HCM City Development Joint stock Commercial Bank (HDBank) announces that its shareholders had approved a plan to buy a maximum of 5 per cent of its 981 million shares being traded on the market. — Photo topbank.vn On October 10, the HCM City Development Joint stock Commercial Bank (HDBank) announced that its shareholders had approved a plan to buy a maximum of 5 per cent of its 981 million shares being traded on the market, equivalent to 49 million shares. The VND1.3 trillion (US$57.5 million) it is estimated to cost will come from its reserves and surplus. The lender expects this to push up the price of its shares, which trade at around VND27,500. The buyback would also be a highly effective investment for the bank and its shareholders, its top executives said. Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) also unveiled plans to buy back stocks to improve earnings per share and bolster their price. It is expected to buy a maximum of 50 million shares from the market … [Read more...] about Buybacks expected to perk up bank stocks
Vietnam joint stock commercial bank for industry and trade
The Vietinbank logo at an office. The bank and three others - BIDV, Vietcombank and Agribank - cannot lift the foreign ownership cap in their capital after the Europe-Vietnam Free Trade Agreement (EVFTA) takes effect early next year as expected. — Photo vietnamfinance.vn The Vietnamese Government may allow European financial firms to buy up to 49 per cent of only two local commercial banks, Nguyen Thi Thu Trang, Director of the WTO Integration Centre at the Vietnam Chamber of Commerce and Industry, said on Wednesday. The offer will be valid for five years after the Europe-Viet Nam Free Trade Agreement (EVFTA) takes effect, which is expected to occur early next year. The EVFTA was signed between Viet Nam and the European Union on June 30, 2019, opening opportunities for firms of both sides to tap the two markets with a total 600 million people. Trang said that the offer does not apply to four joint-stock commercial banks, in which the State still holds the controlling stakes. … [Read more...] about Europe firms may purchase 49% in local banks
Four Vietnamese agencies were honoured with the Asian-Oceanian Computing Industry Organisation (ASOCIO) awards during a ceremony held in Tokyo, Japan on November 8. The Vietnamese delegation at the awarding ceremony (Source: VNA) The Ministry of Finance, the People’s Committee of the northern coastal province of Quang Ninh, the MISA JSC and FPT University were awarded for their achievements in information technology development and application in 2018. The ASOCIO Awards are a prestigious IT awards, which have a great influence in the IT industry regionally and globally. The award are given annually to individuals, agencies, organisations and enterprises with outstanding achievements and important contributions to the IT sector in 24 ASOCIO member economies. This year, the ASOCIO Awards 2018 were presented in four categories including: Outstanding ICT Company Award, Outstanding User Organisation Award, Digital Government Award and ICT Education Award. The Ministry of … [Read more...] about Vietnam wins four ASOCIO IT awards
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?
Cambodian Deputy Prime Minister’s activities in Vietnam Cambodian Deputy Prime Minister and Minister of National Assembly-Senate Relations and Inspection Men Sam An (L) and Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong Cambodian Deputy Prime Minister and Minister of National Assembly-Senate Relations and Inspection Men Sam An has visited the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) in Hanoi as part of her going visit to Vietnam from October 14 to 19. Chairman of BIDV's Board of Directors Phan Duc Tu said implementing the policy of the two countries’ governments on promoting investment, trade and tourism activities, the bank has set up commercial representative offices in the fields of finance, banking and insurance in Cambodia since 2009. BIDV is now the leading Vietnamese financial institution in direct investment activities and financial and credit cooperation in Cambodia, he added. After 10 years … [Read more...] about VIETNAM POLITICAL NEWS HEADLINES OCTOBER 18