Vietcombank headquarters in Hà Nội. Banks issued bonds worth up to VNĐ10.85 trillion last month, accounting for nearly 42 per cent of the total issued value. VNA/VNS Photo Trần Việt HÀ NỘI — Banks have been promoting the mobilisation of medium- and long-term capital through bond issuance to meet the State Bank of Vietnam (SBV)’s requirements on capital adequacy ratio (CAR). According to statistics of the Bond Market Association, banks issued bonds worth up to VNĐ10.85 trillion last month, accounting for nearly 42 per cent of the total issued value. Notably, many banks such as BIDV, VietinBank, VIB, Military Bank and Viet Capital Bank aggressively issued bonds to increase Tier 2 capital (additional capital) with floating interest rates ranging from 6.1-7.6 per cent per year based on the average reference interest rates for savings of four big banks – Vietcombank, BIDV, VietinBank and Agribank. Although the interest rates are significantly lower than corporate bonds of … [Read more...] about Banks continue bond issuance to meet capital adequacy ratio
Alpha bank business e banking
Banks in charter capital hikes to add momentum, Illustration photo The State Bank of Vietnam (SBV) last week allowed Kienlongbank to increase its maximum charter capital to about $159 million by issuing shares to pay dividends to existing shareholders. Besides this, the central bank has approved Vietnam Maritime Commercial Joint Stock Bank (MSB) to raise its charter capital by over $153 million to about $664 million through stock issuances. A fortnight ago, VPBank’s shareholders approved an increase in the bank’s charter capital by issuing shares from its investment and reserve funds to supplement capital. Accordingly, VPBank would issue about 1.97 billion shares to existing shareholders, equivalent to 80 per cent of the bank’s outstanding shares. After successful issuance, VPBank’s charter capital will increase to nearly $2 billion. The bank aims to complete all procedures in the third or fourth quarter of this year and secure the highest charter capital in the system, … [Read more...] about Banks in charter capital hikes to add momentum
Actions are needed now to save businesses, or it will be too late, enterprise associations say. The report of the Board for Private Economic Development Research (Board IV) on proposals by enterprises and workers to the PM says of 21,000 surveyed businesses in August, 69 percent have suspended operation because of the pandemic, 16 percent are operating at a moderate level and 15 percent have dissolved or are following procedures to be dissolved. The disruption of domestic supply chains is the main reason businesses have stopped operation temporarily. Many cities and provinces have imposed social distancing and only allowed trucks carrying essential goods to go through. Numerous checkpoints have been set up on all roads, while local authorities have set different requirements on cargo transportation vehicles. Another problem is that businesses are running out of money. Up to 40 percent of businesses that have suspended operation because of Covid said their money is just … [Read more...] about Government urged to act promptly to both save businesses and protect people’s health
UOB headquarters in HCM City. — Photo courtesy of the bank The United Overseas Bank (UOB) has increased its charter capital in Viet Nam from VND3 trillion (US$128.8 million) to VND5 trillion ($214.6 million), following approval from the State Bank of Viet Nam earlier this month. “This fresh injection of capital demonstrates UOB’s commitment to deepening our presence in Viet Nam, and contributing to the country’s ongoing development," said Wee Ee Cheong, UOB Deputy Chairman and CEO. "UOB Vietnam has grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved a 53 per cent compounded annual growth rate in assets. This increased capital will allow us to continue supporting both new and existing customers in Viet Nam, through progressive solutions and the connectivity we can offer across UOB Group’s regional network,” he said. UOB Vietnam is focused on meeting the financial needs of … [Read more...] about UOB raises charter capital in Viet Nam
Carolyn Turk and Kyle Kelhofer The country’s robust and sustained economic growth was driven by open trade, sector liberalization, and an export-oriented growth model, in which the private sector played a leading role. With success comes confidence, and Vietnam set a goal of becoming a high-income country by 2045. Then came Covid-19, though, even before the pandemic, some of the forces fueling Vietnam’s growth had evolved. For example, while technological change is reshaping the country’s manufacturing-led export strategy, other challenges include an aging population, the need for improved regulations, enhanced competition, upgraded infrastructure, skilled workforce, and better access to finance. During the first wave of Covid-19, Vietnam set a global example by taking swift action to contain the virus. The country was one of the few economies globally to register growth in 2020, and its output was well above its pre-pandemic level by the end of the second quarter of 2021. … [Read more...] about Strengthening the private sector can get Vietnam back in the fast lane
VinFuture Science Dialogue PVI INSURANCE TAKES LEAD IN THE NON-LIFE INSURANCE MARKET 29 years of commitment “For a brighter life” DestinAsian has honoured Capella Hanoi belonging to Sun Group as the “Best New Hotel in the Asia – Pacific region" Using the Platform of CAEXPO and CABIS to jointly boost Economic Recovery through enhanced pandemic control cooperation The Sherpa - a subsidiary of Masan - has just announced its acquisition of 70% of Mobicast shares with a total cash consideration of VND295.5 billion. What advantages does this group offer to enter into telecommunications and digital services play which is dominated by a number of major telecom companies? Telecommunications and digital services - a piece to its “Point of Life” strategy The Sherpa - a subsidiary of Masan - has just announced its acquisition of 70% of Mobicast shares with a total cash consideration of VND295.5 billion. Operating under the brand Reddi, Mobicast is a … [Read more...] about Entering into telecommunications and digital services play, what competitive edge does Masan offer?