Western bank vietnam

Some banks used to be very popular, with hundreds of thousands of customers, but they gradually disappeared from the market because of many reasons. Nam Do Commercial Joint Stock Bank Nam Do was a bank based in Ho Chi Minh City, which operated strongly in the mid-90s of the last century. However, under impacts of the Asian financial crisis in 1998, this bank could not recover debts. In 1998, after a series of violations in credit activities, Nam Do Commercial Joint Stock Bank was insolvent and was placed under special control by the State Bank of Vietnam. To ensure the safety of the banking system as well as stabilize the socio-economic situation in Ho Chi Minh City, the Prime Minister and the State Bank of Vietnam assigned the Bank for Investment and Development of Vietnam (BIDV) to participate in controlling Nam Do Bank. BIDV established a special working group to assess the entire situation of Nam Do Bank and propose solutions. Photo: Vietnamnet … [Read more...] about Vietnamese banks that ‘disappear’ from the market

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) – to issue 15 percent of equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion, or approximately US$1.5 billion, of Tier 1 capital, increasing its owner equity to around VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years. Following the latest SMBC’s strategic investment, VPBank will become Vietnam’s second largest bank in terms of owner equity, which allows it to serve a wide range of customer needs in various … [Read more...] about Vietnam’s VPBank announces agreement to issue 15% of its charter capital to Japan’s SMBC

VPBank provides QR codes for its services. (Photo: VNA) Hanoi (VNS/VNA) - For Vietnam to fully tap into the digital future, experts say institutions and policies must be reformed to reflect Government commitments. Phung Anh Tuan, executive vice chairman and secretary general at Vietnam Association of Financial Investors (VAFI), passed the remarks at the Fintech Revolution Summit in Hanoi on March 27. The two-day summit is attended by BFSI experts, fintech leaders, ministry and central bank authorities, investors and corporates across Vietnam. The Vietnamese Government is advocating the development of a digital economy and promoting industrial revolution 4.0, said Tuan. Many directives have been on promoting non-cash and electronic payments, including Resolution 02, dated January 1, 2019, and Decision 1813, dated October 28, 2021. The policy and law-making process should reflect the Government's commitments, noted Tuan. The VAFI representative expects some … [Read more...] about Experts call for institutional, policy reforms to unlock Vietnam’s digital future

A Canadian man living in Khanh Hoa Province, south-central Vietnam has reclaimed his daughter’s passport from the provincial public security department, which seized the personal document to facilitate an investigation into a traffic accident in which the two foreigners were victims earlier this month. The return of the Canadian passport owned by the seven-year-old daughter of Gélinas Guy came on Sunday evening after the man called for help from his home country’s competent agencies, his representative said on Monday. The designated Canadian agencies, particularly the Global Affairs Canada, the Canadian Embassy in Vietnam, and the Canadian Consulate General in Ho Chi Minh City, sent a diplomatic note to the Vietnamese authorities regarding Guy’s case. TVA, the largest television broadcaster in Québec, where Guy resides in Canada, also reported on March 21 and 22 on the traffic accident that had happened to his family on March 3. When Guy, his Vietnamese wife, and their … [Read more...] about Canadian man receives daughter’s passport after seizure for hit-and-run investigation in Vietnam

Illustrative photo (Photo: baodautu.vn) Hanoi (VNA) – Although Vietnam always eyes to attract investors from US and Europe, intra-Asian investors are so important to the country, especially since foreign direct investment (FDI) is slowing down globally due to the COVID-19 pandemic’s impacts and geopolitical conflicts. Among the 10 biggest investors in Vietnam, eight are from Asia. Assessing Vietnam's investment partners, many economic experts said that FDI into Vietnam mainly comes from Northeast Asian countries and more recently China. Joonsuk Park, head of International Subsidiary Banking and Wholesale Banking at HSBC Vietnam, said that FDI flows into Vietnam play a quintessential role and contributes to the growth story of the country. “Foreign Direct Investments have been one of the key catalysts spurring and transforming Vietnam into one of the most open economies in the region,” he said. A study by HSBC showed FDI investors or those regional and global … [Read more...] about Foreign investment from Asia important to Vietnam: HSBC

