The State Bank of Vietnam (SBV) on February 13 issued Directive No. 01, in which it announced its action plan in 2012 through various legal documents to be issued during the year. Of note, the central bank will complete a Circular on special control towards credit institutions within this month [February]. In March, the SBV [...]
Vietnam Prime Minister has recently directed the State Bank of Vietnam (SBV) to have measures to support the stock market, the local online newspaper Dau Tu Chung Khoan reported, citing its private source from the Ministry of Finance (MOF). The central bank has just requested the State Securities Commission of Vietnam (SSC) to send it [...]
Holders of six popular international cards namely VISA, MasterCard, American Express, JCB, Diner Club and CUP can now withdraw cash from the ATM system of Saigon Commercial Bank (SCB). This programme is carried out by SCB in coordination with Vietcombank and Smartlink Card Services Co. to create conveniences for holders of international cards via ATMs, [...]
The total interbank trading value of the dong was estimated at VND162.439 trillion in the week ending Feb 3, hitting 11-week low while that of the dollar arrived at VND80.433 trillion, said the State Bank of Vietnam (SBV) on its website on Feb 14. Transactions in the interbank market were mostly for short terms. Specifically, [...]
Vietnam’s central bank set the U.S dollar exchange rate at VND20.828 on Wednesday, unchanged since Dec 26, 2011. Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036. Most of commercial banks continued lowering the [...]
Total outstanding loans of the whole banking system as of January 17, 2012 were estimated to decline by 0.79% from end-2011 while total deposits fell by 3.29%, the State Bank of Vietnam (SBV) said on its January banking report on Feb 14, 2012. Dong and dollar deposits in December, 2011 were reported to drop by [...]
Major international credit rating agencies Standard&Poor’s and Moody’s announced credit ratings for HCM City-based Sacombank for the first time last Friday. S&P assigned Sacombank a ‘B+’ long-term rating and ‘B’ short-term counterparty credit rating. The outlook on the long-term rating was stable, reflecting S&P’s view that Sacombank would maintain its financial profile despite challenging conditions [...]
It is understandable why the State Bank has not eased the interest rates, though the current factors all support the interest rate reduction. The instructions that have not come true The Prime Minister in late 2011 instructed banks to ease the interest rates in order to revive the national economy and rescue a series of [...]
Hanoi Stock Exchange (HNX) announced to hold the tender session for bidding 5 trillion dong government-guaranteed bonds to be issued by Vietnam Development Bank (VDB) on February 15, 2012. These bonds have two terms of three years (valued at 2 trillion dong) and five years (3 trillion dong). The date of issue would be February [...]
Vietnam’s five-year government bonds rose, driving yields to a 10-month low, on speculation slowing inflation will prompt the central bank to cut borrowing costs. The dong was little changed. The State Bank of Vietnam instructed lenders to “reduce interest rates to levels that are suitable to the macroeconomic situation,” according to a statement posted yesterday [...]
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