The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recently opened its first overseas subsidiary in Vientiane, Laos. (Photo: VNA) Hanoi (VNA) – Vietnamese commercial banks are racing to develop their networks by opening representative offices and subsidiaries in foreign nations, paving the way for them to expand their overseas operations, according to market watchers. The most lucrative destinations are Laos and Cambodia which attracted 32 percent of the banks’ total overseas investment of 105.8 million USD in the first nine months of the year. This is understandable as Vietnamese businesses there have proven prospering with billion-USD projects in the fields of accommodation, hydropower, telecommunications, agriculture, mining and real estate. Recently, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) opened its first overseas subsidiary in Vientiane, Laos. Located on Lane Xang Avenue, a finance-banking hub in … [Read more...] about Commercial banks race to expand foreign investments
Joint stock commercial bank for foreign trade of vietnam
Vietnam clears decks for foreign acquisition of weak banks
The government would sell banks it has acquired to foreign investors based on the Law on Credit Institutions, he told a forum on mergers and acquisitions held in HCMC on Wednesday. On the list are Oceanbank, Vietnam Construction Bank, and Global Petro Commercial Joint Stock Bank. Many investors have expressed interest in this new policy, he said. The restructuring of the financial-banking industry has helped reduce its bad debts from 10.08 percent in early 2016 to 6.9 percent last June, and the government continues to encourage the acquisition of small banks and credit institutions by large banks. “The number of credit institutions in Vietnam is still too high and we need to restructure the system,” Hue said. The government plans to let the Vietnam Bank for Agriculture and Rural Development (Agribank), the only 100 percent state-owned lender, launch an initial public offering next year. The Bank for Investment and Development of Vietnam JSC (BIDV) and Joint Stock Commercial … [Read more...] about Vietnam clears decks for foreign acquisition of weak banks
Vietnam Report lists 2017’s top 10 commercial banks
Vietnam Report has announced the top 10 commercial banks in Viet Nam in 2017, based on an evaluation of reputation, financial capacity and growth potential in the 2016-17 period. The top 10 banks all have bad debt ratio of below 3 per cent in the first quarter of this year. The top 10 banks all have bad debt ratio of below 3 per cent in the first quarter of this year. However, Vietnam Report said more drastic measures needed to be taken to thoroughly handle bad debts in line with the credit growth target. A survey by Viet Nam Report carried out in May showed that there were three factors affecting the reputation of a bank - customers’ evaluation about service and product quality, evaluation by the media and business results. Vietnam Report said commercial banks were now paying more attention to customer experience rather than just focusing on expanding scale. Meanwhile, customers were more concerned … [Read more...] about Vietnam Report lists 2017’s top 10 commercial banks
Bank security lacking: State Bank of Vietnam
In light of recent widely reported cases of banking fraud related to automatic teller machine (ATM) transactions, the State Bank of Viet Nam (SBV) has advised the public to remain calm and adhere to banks’ regulations, while urging the banks to plug security holes. The State Bank of Viet Nam (SBV) has advised the public to remain calm and adhere to banks’ regulations, while urging the banks to plug security holes. The Payment Department under the SBV reported early this week that in 2016, out of the total 70 million transactions at 100 million ATMs, the number of fraud cases was not significant. Nonetheless, Government agencies and institutions in the financial and banking sector have been authorised by the SBV to increase security levels within the banking system. Nguyen Toan Thang, Secretary General of the Viet Nam Banks Association, said that commercial banks are cooperating with public security departments to fix these security breeches, while the SBV frequently … [Read more...] about Bank security lacking: State Bank of Vietnam
Bản in : US dollar rates steady following central bank’s Circular 15
The exchange rates between Vietnam dong and US dollar saw a slight change at domestic commercial banks on October 5 following Circular 15 issued by the State Bank of Vietnam (SBV) taking effect. The Circular No. 15/2015/TT-NHNN on foreign currency transactions by credit institutions was issued on October 2 and took effect on October 5 to curb speculation and hoarding of US dollars by enterprises. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) kept the buying and selling rate of the US dollar on October 5 unchanged from the previous week, listing at 22,445 VND and 22,505 VND per dollar, respectively. Meanwhile, at the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the buying rate raised five VND to 22,445 VND per dollar and the selling rate was cut by five VND to 22,505 VND per dollar. The Bank for Investment and Development of Vietnam (BIDV) quoted its buying rate at 22,440 VND per dollar and the selling rate at 22,510 VND per … [Read more...] about Bản in : US dollar rates steady following central bank’s Circular 15