The banks issued bonds to attract capital and expand the market Capital for medium, long-term projects The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is issuing 400,000 bonds to raise VND4 trillion, including VND3 trillion worth of up-to-seven-year bonds and VND1 trillion worth of up-to-10-year bonds. Buyers include Vietnamese and foreign organizations and individuals, but not credit institutions, foreign bank branches and subsidiaries of credit institutions. BIDV will use the mobilized capital to increase its operating capital and satisfy the demand for dong-based loans for medium to long-term projects. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has recently mobilized more than VND550 billion through issuance of six-year, 7.4-percent-per-year bonds with a face value of VND100,000 each. The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) recently mobilized VND450 billion by issuing … [Read more...] about Banks issue massive amounts of bonds to raise capital
Joint stock commercial bank for foreign trade of vietnam
Commercial banks race to expand foreign investments
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
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
Banks warn customers over online scamming
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) have issued official warnings to customers over online phishing scams. An user logs onto BIDV’s e-banking platform. - Photo thebank.vn Both banks have reported information theft through e-banking counterfeiting, with cardholders’ negligence taken advantage of to steal their personal information, card data and passwords by asking them to input these on a fake website programmed to resemble the banks’ authentic online platform. For example, two fake addresses were listed as homebank247.com/Bidv, or homebank247.com/Vietcombank. These fraud sites used forged interfaces mimicking the two banks’ real online banking services domains. Vietcombank and BIDV confirmed that their official registered websites are vietcombank.com.vn and bidv.com.vn, respectively. To protect personal information, Vietcombank … [Read more...] about Banks warn customers over online scamming
Vietcombank aims for 15-percent credit growth
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) aims for increases of 15 percent in both mobilised capital and credit in 2018. (Photo: cafef.vn) Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) aims for increases of 15 percent in both mobilised capital and credit in 2018. Vietcombank also projects its pre-tax profit will rise 14.6 percent year on year to 13 trillion VND from its record-high 11.3 trillion VND made in 2017.-VNA … [Read more...] about Vietcombank aims for 15-percent credit growth