The Hanoitimes - The decision is part of the State Bank of Vietnam (SBV)`s recent released circular, providing guidance on foreign currency management in cross-border trade between Vietnam and China. Vietnam will accept payment in the Vietnamese dong (VND), Chinese yuan (CNY) or fully convertible currencies for overland trade activities with China starting October 12, stated the SBV. Illustrative photo. The decision is part of the SBV's circular released on August 28, providing guidance on foreign currency management in cross-border trade between Vietnam and China. The circular applies to commercial banks and branches of foreign banks licensed to conduct foreign exchange transactions in Vietnam; branches of branches of banks located in border areas and border-gate economic zones of Vietnam and China; organizations trading in duty-free goods; organizations providing services in isolated areas at international border gates; organizations engaged in bonded … [Read more...] about Vietnam to accept payment in yuan in overland trade with China
Foreign currency convertible bond
Chinese yuan to be officially accepted in border areas
Chinese yuan to be officially accepted in border areasThe Saigon Times Daily A bank clerk is seen counting Chinese 100 yuan banknotes in this file photo. Traders and residents living in the border areas connecting Vietnam and China can use the Chinese yuan for trade activities next October - PHOTO: REUTERS HCMC – Traders and residents living in the border areas connecting Vietnam and China can use the Chinese yuan for trade activities, in addition to the Vietnamese dong, according to a circular approved by State Bank of Vietnam (SBV) on August 28, reported the local media. SBV provided guidelines on managing foreign currencies in Vietnam-China cross-border trade in Circular 19/2018, which will come into effect on October 12. The circular stipulates the use of the Chinese yuan for payment by the following individuals and organizations: traders, residents of border areas between Vietnam and China, commercial banks and branches of foreign banks permitted to use foreign … [Read more...] about Chinese yuan to be officially accepted in border areas
BUSINESS NEWS IN BRIEF 18/8
Danang aims to attract Russian touristsThe central coastal city of Danang is striving to lure more Russian and European tourists in a bid to diversify international visitors, but it is facing some difficulties with weather conditions and air routes, which should be addressed to meet the target.The leader of the Danang government, who is on a visit to Europe, is working with Russian travel firm ANEX Tour in Moscow City to discuss a plan on tourism promotion. The tour is scheduled to conclude on August 21.Tourism experts noted that it is necessary to increase the number of Russian and European visitors to Danang City to diversify tourist sources, adding that certain factors, such as weather, may affect these efforts.Russian tourists tend to travel to Danang City between October and February to avoid freezing weather in their country, but unfortunately, this is also the storm season in the city.According to Nguyen Duc Quynh, deputy general director of Furama Resort Danang, many tour … [Read more...] about BUSINESS NEWS IN BRIEF 18/8
International bonds set to launch in Vietnamese currency
By Thanh Le  April 14, 2018 | 07:26 am GMT+7 A street vendor walks past the State Bank of Vietnam in Hanoi. Photo by Reuters The bonds will give foreign investors easier access to dong investments. The International Finance Corporation (IFC) put forward a plan to release new bonds in Vietnamese dong at a workshop on Thursday. The first issuance of $100 million worth of bonds will be converted into Vietnamese currency. The money will be used to invest in the Vietnamese market, said Nena Stoiljkovic, the IFC's vice president for Asia and Pacific. The IFC's investors include foreign wealth funds and central banks, and they may find the Vietnamese bond attractive, she added. The bonds, named Bong Sen, will give foreign investors easier access to Vietnamese dong investments and offer them a more diverse portfolio. Vietnam has high demand for investment development but limited domestic resources, so the IFC's initiative will be … [Read more...] about International bonds set to launch in Vietnamese currency
TPBank could issue convertible bonds to foreign investors
As TPBank has virtually no room left for foreign investors, the bank is thinking of issuing convertible bonds to interested parties to whip up more capital. Bui Thi Thanh Huong, TPBank deputy general director, said at the bank’s pre-listing seminar held in Hanoi on April 12 that following its private placement of 15 per cent holding to investors, there is only 0.77 per cent left for foreign investors. Singapore-based SBI Ven Holdings Pte., Ltd. who has been holding 19.9 per cent of TPBank’s holdings for some 10 years, according to Huong, has acquired more shares through a private placement to maintain their current shareholding. Also, with IFC and PYN Fund Management who each secured 4.99 per cent, the room left for foreign investors is very small. As a temporary measure, TPBank could issue convertible bonds to foreign investors “We expect the government will lift the foreign ownership limit (FOL) in the banking sector in the future and should this come … [Read more...] about TPBank could issue convertible bonds to foreign investors