Central banks rates

The State Bank of Viet Nam (SBV) has instructed local banks to better control risks in corporate bond investment, especially bonds of real estate firms. According to the SBV, after reviewing the business performance of banks in the first half of this year, it saw the corporate bond investment of some banks facing risks as the ratio of such investment was high and is continuing to rise. Notably, the amount of bond investment in construction and real estate firms at some banks accounted for a large proportion of the banks’ total assets while the real estate market has not yet recovered firmly and the business performance of realty firms still faces many difficulties. In addition, some banks also invested in bonds with other purposes, such as to restructure debts of issuers, which have high risks. In order to ensure the safety of the banking system and limit risks in corporate bond investment, under the direction, SBV required banks to review their internal regulations related to … [Read more...] about VN banks warned about risks of real estate corporate bonds

Illustrative image (Photo: businesstimes)   Singapore (VNA) – Southeast Asia’s GDP growth is likely to remain at 4.5 percent in 2020, amid high risks of a re-escalation in trade tensions between the US and China, according to the latest report produced by the British advisory firm Oxford Economics.   Friction between the two countries remains high and the bulk of imposed tariffs are unlikely to be lifted anytime soon, said Sian Fenner, Oxford Economics lead Asia economist. The region has recorded sluggish performance in the third quarter of 2019, with its GDP growth rising only 4.5 percent year-on-year. Export-oriented economies have suffered the worst blow from the ongoing trade conflict, with Singapore only narrowly avoiding a technical recession in the third quarter of 2019.  Due to the US-China trade war, trade uncertainty remains a key drag on manufacturing, exports and investment. The report expects the Philippines, Malaysia and Indonesia … [Read more...] about Southeast Asia’s GDP growth likely to remain at 4.5 pct in 2020

At the event (Photo: Saigon Times) - Many banks and finance companies have proactively adopted technologies to provide digital financial services, Nguyen Hoang Minh, a senior central bank official said. Speaking at a conference organised by Saigon Times newspaper in Ho Chi Minh City on December 5, Deputy Director of the State Bank of Vietnam (SBV)’s Branch in HCM City, said: “The country has seen a growth in population and internet and smart phone users, and banks and finance companies should take advantage to further develop digital services such as mobile and internet payments.” VNA … [Read more...] about Vietnam’s financial sector embraces digital era: conference

Drug addicts make shoes at Bau Bang Rehabilitation Centre in the central city of Da Nang (Photo: VNA)   Hanoi (VNS/VNA) - Drug addiction among young people has remained high and is the main cause of crimes among them, with half of young addicts having committed crimes, according to the Ministry of Labour, Invalids and Social Affairs (MoLISA). Nguyen Trong Dam, Deputy Minister of Labour, Invalids and Social Affairs, said that the ministry estimated that there are about 222,580 drug addicts nationwide, most of them under 35. Of that, 8 percent started using drugs when they were adolescents. The rate of those using synthetic drugs, such as methamphetamine, ecstasy, ketamine, amphetamine or cannabis was rising annually, by an increase of between six and eight percent a year on average. In big cities such as Dong Nai, Da Nang and Tra Vinh, about 80 percent of drug addicts were reported to use synthetic drugs. These drugs can cause symptoms such as physical and mental malfunctions, … [Read more...] about Drug addiction drives youngsters to commit crimes

Deputy PM Vuong Dinh Hue, head of the Steering Committee for international economic integration, will pay official visits to the U.S., Brazil and Chile from June 25-July 6.  Deputy PM Vuong Dinh Hue He will be accompanied by Minister of Transport Nguyen Van The, deputy head of the Central Economic Commission Tran Sy Thanh, Deputy Minister of Foreign Affairs Ha Kim Ngoc, Deputy Minister of Planning and Investment Vu Dai Thang, Deputy Minister of Industry and Trade Do Thang Hai, Deputy Minister of Finance Huynh Quang Hai, Deputy Minister of Agriculture and Rural Development Ha Cong Tuan, Deputy Governor of the State Bank of Viet Nam Nguyen Thi Hong and Vice Chairman of the Government Office Nguyen Sy Hiep. The Deputy PM’s official visit to the U.S. from June 25-27 aims to maintain and enhance the two countries’ diplomatic relations, affirming Viet Nam’s wish to accelerate cooperation with the U.S. within the Comprehensive Partnership, and seeking ways … [Read more...] about DPM Hue to visit U.S., Brazil, Chile next week