The daily reference exchange rate was set at 23,161 VND per USD on October 3 (Photo: VNA) Hanoi (VNA) - The State Bank of Vietnam (SBV) set the daily reference exchange rate at 23,161 VND per USD on October 3, down 2 VND from the previous day (October 2). With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,855 VND per USD and the floor rate at 22,466 VND/USD. The opening hour rates at commercial banks saw slight fluctuations. At 8:20 am, Vietcombank listed the buying rate at 23,110 VND/USD, and the selling rate at 23,260 VND/USD, both down 10 VND from the same time on October 2. BIDV kept both rates unchanged, with the buying rate listed at 23,140 VND/USD and the selling rate at 23,260 VND/USD. Meanwhile, Techcombank raised both rates by 1 VND, with the buying rate listed at 23,133 VND/USD and the selling rate at 23,273 VND/USD./. VNA … [Read more...] about Reference exchange rate continues to go down on October 3
Ex servicemen quota in bank jobs
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
Memorandums of understanding being signed at the ‘Overseas Vietnamese Join Hands with HCM City Business People conference in HCM City on October 9. — Photo HCM City Remittances to HCM City by overseas Vietnamese in the first nine months of this year were worth at US$3.8 billion, a 7 per cent increase year-on-year, according to figures from the State Bank of Viet Nam’s city branch. At a conference titled ‘Overseas Vietnamese Join Hands with HCM City Business People’, Phung Cong Dung, chairman of the HCM City Association for Overseas Vietnamese, said the figure could reach $5 billion for the full year. The remittances are increasing as more Vietnamese, especially guest workers, go and live in countries around the world, he said. Members of Overseas Vietnamese communities seek investment opportunities in their homeland, which has achieved significant economic growth in the last few decades, he said. The Government has also simplified procedures for overseas … [Read more...] about Remittances to HCM City by overseas Vietnamese top US$3.8 billion
As of September 24, credit growth had expanded 8.64 per cent compared to the end of 2018, the lowest increase in recent years. — VNA/VNS Photo Viet Nam's credit growth is slowing and can fall behind the central bank’s target of 14 per cent for 2019, causing concerns that it could make it difficult for businesses to access bank loans during the remaining months of the year. According to the State Bank of Viet Nam (SBV), as of September 24, credit growth had expanded 8.64 per cent compared to the end of 2018. The rate was the lowest increase in recent years, even lower than the 9.52 per cent rise during the same period in 2018. In the SBV’s September survey on business trends at credit institutions, many credit institutions also forecast that 2019 credit growth would increase by 13.61 per cent this year, lower than the central bank’s 14 per cent target. Growth has been slow in recent months. At the end of June, credit had increased by 7.33 per cent. The figure … [Read more...] about Credit slowdown causes concern about access to bank loans
HCM City Development Joint stock Commercial Bank (HDBank) announces that its shareholders had approved a plan to buy a maximum of 5 per cent of its 981 million shares being traded on the market. — Photo topbank.vn On October 10, the HCM City Development Joint stock Commercial Bank (HDBank) announced that its shareholders had approved a plan to buy a maximum of 5 per cent of its 981 million shares being traded on the market, equivalent to 49 million shares. The VND1.3 trillion (US$57.5 million) it is estimated to cost will come from its reserves and surplus. The lender expects this to push up the price of its shares, which trade at around VND27,500. The buyback would also be a highly effective investment for the bank and its shareholders, its top executives said. Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) also unveiled plans to buy back stocks to improve earnings per share and bolster their price. It is expected to buy a maximum of 50 million shares from the market … [Read more...] about Buybacks expected to perk up bank stocks