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
Joint stock commercial bank for foreign trade of vietnam
20 banks sell bad debts to Vietnam state asset management company
A Vietcombank branch in Ho Chi Minh City. PHOTO COURTESY OF THOIBAOKINHTESAIGON The Vietnam Asset Management Company said November 20 that it has bought non-performing loans from 20 banks since it began operations in late July. Nguyen Quoc Hung, its vice chairman, said around VND17.7 trillion (US$840.7 million) worth of bad debts have been bought, news website thoibaokinhtesaigon reported. The VAMC will issue VND14 trillion worth special bonds for the bad debts, and the banks can pledge them to borrow 70 percent of their value from the State Bank of Vietnam. It is expected to buy VND35 trillion ($1.6 billion) worth of bad debts as of year-end. Those who have traded with the company include state-owned Agribank, which sold more than VND8 trillion ($380 million) worth of bad debts. The Mekong Housing Bank (MHB) sold around VND500 billion of non-performing loans. RELATED CONTENT VAMC buys $40 million in bad debts from three banks Like us on … [Read more...] about 20 banks sell bad debts to Vietnam state asset management company
22 domestic Banks recieved award from Citi Vietnam
(CPV)- Citi Vietnam on May 20 awarded 22 banks in Vietnam for their achievements in advanced global payment capabilities. This is the 8th year in a row that the Citi Straight Through Processing (STP) Awards Program recognizes local banks based on the straight through processing rate, a rate assigned for accuracy in electronic transfers, which is at least 90%. This year's winners include four state-owned commercial banks and 18 joint stock banks: Joint Stock Commercial Bank for Foreign Trade of Vietnam; Vietnam Bank for Agricultural and Rural Development; Vietnam Joint Stock Commercial Bank for Industry and Trade; An Binh Commercial Joint Stock Bank; Vietnam International Commercial Joint Stock Bank; Military Commercial Joint Stock Bank; Vietnam Technological and Commercial Joint Stock Bank; Petrolimex Group Commercial Joint Stock Bank; Vietnam Maritime Commercial Stock Bank; Vietnam Joint Stock Commercial Bank for Private Enterprises; Southeast Asia Commercial Joint Stock Bank; Bank … [Read more...] about 22 domestic Banks recieved award from Citi Vietnam
Five banks give loans for the purchase of summer-autumn rice in 2010
Under document No 5126/ NHNN-TD on July 8th, the State Bank of Vietnam (SBV) asked the commercial banks to lend to businesses to stockpile 1 million tones of summer-autumn rice 2010 in the Mekong River Delta. The loans given to the businesses for the purchase will have the lowest interest rate in the current lending interest rate frame. The State Bank of Vietnam will subsidize the businesses with 100% of the loans' interest rate payments. The loans will be offered during two months, from July 15th to September 15th. Previously, on June 30th, Prime Minister Nguyen Tan Dung signed a decision for purchase of 1 million tonnes of summer-autumn rice 2010. He asked the State Bank of Vietnam to instruct some commercial banks to conduct the purchase. … [Read more...] about Five banks give loans for the purchase of summer-autumn rice in 2010
Start pilotting tax refund for foreign guests at the airport
1. The Hanoitimes - The opening ceremony on counters of record check, goods, and value-added tax refund for foreign visitors when exiting at Noi Bai International Airport was held by Hanoi Customs Department in collaboration with Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and Vietnam Maritime Commercial Joint Stock Bank, on July 1. On the same day, at Tan Son Nhat International Airport, Ho Chi Minh Customs Department, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbamk) held a ceremony on counters of record check, goods, and value-added tax refund for foreign visitors when exitting.The opening of the two counters is to implement the Decision No. 05/2012/QĐ-TTg by the Prime Minister on the pilot of value-added tax refund for goods purchased by foreigners in Vietnam when exiting at Noi Bai International Airport and Tan Son Nhat International Airport since July … [Read more...] about Start pilotting tax refund for foreign guests at the airport