The Hanoitimes - M&A deals in Vietnam’s finance and banking sector will rise significantly this year, given by an improved business performance of local banks and a government regulation to require banks to meet stricter capital regulations as part of Basel II Accord standards by 2020. Vietnam banks advised to raise risk resilience in digital age Vietnamese banks required to go public by 2020 Capital raising considered key focus for Vietnamese banks in 2019: Moody’s Japan’s MUFG Bank to further invest in Vietnam’s VietinBank Experts anticipated the Vietnamese finance and banking sector will experience a sharp increase in merger and acquisition (M&A) deals in 2019 as positive signals for the surge have been seen right in the first months of the year. Japan’s Mitsubishi UFJ Financial Group wants to invest in VietinBank Early this year, on January 9, Bank for Foreign Trade of Vietnam (Vietcombank) started off with an … [Read more...] about M&A in Vietnam’s banking sector forecast to see big changes in 2019
Vietnam bank for agriculture and rural development
Banks are sluggish to list stocks
As 2018 is almost over, many local banks still have not shown any signs of listing on the Unlisted Public Company Market (UPCoM) as per their plan announced earlier on at the annual general shareholders’ meeting. All commercial banks have been urged to complete procedures to register their stock on the Unlisted Public Company Market (UPCoM), as part of an attempt to enhance the transparency of banking operations in line with the prime minister’s Decision No.1058/QD-TTg, approving the scheme to restructure the credit institution system and deal with the issue of bad debts in 2016-2020, and Circular No.180/2015/TTBTC issued by the Ministry of Finance that guides registration for securities trading on UPCoM. However, up until this point in time, merely half of the 35 local banks have actually been listed on the Ho Chi Minh City Stock Exchange (HSX), the Hanoi Stock Exchange (HNX), and UPCoM, despite the orders of the State Bank of Vietnam (SBV) and the State Securities … [Read more...] about Banks are sluggish to list stocks
Top 500 largest enterprises in Vietnam announced
The compounded annual growth rate of the country’s 500 largest private businesses over the last few years (Source: VNR) Hanoi (VNA) – The list of top 500 largest enterprises in Vietnam (VNR500) has been unveiled, showing that Vietnam’s private sector continued to post strong growth with the compounded annual growth rate (CAGR) among private firms rising significantly, reaching 21.8 percent in the 2014-2017 period. This information was included in the recently released VNR500 Ranking for 2018, which ranked the top 500 largest businesses in the country and is compiled by Vietnam Report JSC in cooperation with VietNamNet newspaper. This is the 12th consecutive year that the VNR500 has been announced to honour the achievements of the most successful enterprises in Vietnam. Vietnam Report also announced the top 500 largest private enterprises. According to the VNR500, the top 10 largest enterprises in Vietnam by revenue in 2018 included Samsung … [Read more...] about Top 500 largest enterprises in Vietnam announced
Vietnamese banks race to end cross-ownership to obey law
The Hanoitimes - The State Bank of Vietnam (SBV) expects to put an end to cross-ownership in the banking system by 2020. Vietnamese commercial banks are in a hurry to divest capital in other peers and meet the regulation of limiting cross holding set by the SBV. Illustrative photo. Divestment acclerated On November 12, state-run Vietnam Bank for Agriculture and Rural Development (Agribank) said it would auction 468,000 shares the bank is holding in Orient Commercial Bank (OCB). At the starting price of VND18,130 (US$0.78), Agribank is expected to book proceeds of at least VND8.5 billion (US$364,280). Additionally, Agribank is focusing on divesting capital from non-core businesses, which is part of the lender’s business strategy in the 2016 – 2020 period. Since 2014, Agribank has raised over VND1 trillion (US$42.86 million) by divesting capital from seven companies. At the annual general meeting in 2018, Nghiem Xuan Thanh, Vietcombank's … [Read more...] about Vietnamese banks race to end cross-ownership to obey law
International ratings reflect Vietnam’s stable banking system
(VEN) - The banking system has shown good results from the beginning of the year thanks to consistent policies of the State Bank of Vietnam (SBV) and efforts of commercial banks to ensure achievement of macroeconomic objectives. Deputy Prime Minister Vuong Dinh Hue chaired a meeting in late September to review the monetary policy in the third quarter of 2018 and to outline future tasks. At the meeting, he complimented the SBV for its proactive and flexible policy management, especially in terms of stabilizing exchange rates, interest rates and export credits. Given the escalating US-China trade war, while many countries tend to raise their interest rates, interest rates in Vietnam have been kept stable. In addition, the SBV has closely managed macroeconomic policies, including fiscal policy to stabilize and develop the monetary market and the government bond market, and reduce the cost of borrowing for the state budget. According to the SBV’s Monetary Policy Department, … [Read more...] about International ratings reflect Vietnam’s stable banking system