The State Bank of Vietnam has instructed five commercial banks to provide funds to businesses that have been ordered to stockpile one million tons of summer-autumn rice in the Mekong Delta. According to a document issued July 8, the five banks include Vietnam Bank of Agriculture and Rural Development, Mekong Housing Bank, Joint Stock Commercial Bank for Foreign Trade of Vietnam, Vietnam Joint Stock Commercial Bank for Industry and Trade. They will provide loans to businesses nominated by the Vietnam Food Association at the lowest possible interest rates. The State budget will subsidize businesses with 100 percent of the loans' interest payments. The loans will be offered from July 15 to September 15 while the subsidized interest rates will extend through November 15. The government has ordered that the rice reserves be created as tumbling prices have put farmers in the red.Related articles:Food association to buy 1 mln tons of summer-autumn rice Businesses should pay farmers enough to … [Read more...] about Five commercial banks to lend for rice purchases
Joint stock commercial bank for foreign trade of vietnam
State Bank of Vietnam adjusts USD exchange rate
The State Bank of Vietnam (SBV) Operation Centre adjusted the reference exchange rate between the Vietnamese dong (VND) and the USD up by 90 VND on the morning of December 15. The reference buying rate rose from 21,800 VND to 21,890 VND per one USD, and the selling rate, 22,575 VND per one USD. Accordingly, many commercial banks also raised their selling rate to the ceiling allowed by the SBV and increased the buying rate at the same time. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted its US dollar buying and selling prices at 22,540-22,547 VND while the Bank for Investment and Development of Vietnam (BIDV) is transacting at 22,517-22,547 VND per one USD. Meanwhile, the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) set the buying and selling rates at 22,460 and 22,547 VND per one USD. The inter-bank exchange rate between the two currencies set by the SBV is now at 21,890 VND with commercial banks allowed to adjust … [Read more...] about State Bank of Vietnam adjusts USD exchange rate
Help called for Vietnamese victims of Agent Orange
Vietnam Association of Victims of Agent Orange/Dioxin or VAVA has called Vietnamese and people around the world to give a hand to Dioxin's victims. The call, which marks the 50th Commemoration of Agent Orange (AO), reminds people of the catastrophic day, August 10, 1961 when aircrafts of US Air Force first sprayed the toxic herbicide over South Vietnam. August 10 is such a terrible memory to Vietnamese people. The spraying of AO through ten years after that dramatically destroyed the habitat, ecosystem and especially health of Vietnamese people. More than three million hectares of forest and field, 26.000 villages and hamlets were badly poisoned by this toxic chemical. About three million Vietnamese were victims of the spraying and a great number of people died in unbearable sufferings. Although the War ended 36 years ago and Vietnam has revived gradually, the pains suffered by many families still do not burn out. Thousands of children were born deformed. A considerable number of … [Read more...] about Help called for Vietnamese victims of Agent Orange
Asia Commercial Bank to join Vietnam top four by 2015, CEO Says
Asia Commercial Bank's assets will probably more than triple by 2015, making it the first non- government lender to overtake one of Vietnam's four biggest lenders, Chief Executive Ly Xuan Hai said. Assets of Asia Commercial Bank, the nation's fifth-biggest bank, are expected to climb to VND900 trillion ($43 billion) by 2015 from about VND255 trillion currently, Hai said. Joint- Stock Commercial Bank for Foreign Trade of Vietnam, known as Vietcombank, is the country's fourth-largest lender with about VND344 trillion of assets at the end of June. The growth of non-state-owned banks underscores the transition of Vietnam's economy over the past quarter-century from government controlled to market based. Since 2000, Vietnam has opened a stock exchange, concluded a trade agreement with the U.S., and joined the World Trade Organization. "It's a long journey," Hai said in an interview in his Ho Chi Minh City office on Sept. 16. "From the time we were one-tenth the size of … [Read more...] about Asia Commercial Bank to join Vietnam top four by 2015, CEO Says
Vietnam to buy bad debt from banks to ease risk of collapse
The nation has stepped up efforts to fix a banking system hobbled by bad debt after rapid credit growth in recent years fueled a trade deficit and Asia's fastest inflation. Vietnam will buy bad debt from lenders under a plan approved by Prime Minister Nguyen Tan Dung this month, as the Southeast Asian nation seeks to prevent a collapse in the banking system. The finance ministry will buy collateralized bad-debt from commercial banks to strengthen their balance sheets, under a plan to overhaul the industry by 2015 that was approved by Dung. Vietnam aims to cut bad-debt ratios at state-owned banks to below 3 percent by 2015, according to a statement posted on the government website on March 2. "It sounds something like a bailout or at least putting things in place to allow them to bail out the banks if necessary," Marc Djandji, Ho Chi Minh City-based head of research at Viet Capital Securities Joint-Stock Company, said in a telephone interview Monday. "What they want is to avoid … [Read more...] about Vietnam to buy bad debt from banks to ease risk of collapse