Commercial banks all have stopped the programs on mobilizing capital from the public at negotiable interest rates, after the Governor of the State Bank of Vietnam late last week threatened to dismiss managers of the banks which offer the interest rates higher than 14 percent. On September 8, all the clients coming to the branch [...]
Six Vietnamese commercial banks, including the country’s two biggest listed lenders, cut borrowing costs for businesses as the government strives to make credit cheaper to protect economic growth. VietinBank, or Vietnam Joint Stock Commercial Bank for Industry & Trade, Joint-Stock Commercial Bank for Foreign Trade of Vietnam, also known as Vietcombank, and others lowered dong [...]
The National Financial Supervisory Committee says Vietnam’s credit growth target should be revised down to 15 percent to ensure loans do not expand too fast in the next few months, putting economic stability at risk. The central bank has capped credit growth at 20 percent this year, but loans expanded at a much slower pace [...]
In four sessions from September 5 to 8, 2011, the State Bank of Vietnam (SBV) pumped 24 trillion dong with the interest rate of 14% per annum and withdrew four trillion dong, leading to a net injection of 20 trillion dong on open market operations (OMO), according to the data from Reuters and calculation of [...]
Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) has recently reported the use of the proceeds from selling stake to International Finance Corp (IFC) on March 10, 2011. Accordingly, VietinBank successfully offered over 168.5 million shares priced at 21,000 dong each for IFC. After spending on expenditures, VietinBank posted a net earning of [...]
The U.S. dollar on the free market has jumped to fresh highs of around VND21,000, sparking concerns among enterprises over the return of the dual dollar pricing at banks. The chairman of a large steel company said that his company had to buy the greenback from banks at a price higher than the formally quoted [...]
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