The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recently opened its first overseas subsidiary in Vientiane, Laos. (Photo: VNA) Hanoi (VNA) – Vietnamese commercial banks are racing to develop their networks by opening representative offices and subsidiaries in foreign nations, paving the way for them to expand their overseas operations, according to market watchers. The most lucrative destinations are Laos and Cambodia which attracted 32 percent of the banks’ total overseas investment of 105.8 million USD in the first nine months of the year. This is understandable as Vietnamese businesses there have proven prospering with billion-USD projects in the fields of accommodation, hydropower, telecommunications, agriculture, mining and real estate. Recently, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiary in Vientiane, Laos. Located on Lane Xang Avenue, a finance-banking hub in … [Read more...] about Commercial banks race to expand foreign investments
Vietnam joint stock commercial bank for industry and trade
Shares up on banking, securities stocks
Investors watch market movements on a Bao Viet Securities Co’s trading floor. — VNA/VNS Photo Pham Hau Vietnamese shares had a good start on Monday with the two main stock indices rising, largely on the strength of a handful of banking and securities blue-chips. The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 2.11 per cent to settle at 1,013.78 points. It posted a weekly growth of 3 per cent last week. Meanwhile, the HNX Index on the Ha Noi Stock Exchange (HNX) advanced 2.22 per cent to end at 118.32 points. The northern market index rose 1.1 per cent last week. More than 222 million shares were traded on the two local exchanges, worth VND5.9 trillion (US$258 million). Market trading conditions were positive, with 158 declining stocks against 311 gainers, while 274 other stocks remained unchanged. Only 5 of the 24 largest shares by market capitalisation advanced in the VN30 Index. The VN30 Index was up 2.84 per cent to 996.67 points, with more than 65.6 … [Read more...] about Shares up on banking, securities stocks
Court upholds sentences for former Vietinbank officials
Defendant Huynh Thi Huyen Nhu (wearing glasses) at the appeal court (Photo: VNA) HCM City (VNA) – The High-level People’s Court in Ho Chi Minh City has upheld charges and sentences for former officials of Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) ruled at the first instance trial for their wrongdoings at the bank. Accordingly, the court upheld the life imprisonment to Huynh Thi Huyen Nhu and seven years in prison to Vo Anh Tuan on charge of swindling to appropriate 1.085 trillion VND (43.8 million USD) of five companies. Together with his previous sentence, the combined penalty for Tuan is 27 years behind the bar. The court also kept the first instance trial’s decision on compensation responsibility of Nhu and Tuan. In the case, Tuan helped Nhu appropriate over 200 billion VND out of the 1.085 trillion VND. Therefore, Nhu was forced to compensate four companies namely Orient Securities Corporation, SaigonBank Berjaya Securities … [Read more...] about Court upholds sentences for former Vietinbank officials
Vietnam court upholds key decision in country’s biggest-ever fraud case: victim’s lawyer
A court has upheld a key judgment in Vietnam’s biggest-ever fraud case, a victim’s lawyer told Reuters, in a trial that has spotlighted the country’s ability to tackle financial crime at a time when foreign banks are heeding government calls to invest. The Ho Chi Minh City People’s High Court ruled on Wednesday to uphold a judgment that the central perpetrator of a VND4.9 trillion ($215 million) theft is responsible for returning some of the stolen money, rather than the individual’s employer at the time, state-controlled VietinBank. The ruling comes as financial firms such as investment banks and global buyout funds flock to Vietnam, hoping to capitalize on a period of privatization and capital-raising deals in the fast-growing emerging Southeast Asian economy. The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia’s Berjaya Corporation Bhd - also confirmed Wednesday’s verdict. … [Read more...] about Vietnam court upholds key decision in country’s biggest-ever fraud case: victim’s lawyer
Vietnam set to make key ruling on country’s biggest-ever fraud case
A Vietnamese court is set to make a key ruling in the country’s biggest-ever fraud case, in a trial that has spotlighted Vietnam’s ability to tackle financial crime at a time when foreign banks are heeding government calls to invest. The Ho Chi Minh City People’s Higher Court is expected to rule by Tuesday on whether to uphold a judgment that the central perpetrator of a VND4.9 trillion ($215 million) theft is responsible for returning some of the stolen money, rather than the individual’s employer at the time, state-controlled VietinBank. The ruling comes as financial firms such as investment banks and global buyout funds flock to Vietnam, hoping to capitalize on a period of privatization and capital-raising deals in the fast-growing emerging Southeast Asian economy. The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia’s Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had … [Read more...] about Vietnam set to make key ruling on country’s biggest-ever fraud case