The Bank of Thailand (BoT) is expected to raise its policy rate by 0.25 percentage points to 1.75%. (Photo:bangkokpost.com) Bangkok (VNA) – The Bank of Thailand (BoT) is expected to raise its policy rate by 0.25 percentage points to 1.75% to contain inflation amid the economic recovery while trying to ease baht volatility, according to economists. central bank 's move will attempt to control inflation, facilitating a smoother economic recovery via monetary policy normalisation. However, some research houses expected the central bank may weigh up managing foreign exchange rates with future rate hikes rather than inflation rate containment. policy rate four consecutive times, starting from August 2022, with an objective to curb higher inflation rates. Thailand's headline inflation, gauged by the consumer price index (CPI), was 3.79% year-on-year in February, decelerating for a second straight month and the lowest rate in 13 months. This followed 5.02% headline inflation … [Read more...] about Thailand’s central bank expected to raise policy rate

Do Thi Nhan, former director of the Department Supervision Department II at the central bank, is facing charges of abuse of power, Major General Nguyen Van Thanh, deputy head of the Department for Investigation of Corruption and Economic Crimes at the Ministry of Public Security, said at a press conference Tuesday. Nhan and four other inspectors at the central bank, who are also under criminal probe, had reported untruthfully to the central bank's leaders about their inspection results, preventing it from taking timely control measures at the Saigon Commercial Bank (SCB), Thanh said. "This is serious violation," Thanh said, without further details. Van Thinh Phat made headlines after its chairwoman Truong My Lan and other related people were arrested last October for alleged fraud related to the issuance of bonds worth trillions of dong (VND1 trillion = $42.56 million). Also arrested were Truong Hue Van, 34, CEO of Windsor Property Management, Nguyen Phuong Hong, 38, an … [Read more...] about Former central bank official under probe in Van Thinh Phat bond fraud case

Hanoi (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency. - Chairman of the National Assembly Vuong Dinh Hue held online talks with Chairman of the Standing Committee of the National People's Congress (NPC) of China Zhao Leji on March 27. The talks took place right after the first session of the 14th NPC, and it is also the first contact between key leaders of the two countries so far this year. Read full story - President Vo Van Thuong appreciated former Chilean President Michelle Bachelet’s special sentiments on consolidating and promoting the traditional friendship and cooperation between Vietnam and Chile, at their meeting in Hanoi on March 27. Read full story - Deputy Prime Minister Tran Hong Ha received outgoing Chief Representative of the Japan International Cooperation Agency (JICA) Vietnam Office Shimizu Akira in Hanoi on March 27, during which the host said JICA’s programmes and projects in Vietnam have realised … [Read more...] about ☀️ Morning digest March 28

The daily reference exchange rate is set at 23,605 VND/USD on March 28. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,605 VND/USD on March 28, up 3 VND from the previous day. With the current trading band of +/- 5%, the ceiling rate applied to commercial banks during the day is 24,785 VND/USD and the floor rate 22,425 VND/USD. The opening hour rates at commercial banks saw mixed fluctuations. At 8:30am, Vietcombank listed the buying rate at 23,365 VND/USD, up 55 VND, and the selling rate at 23,665 VND/USD, down 15 VND from the end of March 27. BIDV cut the buying rate by 45 VND to 23,310 VND/USD and added 25 VND to the selling rate to 23,680 VND/USD./. VNA … [Read more...] about Reference exchange rate 3 VND

Agribank’s preferential policies have made it possible for businesses and farmers to increase investment in high-tech agriculture. (Photo: Agribank) Hanoi (VNA) – In the hope of making contributions to the growth of a clean and high-value agricultural sector, the Vietnam Bank for Agriculture and Rural Development (Agribank) has taken an active role in providing capital, consultations and other support to farmers in promoting technology. This move is seen as crucial for the sector to develop in a sustainable and effective direction. Obvious trend Agricultural development based on innovations in science and technology is considered as one of the key solutions to challenges as the sector grows. Insiders believe the superiority of biotechnology, greenhouse technology, drip irrigation technology, sensor technology, automation, and the Internet of things is helping the sector save production costs, increase productivity, and improve the quality of farm produce, thus actively … [Read more...] about Agribank contributes to boosting hi-tech agriculture