Deputy general director Le Quang Quang on behalf of Nam A Bank receives the Outstanding Bank for Green Credit Award 2019 The annual Vietnam Outstanding Banking Awards 2019 event, co-organised by the International Data Group (IDG) and the Vietnam Banks Association (VNBA), seeks to honour banks with eminent contributions to the sustainable development of the local economy. The prestigious accolade also recognises banks’ constant efforts and notable achievements in finance and banking and national economic development. The Outstanding Bank for Green Credit is one of the integral components of the Vietnam Outstanding Banking Awards 2019 and is awarded based on a set of criteria by an independent judging panel consisting of 15 members who represent diverse government agencies, sectors, and business associations operating in finance, banking, and ICT. Along with its high scores on the criteria, Nam A Bank was recognised for doing a prominent job in embedding green products into its … [Read more...] about Nam A Bank champions Outstanding Bank for Green Credit Award 2019
European central bank interest rates
Banks struggle to lure long-term capital
SeABank issues certificates of deposit with interest rates of up to 8.6 per cent per year. - Photo SeABank At Southeast Asia Bank (SeABank), when customers apply for a 24-month CD valued at a minimum of VND100 million (US$4,290), they can enjoy a fixed interest rate of 8.4 per cent per year, while a 36-month CD can bring them a fixed interest rate of 8.6 per cent. State-owned Bank for Investment and Development of Vietnam (BIDV) has also introduced high interest rates for long-term CD. Specifically, an interest rate of 7.6 per cent is applied for an 18-month CD valued at a minimum of VND10 million for individual customers and VND50 million for corporate customers. One leader of a bank, who declined to be named, said banks had to issue CD at high interest rates as they faced difficulties in luring long-term capital. The rate of CD is currently some 1 per cent higher than normal deposits. Besides the issue of CD, banks have also adjusted up rates of long-term deposits to attract … [Read more...] about Banks struggle to lure long-term capital
VN banks issues more chip cards for security
Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations. Counterfeit transactions have fallen sharply with chip cards (Photo: vneconomy.vn) According to Pham Dang Khoa, deputy director of Vietinbank’s Card Centre, the biggest problem for banks when it comes to replacing magnetic strip cards is the cost. Banks have to pay for the new cards and invest in devices that accept them, such as ATMs and POS machines. Meanwhile, most customers are not willing to pay to switch. With more than eight million existing customers using magnetic strip cards, Khoa estimated his bank will have to spend a large sum as the cost of producing a chip card is roughly eight to ten times higher than magnetic strip cards. To encourage customers to use chip cards, Khoa said VietinBank would help customers replace their old cards due to … [Read more...] about VN banks issues more chip cards for security
After delays, local banks eye listing
Nam A Bank plans to list on the bourse in 2019. - Photo Nam A Bank Among a dozen banks that aimed to list on the bourse last year, only three – Techcombank, HDBank and TPBank – have so far listed shares on the Ho Chi Minh Stock Exchange (HoSE). Tran Ngoc Tam, general director of Nam A Bank, said his bank would surely list on HoSE this year, adding the bank would invite investors, mainly foreign ones, to pour capital into the bank after its 2019 annual general meeting (AGM) due in April. Nam A Bank’s AGM last year approved plans to register and list shares on the Unlisted Public Company Market (UPCoM), but the plan has not been completed. Tam believed the bank’s listing plan would go ahead this year thanks to its good performance. According to Tam, credit ratings agency Moody’s Investors Service last month assigned its first ratings and assessment for Nam A Bank, giving it a B2 stable outlook. Besides, he said, Nam A Bank has so far basically met the … [Read more...] about After delays, local banks eye listing
Remittances to Viet Nam to further rise in 2019
The World Bank forecast that about US$16.7 billion in remittances will flow into Viet Nam this year, up 4.6 per cent from a year earlier. — Photo tinnhanhchungkhoan.vn Remittances to Viet Nam are likely to increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said. He attributed the increasing trust to the Government’s various policies to improve the local business climate by simplifying investment procedures. Remittances have been forecast to reach US$17 billion this year by some organisations, he said. The World Bank forecast that about $16.7 billion in remittances will flow into Viet Nam this year, up 4.6 per cent from a year earlier. The BIDV’s Training and Research Institute also made a similar prediction, which will put the Southeast Asian country among the world’s top ten remittance receivers for a third year in a row. The value rose from $13.8 … [Read more...] about Remittances to Viet Nam to further rise in 2019
