Tien Phong Commercial Joint Stock Bank (TPBank) has been allotted a 15 per cent credit growth quota in 2018, but it used up 14.5 per cent right in the first half of the year.— Photo vneconomy.vn Tien Phong Commercial Joint Stock Bank (TPBank) has been allotted a 15 per cent credit growth quota in 2018, but it used up 14.5 per cent right in the first half of the year. Some other banks have limits ranging from 9 per cent to 12 per cent. The State Bank of Viet Nam (SBV) sets credit growth limits for each bank depending on its health at the beginning of the year to regulate overall credit growth and to support government targets. This year the SBV set a target of 17 per cent for the industry, lower than last year’s figure of 18.2 per cent. Many banks are likely to seek an increase in their credit limits like they did in previous years when they used up their assigned quota halfway through the year. In the last few years the SBV has increased credit limits for certain banks … [Read more...] about Calls again for scrapping credit growth limits for banks
A view of Ban Gioc fall in northern Cao Bang province. — Photo 24h.com.vn At the close on July 20 the share price of Tay Ninh Cable Car Tour Joint Stock Company (TCT) stood at VND67,000, slightly up for the year but with a gain of 40 per cent from a year ago. The company, founded in 2006, operates cable car systems for people and goods in Tay Ninh Province and is listed on the Ha Noi Stock Exchange. Market observers attributed the sharp increase in the Tay Ninh-based company’s share price to its excellent performance. Its gross margin in 2016 and 2017 was 80 per cent on average. The good results have continued in the first half of this year, with turnover and pre-tax profit being VND130 billion (US$5.73 million) and VND83 billion ($3.7 million), up 8 per cent and 1 per cent year-on-year. It has been paying dividends consistently of around 30 per cent. Hoi An Tourist Service Company saw its shares zoom in March-April from VND12,000 to VND62,000 before giving up some … [Read more...] about Tourism booming but stock market takes little notice
The consumer price index jumped by 2.22 per cent in June and 4.6 per cent from a year earlier, a seven-year high, the General Statistics Office (GSO) reported. — Photo thoibaonganhang.vn The rest of this year is likely to be a difficult period for the economy meaning challenges for the Government in achieving the targets set for the year. The problems include a weakening of the dong against the dollar and rising inflation, interest rates and public debt, and the Government will be walking a tightrope in terms of monetary policy. The consumer price index jumped by 2.22 per cent in June and 4.6 per cent from a year earlier, a seven-year high, the General Statistics Office (GSO) reported. Inflation in the first six months of the year was up to 3.29 per cent. GSO experts attributed the sharp increase in inflation in recent months to the rise in prices of several major products and services. Of 11 major categories of goods and services, nine saw prices increasing. Transportation … [Read more...] about Trillion đồng question: to tighten monetary policy or not?
Last month, Toyota Viet Nam unveiled the recommended retail prices for its first shipment of cars imported from Indonesia at zero tax, and most of them are higher than before the policy of zero tariffs took effect. — Photo kienthuc.vn Last month, Toyota Viet Nam unveiled the recommended retail prices for its first shipment of cars imported from Indonesia at zero tax, and most of them are higher than before the policy of zero tariffs took effect. The imports include Fortuner, Hilux and Hiace. The lowest price for a Fortuner SUV is VND1.026 billion (US$44,609), VND45 million ($1,957) higher than the rate in late 2017. Three versions of the Hilux cost VND695 million, VND793 million, and VND878 million. Earlier, more than 2,000 Honda cars were imported from Thailand, the first batch to be subject to 0 per cent duty under the ASEAN Free Trade Agreement (AFTA) that took effect this year. The Jazz, Accord, CR-V and Civic models also saw prices higher than expected. From July 1, the … [Read more...] about Zero tariffs fail to translate into cheaper cars
The National Financial Supervisory Committee (NSFC) estimates that real estate-related credit makes up over 20 per cent of banks’ total outstanding loans. — Photo tinnhanhchungkhoan.vn Small lenders find it difficult to reduce cross-ownership in other banks The State Bank of Viet Nam has sought the Government’s permission to allow credit institutions more time to sell their stakes in other lenders since many smaller ones are struggling to do so. Through a circular in 2015 it had set a February 2016 deadline for lenders to bring their ownership thresholds within the limits prescribed by the Law on Credit Institutions. It wants to extend this to June 30, 2019. The law allows individuals to own up to 5 per cent of the charter capital of a bank and institutions to own 15 per cent except in cases of distressed or equitised banks and ownership by a strategic foreign investor. The extension of the deadline is aimed at helping small banks, who have reportedly had problems … [Read more...] about SBV tries to extend divestment deadline for small banks