-dollar market cap target

* The Kremlin said on Wednesday that a summit between Russian President Vladimir Putin and his US counterpart Joe Biden would be contingent on US behaviour after reportedly telling Washington to scrap a plan to impose new sanctions on Russia. * Inspectors from the U.N. nuclear watchdog visited Iran's uranium enrichment site at Natanz on Wednesday, the agency said, without commenting on the extent of the damage caused by what Iran says was an act of sabotage. * French Finance Minister Bruno Le Maire reaffirmed the French economy should grow by 5% in 2021, and told BFM TV that financial aid measures should remain until the end of the pandemic. * Vice President Kamala Harris said on Wednesday she is planning to visit Mexico and Guatemala soon and that the United States must figure out how to bring about economic development in the Northern Triangle countries to curb immigration. * Armenian Prime Minister Nikol Pashinyan said on Wednesday he would step down from his post in the last ten days of April to clear the way for early parliamentary elections, the Interfax news agency reported. * Haiti's Prime Minister Joseph Jouthe announced his resignation on Wednesday amid worsening gang violence and political turmoil in the poorest country in the Americas. * India's new infections hit a record level on Wednesday with Mumbai set to be locked down at midnight, but hundreds of thousands of pilgrims still thronged to a religious festival in the north of the country. * The euro zone economy is still standing on the "two crutches" of monetary and fiscal stimulus and these cannot be taken away until there is a full recovery, European Central Bank President Christine Lagarde said on Wednesday. * The suspension of Johnson & Johnson's vaccine could delay efforts to inoculate most people in the European Union by more than two months, scientific information and analytics company Airfinity said. * Global stock markets pushed to record highs on Wednesday as bond …

[Read more...] about World News in Brief: April 14