The State Bank of Vietnam (SBV) has revised up the credit growth target for the domestic banking system by 1.5-2 percentage points from its previous target of 14 percent, allowing it to pump an additional VND200 trillion (US$8.4 billion) into the local economy. According to a report by SSI Securities Corporation, the SBV’s expansion of the credit growth cap to 15.5-16 percent raises the country’s total credit for this month to VND400 billion ($16.7 million). According to experts, the revision will help businesses, and the economy as a whole, amidst a soaring thirst for capital. The central bank has yet to announce exactly which banks will be eligible to increase their credit limits. As of the end of October, Vietnam’s credit growth sat at 11.5 percent, allowing for just 2.5 percent credit growth for the final two months of the year – a modest amount given the massive demand. In response to the announcement, the director of a company in Binh Tan District, Ho Chi Minh City … [Read more...] about Vietnam’s central bank raises credit growth cap, pumps $8.4bn into economy
Long beach real estate market
HCMC to focus on developing worker accommodation, social housing programs
Deputy Tang Huu Phong The Chairman made the statement at today’s eighth session of the tenth tenure of the Ho Chi Minh City People's Council continued the second working day. Deputies posed questions about some matters. Deputy Tang Huu Phong raised the question that in mid-October, right after Ho Chi Minh City controlled the epidemic and moved to a stage of flexibly and safely adapting to the Covid-19 epidemic, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen directed at the Conference of the Executive Committee of the Ho Chi Minh City Party Committee for the term of 2020-2025 to focus on mobilizing all social resources to build social housing and public accommodation projects. This is an important program that received great attention from people from every walks of life, workers, employees, officials, teachers and businesspersons. Social housing construction was then repeatedly mentioned in city conferences, meetings and working sessions of city leaders with … [Read more...] about HCMC to focus on developing worker accommodation, social housing programs
Two-thirds of blue chips close in green
The index closed 9.51 points higher after losing 7.67 points on Wednesday. Trading on the Ho Chi Minh Stock Exchange (HoSE) increased by 10.02% to VND15.45 trillion ($649 million). The VN-30 basket, comprising the 30 largest capped stocks, saw 20 tickers gain. STB of Ho Chi Minh City-based lender Sacombank led with a 6.9% rise, followed by SSI of leading brokerage SSI Securities Corporation and TCB of the largest private lender Techcombank, both went up 6.8%. Other gainers included PDR of Phat Dat Real Estate Development, up 5.1% and GVR of Vietnam Rubber Group, up 5%. Nine blue chips fell, with NVL of property developer Novaland Group hitting floor price with a 6.8% drop. MSN of conglomerate Masan Group lost 4%, and VRE of retail real estate arm Vincom Retail went down 2.5%. Foreign investors were net buyers to the tune of VND580.29 billion, mainly buying VIC of biggest private conglomerate Vingroup and STB of Ho Chi Minh City-based lender Sacombank. The HNX-Index … [Read more...] about Two-thirds of blue chips close in green
