Nguyen Ngoc Thach, director of the State Bank in Dong Thap Province in the Mekong Delta region, said on Monday that the bank will be providing monetary assistance to livestock and seafood breeders via the various branches of the Bank for Agriculture and Rural Development in Lap Vo and Chau Thanh Districts. This move was made after Saigon Giai Phong Newspaper published an article on September 17 on the massive losses and difficulties faced by livestock and seafood breeders in the Mekong Delta region. … [Read more...] about State Bank offers monetary support to livestock breeders
State bank branches
Vietnam central bank branch director accused of several wrongdoings
Party Committee inspectors in the Mekong Delta province of Bac Lieu have officially asked the State Bank of Vietnam (SBV) to punish a branch director for wrongdoings in licensing credit fund offices. They have said his educational qualifications need to be verified, the Tuoi Tre newspaper reported. After a two-month investigation, the provincial Party Committee's Inspection Board concluded that Ho Thai Nguyen, director of SBV's Bac Lieu branch, had committed a series of wrongdoings. The inspectors said Nguyen did not graduate from high school but he attained a university degree, implying that he had used a fake certificate. … [Read more...] about Vietnam central bank branch director accused of several wrongdoings
State Bank to give out more polymer bills, coins
Vietnam will put more polymer bank notes and coins into circulation this year to replace the traditional cotton-made bank notes that are at high risks of being counterfeited. The polymer notes are expected to make up 90 per cent of bank notes in automated teller machines (ATMs) in Ho Chi Minh City by the Lunar New Year (Feb. 2005) and 95 per cent of circulating bank notes in 2005, said Ho Huu Hanh, vice director of the Vietnam State Bank's HCMC branch in a recent Thanh Nien interview. Although the State Bank introduced polymer bank notes and coins in early 2004, the paper money is still widely used in Vietnam. … [Read more...] about State Bank to give out more polymer bills, coins
State banking system reform project under way
Vietnamese Prime Minister Phan Van Khai approved a pre-feasibility study for the second phase of a project to upgrade and improve the country's state-owned banking. Investment for the project's four-year second phase, expected to begin next year, is estimated at $US 112 million, with $103.3 million coming from the World Bank. The project targets five major banks including the State Bank of Vietnam, the Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development (BIDV), the Vietnam Industrial and Commercial Bank (Incombank) and the Maritime Bank. … [Read more...] about State banking system reform project under way
State Bank checks out lending portfolios
The State Bank of Vietnam (SBV) on Oct. 28 asked its own branches, as well as all Vietnamese banks, joint venture banks and foreign banks in Vietnam to report credit activities, outstanding loans and lending interest rates in VND. Banks must show the percentage of loans charged at over 19.5 percent, at 18-19.5 percent, at 17-18 percent and under 17 percent per year as of Oct. 28. The latest order by the central bank was designed to ensure domestic banks create favourable conditions for cash-strapped local companies to access bank loans. Last week, the central bank signalled a somewhat looser monetary policy, doubling interest rates to 10 percent annually for compulsory commercial bank reserves and paying off treasury notes worth 20.3 trillion VND (1.22 billion USD) issued to local banks in March. The move was intended to help domestic banks increase funds to cut lending interest rates. However, several provinces and business associations reported via the State Bank’s hot-line … [Read more...] about State Bank checks out lending portfolios